A cautious tone Friday to prod at and setback from a 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 notably the spike high at 2051.75 negated the bearish theme for a shift to a neutral range theme.
We see a corrective dip as likely early this week.
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: We see a defensive consolidation theme.
- The break below the trend line opens risk down to 2019.25, potentially to 2005.25.
- Above 2062.5 aims for 2067.25, maybe 2082.75.
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