For today's Mid-Day Minute, Mike writes: After breaking out to the upside, above its near-term resistance line at 35.48 and continuing to an intraday high at 35.66, the Qs have given back most of their gains.  But the Qs remain in relatively healthy technical condition overall. As long as this morning's low at 35.15 remains a viable micro low, my work will remain positive.  I'm projecting to a new recovery high in the vicinity of 35.80-36.00. We are staying long with stops just below 35.15.

MJP 04/26/05 12:40 PM ET 35.42

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.