A roll back lower through rebound supports at 2030.5 and 2020.5 after a cap ahead of 2067.25 last week leaves risk lower within the range towards 1984.5.
The prior rebound effort above resistance at 2048.25 produced a shift in our near term outlook to a range theme.
Range Parameters: We see the range defined by 2067.25 and 1984.25.
Range Breakout Challenge
- Upside: Above 2067.25 aims higher for 2088.75 and 2100.0.
- Downside: Below 1984.25 sees risk lower for 1980.75 and 1961.5.
- We see a downside bias for 2004.75; break here aims for 1997.0, maybe 1984.25.
- But above 2048.25 opens risk up towards 2062.0. Above sees 2067.25, which we would look to cap.
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