Good evening!
An early evening update to start the session. It’s been quite the eventful week, with 5155-5158 failure to break and 5148.50 stall to the exact penny on April 30th, creating a great downside opportunity for the market. As we were unable to break the 50% range, implied risk back to the zone and core areas/increments of 4ths were in full force (5088/5078/5066.75 etc). That being said, sustainment of the channel this time around becomes crucial, specifically above 5032 and ideally near 5045-5048 increments. We already know the next time 5020 is tested, odds are quite high of 4988 and 4958 being retested. So what’s in store now?