A high-level consolidation Thursday and a dip overnight just prodding modest, initial support at 127-24 (holding at 127-215), to sustain bull forces from Wednesday’s very aggressive post-Fed surge higher to a new multi-year high, sustaining short- and intermediate-term bull forces, to keep risks higher Friday.
We still see an intermediate-term bull tone.
For Today:
· We see an upside bias for 128-085; break here aims for 128-115 and 128-16, maybe even 128-215.
· But below 127-215 opens risk down towards 127-15, maybe towards a firm support area at 127-05/02.
Intermediate-term Outlook - Upside Risks: We see an upside risk for 128-16 and 129-075.
· What Changes This? Below 126-155 shifts the intermediate-term outlook to neutral; through 125-16 is needed for an intermediate-term bear theme.
