For today's Mid-Day Minute, Mike writes:  Today's early action in the E-mini S&P represented the second day that lousy economic data triggered a pre-opening sell-off to a higher-low followed by a potent rally. Right now, bad economic news is having little lasting impact, and actually is fostering contained weakness that potential buyers are using to establish (accumulate) long positions. Since the 4/18 low at 1135.75, every pullback has established a higher-low, with this morning's swoon to 1149 the most recent low-coordinate. However, on the top side of the pattern, let's notice that since Monday's recovery high at 1166.25, ALL of the rally peaks have established LOWER-HIGHS, at 1166, 1161.50, and today's 1157.50. In other words, that since Monday morning, the developing pattern has weakened into a coil, from an uptrend. In order to trigger upside acceleration, the e-SPM must hurdle and sustain 1157.50. Otherwise, we should expect more coil action down to 1149 this afternoon.

MJP 04/28/05 11:30 AM ET (1152.50)

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.