Yesterday’s flaky price action failed by 2.30 to achieve a downside target at 1259.60. The near-miss of a target so clear and compelling would have bullish implications if the next move is higher and exceeds the tiny ‘external’ peak at 1278.80 shown. However, a breach of the support, even by as little as five ticks, would hold at least mildly negative implications for the near term.
