Market Analysis for Oct 22nd, 2004

The pattern chiseled-out by the E-SPZ off of this AM's marginal new recovery high at 1109.75 to the intraday low at 1102.25, exhibits bearish form, and as such, is a "warning" sign to me that the entire recovery rally from 1093.75 to 1109.75 is over -- and that a new downleg has commenced that will test and likely break important micro support at 1098- on the way to test this week's low at 1093.75. At this juncture, only a rally that hurdles 1109.75 will invalidate my current outlook.

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