Market Analysis for Sep 7th, 2004

For today's Mid-Day Minute, Mike writes: With about 45 minutes remaining in the futures session, you can see from the juxtaposition of hourly RSI and the price structure that it COULD BE very dangerous to be holding long positions in the E-mini September S&P at this time. My work points to a bout of corrective pressure that drives the E-mini S&P below 1116.25 to test the 8/13 support line, now at 1108.25. As long as 1124.50 contains any forthcoming strength, my work argues that the index has established a significant micro rally peak.

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