For today's Mid-Day Minute, Mike writes: Have a look at my updated 2-hour chart analytics of the e-SPM versus oil. Oil is getting clobbered today. Oil prices have plunged from Tuesday's recovery high at $53.10 into today's low at $48.96 in what looks to me like the first down move in a new down-leg that should press prices into the $45 to $43 area in the days and weeks ahead.
05/12/05 10:20 AM ET $49.30
For the e-SPM, yesterday's pivot off of 1158 ended a pullback and started a new up-leg within the larger recovery rally phase off of the April 18 low at 1135.75. After a few hours of rest or pullback, perhaps into the 1166 area, my work points to renewed strength that propels the e-SPM to 1186 next.
MJP 05/12/05 10:35 AM ET 1173
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.
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