S&P Set to Accelerate
With one hour remaining in today's session, the upside
"squeeze" pattern that has been carved-out after the 4/17
pivot low at 1280.74 continues. Notice that every pullback
has held and turned from a higher-low, the last of which
was yest. PM at 1303.92, which has resulted in a rally to
today's high at 1315.14 so far. The series of higher-lows
continues to press the SPX up towards the 1315-1318
series of highs. The pattern argues that the bulls should
squeeze the SPX up through the horizontal highs, triggering
acceleration to 1325-1330 thereafter. A reaction to tomorrow's
EMPLOYMENT REPORT? Perhaps. Only a plunge that breaks
1303 will damage the developing squeeze pattern.
MJP 05/04/06 2:45 PM SPX 1311.90; SPY 131.27
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