For today's Mid-Day Minute, Mike writes:  Notice that the 4-day rally has goosed the E-mini S&P above the March-May resistance line at 1167, which has followed through to test the lower edge of heavy resistance starting at 1168 (to 1175). If the e-SPM can claw its way above 1178/79 on a sustained basis, then the bulls will be wrestling INTERMEDIATE-TERM directional control away from the bears, and the overall market condition will be a heck of a lot more bullish than it appears to be right now. As of this moment, my work continues to argue that ALL of the action off of the April 18 low is a counter-trend move ahead of the next downleg.

MJP 5/04/05 12:25 PM ET (1168.25)

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