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.


Well, if someone had told me late yesterday that after 4 hours of trading today, the e-SPM would be 15 opoints under Tuesday's high, I would have said, "not likely!" But here we are are at 1179. On the enclosed hourly chart, notice that ALL of the action since mid-March amounts to multiple traverses of the range between 1194 and 1173 (roughly). Along the lower support line, we have a series of critical rising lows, which if breached, will argue that the counter- trend rally phase (that I thought required one more upleg to 1204-1212 to complete) is over, and a new very vicious new downleg already is in progress-- on the way to 1140 next. Until such a break of yesterday's low at 1173.00 occurs, my main scenario remains constructive- for another loop to the upside that hurdles 1195.75 into the 1204+ target zone prior to the reassertion of the dominant downtrend. MJP 04/13/05 2:05 PM ET (1179.50)

For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary. 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!