For today's Mid-Day Minute, Mike writes of the QQQQ:  Apart from whatever twists and turns are unfolding in oil prices today so far, the Qs appear to have established, or are in the process of establishing, a third low in and around the 36 area since March 23.  My work continues to argue that all of the post March 23 action represents an incomplete countertrend rally phase that is destined to propel the Qs above 37, into the 37.30 area prior to the resumption of the dominant downtrend.  For now, the Qs must hurdle and sustain above 36.30 to trigger additional strength that makes a run at Friday's "Employment peak" at 36.97.  Only a decline that breaks 36 will begin to compromise the overall developing pattern.

MJP 04/04/05 11:55 AM ET (36.18)

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.