Today's pop to new recovery highs at 1217.75 on the E-mini S&P has not been sustained, but neither have the bears been able to do any meaningful damage either. Bottom line: Unless the bears inflict some micro technical damage by breaking below intraday support at 1212-1210.25, we can't rule out still more uneven, messy, upside grinding to higher highs.

MJP 6/16/05 1:15 PM ET 1214.00

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.