The Thursday bounce effort capped by significantly ahead of firm resistance at the topping line (2045.0) and 2051.75.
This alongside the cap last week ahead of 2067.25 and the midweek break below the prior 2015 low at 1984.25 leaves risk lower having signaled a more significant topping structure and a more bearish theme into January.
Short-term Outlook - Downside Risks:
- We now see a more negative tone with the bearish threat to 1961.5.
- Below here sets a still more notable and larger top and targets 1952.5/47.5 and maybe down to 1914/13.25 into latter January.
What Changes This? Above 2019.5 eases bear risks; through 2051.75 signals a neutral tone, only shifting positive above 2062.0.
Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.
- We see a downside bias for 1968.25 ; break here aims for 1961.5 and as low as 1952.5/47.5.
- But above 2000.0 targets 2016.0 and opens risk up to 2027.5, which we would look to cap. Break targets 2045.0.
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