Well, the bulls tried the upside this morning, and failed to accelerate the index after hurdling the 1224.50 resistance level on the E-mini S&P. At that time, the bears wrestled control away, and attempted to crack the lower side of this week's range in the 1216.50-1215.25 support zone. But so far, the lower support zone has contained the damage, which has turned the price structure back to the upside into the middle of the range. What now? My work continues to lean towards a probe and break of the lower support zone, however, a rally that hurdles 1225.25 will invalidate the bearish scenario in favor of a thrust to the 1230 area.

MJP 06/22/05 1:35 PM ET 1219.75/50

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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.