Extremely erratic price action continues this week, leaving the bear gap from last Monday (2083.25-86.25) intact, with multiple recovery failures just ahead of here (from 1076.25/78.0/79.0).
This leaves risk lower and maintains the bear trend into July, but the bounce efforts from 2034.25 leave an upside bias for Thursday.
We see an upside bias for 2063.75; break here aims for 2079.0, maybe 2083.25-86.25, which we would look to try to cap.
But below 2034.25 opens risk down to 2026.0/24.5.
Short/ Intermediate-term Outlook - Downside Risks:
We see a more negative tone with the bearish threat to 2026.0/24.5.
Below here targets 2007.25, 2000.0, 1994.0 and maybe 1958.5.
What Changes This? Above 2086.25 signals a neutral tone, only shifting positive above 2122.0.
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2 Hour S&P 500 E-mini Future Chart (Sept contract)
Daily S&P 500 E-mini Future Chart (Sept contract)