Market Analysis for Nov 18th, 2004

Boring... but then again, isn't today's profile different from recent day's intraday action on the E-mini December S&P? Now the rallies fail to follow-through -- its seems to me. My work is telling me to regard all of the action from yest.'s intraday low at 1179 as a sideways, bearish congestion area ahead of another thrust to the downside-- provided the index can break below 1180.50-- which should trigger acceleration beneath 1179 on the way to 1171/70. At this juncture, we will wait for the final hour of trading, or a rally to 1185/86 to increase our 25% short position.

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