Following two days of high volume density algorithmic price action at 1188, newly made 52 week high, S&P future traded below Tuesday’s settlement in the afterhours Globex session.

Selling pressure in the Globex session correlated with a rally in the dollar which extends its gains from the prior session, +.4% gain against a basket of competing currencies.

Broad based profit taking was evidenced at the open in all sectors with the exception of the financials.

The attempt to auction back to Tuesday’s settlement at 1186 during A-period meet with selling pressure and price sold down to 1179 during C-period and found support at/ or near yesterday’s low.

The retracement during D-period back up to 1183, witnessed more narrow range computers generated algorithmic price action until H-period when the S&P attempt to trade into positive territory and auctioned up to 1186.

The H-period probe to settlement encountered responsive selling and initiated buyer existed positions as price pull-back off the H-period high.

Selling pressure increased during J-period, as the financials gave up their modest gains. After pausing at the 1179, the C-period low, Price broke down during L-period. The selling pressures drove the S&P future down to 1173, the April 1^st settlement.

Responsive buying capped the decline and short covered into the close at 1179.

All 10 major sectors ended today’s session in negative territory.

Today’s strength in the Dollar Index was mostly due to weakness in the Euro, which was attributed to fourth quarter economic stagnation in the euro-zone.

Contributing to the profit taking that dominated the morning session was the fact that consumer credit in February fell by $11.5 billion. It was expected to contract by just $0.7 billion. Consumer credit for the prior month was revised upward to a $10.6 billion increase from a $5.0 billion increase.

Today’s $21 billion auction of 10-year Treasuries drew a lower-than-expected yield of 3.90% and a record bid-to-cover ratio of 3.7.

Gold prices climbed 1.5% to $1137 per ounce, while silver prices settled 1.5% higher at $18.20 per ounce.

Advancing Sectors: (None)

Declining Sectors: Telecom (-2.3%), Energy (-1.0%), Utilities (-0.9%), Materials (-0.7%), Industrials (-0.6%), Financials (-0.5%), Consumer Discretionary (-0.5%), Consumer Staples (-0.5%), Health Care (-0.4%), Tech (-0.2%)

Technical Reference Points for June S&P Futures Contract

Potential Next Up-side Trading Range

1221, September 23, 2008 High

Resistance

1188 June Futures, April 5^st the new 52 Week High [1191 CASH]

Support

1173, March 7^th Low, minor

1165, March 31^st Close

1155, near term support March 26 Daily Low

1148, Major Support March 22nd low, the FOMC Low

1136, March 15th Daily Low

1134, March 9th initiated buying M-period, March 10th Daily Low, March 11th Daily Low

1125, the upper parameter of the 3-day distribution, March 2nd thru March 4th

1116, the lower parameter of the 3-day distribution, March 2nd thru March 4th

1105, minor, once tested, the February 26th settlement, overnight low

1086, the February 25th daily low

1078, February 16th low and the upper limit of weeklong consolidation range

1044 February 5^th Correction Low [Cash Index]

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