A notable sell off on the low liquidity, Good Friday shortened session, that leaves a negative bias to the whipsaw price action so far in Q2.
This further highlights the very erratic, indecisive theme within a broader range environment that has dominated since late February, even throughout 2015.
We see a range consolidation bias to start the week (given global holidays for Easter Monday), but with the skewed risk early in the week now to challenge (but try to hold) key supports in the 2033/30 area.
For Today: We see a neutral tone between 2033.25 and 2055/57 (with a positive bias)
- Break above 2055/57 aims for 2064.75, which we would look to try to cap.
- Break below 2033.25 aims for 2030.25, which we would look to try to hold. Break targets 2021.75.
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2 Hour S&P 500 E-mini Future Chart (June contract)