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 my prior chart update, my work indicated that as long as the E-SPH did not rally and sustain above 1203.50, then the bearish (coil?) pattern would remain intact-- and the price structure should loop to the downside for a retest of this AM's lows-- on the way to 1193-1191. Thus far, the intraday rally failed right at 1203.50, and just a few minutes ago, the index swooned to retest 1197, which thus far has contained the selling pressure. A break below 1197-1196.25 should trigger a sharp decline into the 1193-1191 next target zone. Only a rally above 1203.25 will compromise the micro technical outlook.

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!