Heading into the final two hours of trading my work argues that the E-mini June S&P continues to consolidate its gains from yesterday's surge from 1192 to 1207 ahead of another thrust that should propel the index to new recovery highs in the 1209-1212 target zone.  At this juncture, only a decline that breaks below 1198.50 will neutralize my bullish near-term outlook.

MJP 06/02/05 2:00 PM ET 1202

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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.