For today's Mid-Day Minute, Mike writes: Interesting situation here, don't you think? Notice that crude oil peaked on March 17 at 58.16, and declined into yesterday's low at 52.50.  Over the same timeframe, the E-mini June S&P also declined (from around 1200 to Tuesday low at 1166.75)!  And both markets have been rallying for the past day!  Hmm...how much longer can they travel in tandem? Just a guess, not too much longer.  If oil continues higher and hurdles resistance at 56.50, we have to expect the E-mini to head south in a hurry.  Unless of course, tomorrow's Employment Report is so weak that investors and fund managers storm into the market because they are convinced that the Fed is nearing the end of its rate hike cycle

MJP 03/31/05 1:45 PM ET ($55.70) (1183.50)

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. 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.