Heading into the release of the FOMC minutes, the hourly chart pattern shows that for most of today's session, the e-SPM has remained between 1194 and 1190.50, in what appears to be a sideways congestion area within the micro downside correction that began after yesterday's high at 1199. A break of 1190 is needed to trigger downside acceleration.

MJP 05/24/05 1:45 PM ET (1192.50)

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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.