Market Comment 4/26/06

Dateline: 6:23 pm Eastern time, 04/26/2006

The market followed through on Tuesday's last hour strength,
moving higher for the first hour of trading on Wednesday.
The move stalled at the 1315.50-1316.50 resistance zone on
the SP futures and 1722.75-1723.50 resistance on the Nasdaq
futures. With highs at 1316.50 and 1721.25, a pullback to
1310.75 and 1709.50 followed. That brought in some buying,
but the move didn't stick and the market went back to test
the lows. The market settled into a choppy trading range,
playing ping-pong between 1314.50 and 1310.75 until the
final hour of trading. The range broke, sending the market
to new lows for the day, and then the market firmed into the
close.

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