My intraday work argues that the recovery rally off of yesterday's low at 1235.75 ended during the past hour at 1247. If that proves accurate, then the e-SPU is in the early process of rolling over into a corrective period that should press the index to retest -- and break -- support at 1235.75 on the way to 1220 and then 1210. A break below 1243.50 is needed to trigger the start of downside acceleration.

MJP 8/2/05

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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.