A solid rebound to end and now start the week to probe above 2099/2102 and also 2115.5 resistances, which has re-energized bull risks.
The rebound from the trend line from early April (2076.5) and ahead of key support at 2064.5 leaves upside pressures for May.
We see an upside bias for 2119.75, the record high.; break here aims through 2122.5 for 2130.75.
But below 2098.0 opens risk down to 2087.5, maybe 2080.5, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
We see a positive May tone with the bullish threat to the new record high at 2119.75.
Above here aims for Fibo targets 2122.5 and 2137.25 and maybe the option level at 2150.0.
What Changes This? Below 2064.5 eases bull risks; through 2038.0 signals a neutral tone, only shifting negative below 2030.25.
Momentum: The 8-day RSI, short-term momentum is far from OB, and we still see scope to go higher this week.
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2 Hour S&P 500 E-mini Future Chart (June contract)
Daily S&P 500 E-mini Future Chart (June contract)