For today's Mid-Day Minute, Mike writes:  My micro work on the E-mini June S&P shows that a coil type of pattern has developed during the past several trading hours between 1162 and 1164.50. If the pattern can hang in there for the next couple of hours, my sense is that it will resolve to the upside in a pop to 1166-1168 with or without the FOMC statement at 2:15 PM ET.

However, inability of the e-SPM to hold 1162 should press the index to key micro support at 1160, which if breached, will trigger a "mini" plunge to 1155.

Any or none of the above action is possible in the hours approaching the FOMC meeting.  And then immediately after the statement is released, well, that is another likely whipsaw period. By about 3 PM ET, the whipsaws should be out of the way, the index should have adopted an intraday direction into the final hour of trading.

Let's take a look at my updated daily chart analytics of the cash SPX to see if that picture provides us with some clues about near term direction...

MJP 05/03/05 11:40 AM ET (1162.00)

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.