With about two hours remaining in today's session, the E-mini June S&P has preserved the vast majority of its intraday move from 1192 to 1207, and appears to be poised for another pop to higher highs into the 1208-10 next micro target zone. At this juncture, only a decline that breaks and sustains below 1202 will trigger preliminary signals that the current upleg off of yesterday's low at 1191.50 is over, and that a corrective period has started. A break below 1191.50 is needed to trigger much more significant sell signals that will indicate that an intermediate-term peak has been established.

MJP 06/01/05 2:10 PM ET 1204.75

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.