We stated in our last report to clients that "we still see an underlying bull tone whilst above 2079.25, but see real risk of a challenge here early this week (today?) and potentially for a shift to a broader range theme".
The push below here sets a range environment now into mid-June, with a negative bias into Tuesday.
We see a downside bias for 2073.5; break here aims for 2069.25, maybe closer to the key 2057.0 level, which we would look to try to hold.
But above 2093.25 opens risk up to 2102.75, which we would look to try to cap.
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)