The S&P e-mini has carved out a sideways congestion area, or Bull Flag pattern, that should resolve itself in another thrust to the upside that propels the index to new highs above 1211.75.  The later in the session this occurs, the more potent the upside continuation, which projects to 1222-1225 at this juncture.  Only a failure to move higher followed by a decline that breaks 1204 will compromise the developing bullish intraday scenario.

MJP 10/31/05

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