Market Analysis for May 6th, 2005

For today's Mid-Day Minute, Mike writes: Today's marginal new high at 1182.25 for the rally that began one week ago at 1140.25 has the pre-requistes of a significant near term technical peak- and downside pivot reversal. Confirmation of the peak will be triggered upon a downside break of yest.'s intraday low at 1167.50, which also will represent a possible KEY reversal spike on the daily charts. Right now, all I have is preliminary signals that 1182.25 ended the upleg from 1140.25... but my suspicion is that more selling pressure is approaching fast. MJP 05/06/05 12:20 PM ET (1172.50)

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