For today's Mid-Day Minute, Mike writes: As we enter the afternoon session, the E-mini June S&P remains coiled between support at 1151/50, and resistance at 1154.50-1155, which has the look of a sideways continuation pattern atop the upmove from 1135.75 to 1155.00. If that proves to be the correct interpretation, then let's expect one thrust out of the pattern into a measured target zone of 1157.50-1159.00 to end the upleg from 1135.75, which is why I am choosing not to participate in this move.

MJP 04/19/05 1:35 PM ET (1154)

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.