For today's Mid-Day Minute, Mike writes: My work argues that the spike low in the E-mini June S&P at 1158 this morning with the Reuters story about the White House and Capitol building evacuations ended the corrective process off of last Friday's high at 1182.25, and that a new recovery upleg has commenced that should propel the index to new high territory in the vicinity of 1186.00. At this juncture, only a decline that breaks this morning's low at 1158 will invalidate my current outlook, and will indicate that the correction will extend into the 1150 area. For now though, we are long, anticipating strength initially into the 1171-1172 next resistance target zone.

MJP 05/11/05 1:25 PM ET

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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.