Market Analysis for Sep 19th, 2005

The time of truth for the e-SPZ approaches as the index slices below key micro support at 1235.75/75, but does not follow-through to the downside (yet). The area between 1235.25 and 1230.75 is the cushion that separates the index from sliding into a much more bearish technical juxtaposition. If 1230.75 is violated, then the e-SPZ should press lower in a hurry- to test the Katrina 50% retracement level to 1225-1224- likely on the way to 1218. At this juncture, only a rally above 1239.50 will negate a break below 1230.75. MJP 09/19/05 2:40 PM ET 1235

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