An aggressive rebound, not expected, from just ahead of the June low at 2068.75, to close the weekly bear gap at 2089.75-90.25.
This leaves a neutral, poised tone within the broader range, into the FOMC.
The push last week below 2079.5 signaled a shift to a broader range theme, but our bias remains for a bearish shift (below 2057.0)
For Today: We see a neutral tone between 2099.0 and 2068.75 (with a negative bias)
Break above 2099.0 aims for 2109.0, maybe 2114.75, which we would look to try to cap.
Break below 2068.75 aims for key 2057.0, which we would look to try to hold.
Short/ Intermediate-term Range Parameters: We see the range defined by 2057.0 and 2120.75.
Range Breakout Challenge
Upside: Above 2120.75 aims higher for 2134.0 and 2150.0.
Downside: Below 2057.0 sees risk lower for 2038.0, 2030.25 and maybe even 2013.75.
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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)