S&P 500 erratic range tone, but bull theme intact above 1929.5
A second successive session comprising a very erratic tone on Thursday after a significant bearish outside pattern Tuesday, back from a new all-time high (1960.0), again rebounding from just ahead of the retracements at 1935.75/33.75 and the key swing low at 1929.5.
We still see a very indecisive range them late this week, holding above this lower level, but likely capped below 1960.0 and maybe ahead at 1954.0.
Bigger picture, whilst holding 1929.5, we still see risk above 1960 and into early July for a move higher for Fibo targets 1963 and maybe 1983.
WHAT CHANGES THIS?
Below 1933.75 eases bull risks; through 1929.25 signals a neutral tone, only shifting negative below 1917.5
2 hour S&P 500 E-mini September Future Chart
Daily S&P 500 E-mini September Future Adjusted Continuation Chart