We stated in our last report to our clients that "the roll back lower Monday leaves a consolidation bias for Tuesday and maybe into midweek and the FOMC" and we do anticipate an erratic digestion theme into Wednesday, pre-Fed.
However, whilst minimally above 128-185, we still see a bullish bias through late April into May from the strong rally from March and the mid-April rebound from above the key support at 128-055/025.
For Today: We see a neutral tone between 129-185 and 128-225.
Break above 129-185 aims through 129-23/255 for 129-31, which we would look to try to cap.
Break below 128-225 aims for 128-185/14, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
We see a positive tone with the bullish threat back to the April/March 129-31/130-04 peaks.
Above targets the 130-175 cycle high.
Threat through here sees Fibo extension targets at 131-14 and 131-29.
What Changes This? Below 128-185 signals a neutral tone, only shifting negative below 128-025.
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