Buyers spent the last two days head-butting the 2678.25 midpoint resistance shown, presumably gathering energy for an extended move to the pattern’s 2745.25 target. A rally reaching that number would be significant — and bullish — since it would surpass a fairly important ‘external’ peak at 2744.00 recorded on March 21 just before the June contract took a steep fall. Although that would leave the futures well shy of the record high print at 2883.25 on January 29, it would almost surely renew and embolden attempts to get there. _______ UPDATE (April 30, 8:53 p.m.): Today’s moderate selloff was not technically significant, but I’ll mention a downside target at 2526.50 in case the decline starts to snowball. Here’s the chart.
