A dip and bounce, another resilient consolidation above 2064.5 after the rally this week from ahead of the key 1233/30 support area, to nudge above 2081.75.
We now see a positive tone to the broader range theme and risk of a bullish shift above 2089.25.
We see an upside bias for the key 2089.25 impulse point. Break above targets 2101.0, maybe even the 2107.0 March high.
But below 2064.5 opens risk down through 2057/55 for 2047.0, which we would look to try to hold.
Short/ Intermediate-term Range Parameters: We see the range defined by 2089.25 and 2030.25.
Range Breakout Challenge
Upside: Above 2089.25 aims higher for 2107.0/09.75/10.25 peaks, then 2122.5 and 2137.25 Fibo extension levels.
Downside: Below 2030.25 sees risk lower for 2021.75, 2013.25 and 1999.5/97.0.
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4 Hour S&P 500 E-mini Future Chart (June contract)