An aggressive dip and rebound Tuesday, through the accelerated trend line from mid-April, but holding the lower end of the support area we flagged at support at 2092/87.5.
Moreover, the solid push to another new record high to 2119.75 on Monday maintains upside risks from the April rebound from key support at 2064.5.
We see an upside bias for 2119.75; break here aims through 2122.5 for 2129.25, which we would look to try to cap.
But below 2095.0 opens risk down to 2088.25/87.5, which we would look to try to hold again.
Short/ Intermediate-term Outlook - Upside Risks:
We see a more positive April tone with the bullish threat to the new record high at 2119.75.
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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2 Hour S&P 500 E-mini Future Chart (June contract)
Daily S&P 500 E-mini Future Chart (June contract)