A break Tuesday below 2025.5 signals a negative bias after the Friday setback from a prod at the key 2062.0 barrier to avoid a shift to a more bullish tone.
The significant rally Thursday (driven higher by European Equity Indices) to overcome the topping line from late December and spike high at 2051.75 saw a shift to a neutral range theme.
Range Parameters: We see the range defined by 2062.5 and 1997.5.
Range Breakout Challenge
- Upside: Above 2062.5 aims higher for 2067.25 and ultimately back to the record high at 2088.75.
- Downside: Below 1997.5 sees risk lower for 1970.25 and 1961.5.
For Today: A digestion theme expected pre-FOMC
- Narrow range parameters seen at 2013.25 to 2055.0
- Broader parameters at 2005.25 to 2062.5.
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