For today's Mid-Day Minute, Mike writes: The Philly Fed data helped spike the Qs to marginal new recovery highs (so far) at 35.39, just a few cents above yesterday's high. Right now, my work still points to a more recovery rally into the 35.50/60 area prior to the resumption of the dominant downtrend. We will continue to watch from the sidelines for a while longer, and look to enter the short side in the above-mentioned range.

MJP 04/21/05 12:40 PM ET 35.32

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.