A modest dip lower and a surge higher Thursday, similar price action as Wednesday from ahead of 2078.5 support, but now through barriers at 2105.5/07.0 and the record high at 2109.75.
This leaves upside risks intact after the previous deeper correction last Friday held key support at 2064.5.
We see an upside bias for 2116.0; break here aims for 2122.5, maybe 2129.25, which we would look to try to cap.
But below 2097.75 opens risk down to 2087.5, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
We see a more positive April tone with the bullish threat to 2107.0 and the record high at 2109.75.
Above here aims for Fibo targets 2122.5 and 2137.25 and maybe the option level at 2150.0.
What Changes This? Below 2064.5 eases bull risks; through 2038.0 signals a neutral tone, only shifting negative below 2030.25.
Momentum: The 8-day RSI, short-term momentum is far from OB, and we still see scope to go higher this week.
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4 Hour S&P 500 E-mini Future Chart (June contract)
Daily S&P 500 E-mini Future Chart (June contract)