After 4 1/2 hours of trading, this is a classic summer Monday -- a case of the blahs. In any case, from a strict technical perspective, the micro, stair-step downtrend that started at last Thursday's high at 1237.50 in the E-mini September S&P continues to unfold. To wreck the mini bear pattern, the bulls will need to pop the index above 1231.50. Conversely, a break below 1225 should extend the stair-step decline into the 1222-1220 micro support area.

MJP 7/18/05

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.