For today's Mid-Day Minute, Mike writes: Now that the E-mini June S&P has recovered all of its lost ground from Friday afternoon's crude oil-induced plunge from 1193.50 to the 1171 area, my work is telling me that the "easy money" within this secondary recovery rally phase is behind us. This is not to say that the index will not make new highs above 1193.50, because the micro technical picture projects a next target zone of 1195-1198, possibly on the way to a final target of 1200-1202. Nonetheless, at this particular point in time, the upmove from Monday's low at 1170.75 to today's high (so far) 1193.50 has used up alot of near term energy, which compelled me to head for the sidelines for a while to see what develops ahead of the final hour of today's trading.

MJP 04/06/05 1:10 PM EDT (1191.00)

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.