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To: Kenneth E. Phillipps who wrote (668099)1/11/2005 1:13:24 PM
From: Hope Praytochange  Respond to of 769670
 
11:00AMET Tuesday 01/11/05

The S&P 500 (SPX) continues to chop around between the support of the IT trend and horizontal levels converging at our primary target of 1180 and the ST overhead resistance from 1190-1195. As a result, we still have the battle of the ST bears (both price technical and trend following) 20% facing off with the IT bulls (30%). At this point it’s still too close to call, although the edge goes slightly to the IT players as they not only have support of the LT (50)%), but the bears have not managed to even trade below 1180 much less suggest control. So, for now the battle line are drawn from 1180 for the bulls to hold and 1195 for the bears.