Today's surge in the Q's has hurdled the flat 200-day moving average. It also tested and hurdled the April 8 high at 37.07, and appears to be on the way to a test of more critical resistance at 37.50, which represents the 50% recovery point of the entire prior decline from December 15 to April 29. My intraday work argues that we should expect a near term peak in the 37.40/60 target zone.

MJP 05/18/05 12:35 AM ET (37.15)

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.