A bull gap Tuesday (11940.5-38.5) to probe above our target at 12052.5 and reinforce the recovery effort from 11650 support.
This leaves a positive tone for Wednesday and leaves upside extension risks for late April intact.
We see an upside bias for 12113.5; break here aims for 12361, maybe even the recently set 12429.5 record high, which we would look to try to cap.
But below 11940.5-38.5 aims for 11832, which we would look to try to hold again.
Short/ Intermediate-term Outlook - Upside Risks:
We see a positive theme into April to 12735, 13150 and 13375 Fibo extension levels.
Interim options targets are seen at 12500 and 13000.
What Changes This? Below 11650 eases bull risks; through 11421.5 signals a neutral tone, only shifting negative below 11215.
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