A day of grueling chop looks like consolidation on the 15-minute chart (inset), but all of it occurred beneath last Thursday’s 2060.00 peak. This casts doubt on bulls’ enthusiasm, but it won’t likely impede further, upward progress if there are no disturbing headlines to greet the day. A 2019.25 downside target remains valid in theory nonetheless and will remain so as long as 2077.50 is not surpassed. But a move to at least 2070.50 would become likely if the red line (p) is exceeded by more than a couple of points. All of this should be of concern only to the most agile traders, however, since frustrating intraday swings seem to be habitual at the moment.
