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It looks like we are approaching the point at which either the bulls or
bears will take over from the consolidation - see attached hourly chart of
S&P E-Mini taken at 12:10 Chicago. We are not only approaching the 78.6%
retracement level of the last decline from the April 27 high but also the
time of day when daily trend reversals often take place. If the market holds
in a trading range into the last hour and closes above 1368 we are likely to
see new highs. If the market reverses into the last hour and closes down we
are likely to see a deeper correction.
Earl
Attachment Converted: "c:\eudora\attach\ESJUNE.gif"
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