Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.


In our last Mid-Day Minute of this holiday-shortened week, Mike writes: Right at the end of the first hour of trading of trading, and immediately after the API stats indicated a slight build in oil stocks, the E-SPZ cracked micro support at 1180-1179, which it is still probing as we speak. The fact that the index climbed to marginal new highs earlier at 1183.25, and has since reversed, is an indication to me that this messy rally off of Mon.'s low at 1166.50 just might be out of gas. Certainly, the underlying RSI action suggests that the E-SPZ is struggling here. in any event, the Mon.-Wed. hourly chart pattern depicts an upslanted "sideways" channel. The price structure now appears to have entered a downside traverse of the channel-- to test its lower support line, currently at 1175.00. We stay the course-- in our short position.

For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary at. Or try his QQQ Trading Diary.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!