Another dip and a bounce Thursday to reinforce whipsaw price action so far in Q2, to highlight a very erratic, indecisive theme within a broader range environment that has dominated since late February, even throughout 2015.
This leaves an indecisive outlook for Friday, into the key US Employment release, but with a bias skewed to the topside.
- We see an upside bias for 2076.5, maybe 2081.75, which we would look to try to cap. Break targets key 2089.25.
- But below 2044.0 opens risk down to 2039.75, but 2030.25 remains key, which we would look to try to hold. Break aims for 2021.75.
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2 Hour S&P 500 E-mini Future Chart (June contract)