For today's Mid-Day Minute, Mike writes:  With the Qs treading water in positive territory, above 35, my intermediate-term work argues that Friday's pivot low at 34.35 and rally that has extended to today's high at 35.26 represents the initiation of the final phase of the counter-trend recovery process that began in mid-April.  If my work proves correct, then after a brief digestion period (and possibly pullback into the 34.90/80 area), the Qs should accelerate to the upside to challenge the 35.60/70 resistance area -- on the way to 36, at which point my work will argue for a resumption of the underlying dominant downtrend off of the December highs.

MJP 05/02/05 11:50 AM 35.05

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.