With about one hour left in today's session, the e-SPU already probed -- and held -- key micro support at 1236 and has since recovered to the middle of the range carved out between 1248.75 and 1235.75. At this juncture, the fact remains that unless or until support at 1235 is violated, the up-slanted, bullish price channel will remain the dominant feature of the hourly chart. For now, the bears still cannot get anything going on the downside.

MJP 8/1/05

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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.