Turnaround Tuesday for the S&P?

Thus far, the e-SPH has failed to exhibit any sustained buying pressure, which has enabled the index to continue to slide off of last Friday's secondary recovery high at 1299. Today's earlier session low at 1271.75 represented a 62% "give back" of the entire prior upleg from 1255.75 to 1299.75, which usually provides meaningful support IF THE DOMINANT UPTREND REMAINS UP. During the next 2 hours, we will find out if the trend is up-- and if today is a Turnaround Tues. A sustained rally above 1278.50 is needed to trigger initial signals that the near term corrective process is complete, and that a recovery rally phase has started. Conversely, a sustained break below 1270 will argue that the dominant near term trend is rolling over-- and likely will exert enough downside pressure to test the Feb. 8 low at 1255.75. MJP 03/07/06 1:45 PM ET 1274

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