A dip and bounce for a bullish outside Wednesday pattern to another new rebound high to reinforce the shift to a bull tone from the aggressive bullish outside pattern last Thursday and then Friday through a key barrier at 3212.
Short-term Outlook - Upside Risks:
- We see a more positive tone with the bullish threat to 3276/82 peaks (March/Continuation charts).
- Above here targets 3293 and 3307, the cycle high.
- Break above opens topside for 3348 and 3377.
Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.
What Changes This? Below 3126 eases bull risks; through 3056 signals a neutral tone, only shifting negative below 2981.
- We see an upside bias for the 3276/82 peaks; break here aims for the 3293/3307 cycle peaks and maybe then 3326.
- But below 3244 opens risk down to 3206 and 3194/80, maybe even 3146, which we would look to try to hold.
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