For today's Mid-Day Minute, Mike writes: Yes, I see the action in oil, and yes, I see that there appears to be no selling pressure in the E-mini June S&P...at least not yet. Have a look at my updated chart analytics of the oil vs. the e-SPM, which shows the extent of the counter-trend rally pattern carved-out by the index since mid-April.

The magnitude of recovery rally, or counter-trend patterns, are extremely difficult to gauge, but my work is telling me that in the upcoming hours, the e-SPM will peak and pivot to the downside with some power and sustainability. The only question is from what level. Right now, I am only willing to risk slightly more than Friday's high at 1182.25.

MJP 05/09/05 1:00 PM ET $51.00

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.