Here is a look of the E-SPU at the end of the futures session.  Today's action may have failed to accelerate above resistance at 1208.50, but the mid-session weakness did not break critical near-term support at 1196.25, which would have reversed my "polarity" to an outright bearish position.  So, where does that leave us?  In neutrality…but with a bullish bias, until or unless the index breaks 1196.25.

MJP 6/10/05 4:10 PM ET 1203.75

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.