The e-SPZ has pulled back about as much as I would care to tolerate within a still-bullish micro pattern. A pivot from above 1224 should begin a thrust to another new high above the earlier high at 1229.50. However, a break that sustains below 1224 will begin to compromise the earlier surge to new recovery highs, and will begin to make that high look like a peak ahead of a deeper correction.

MJP 11/09/05

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