For today's Mid-Day Minute, Mike writes:  The Q's pattern remains messy, still counter-trend, but incomplete to the upside according to my work. If that proves accurate, then the upmove that started after this morning's low at 34.73 should climb at least to test the April resistance line, which cuts across the price axis this afternoon at 35.60, and could pop to new recovery highs in the 35.80 area prior to my expectation of a nasty downside pivot reversal that initiates the next downleg in the dominant, intermediate-term downtrend. For now, however, my near term work points to additional upside grind, which is keeping me probing the long side for "swing trades."

MJP 04/27/05 12:20 PM ET 35.11

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.