I wrote on Thursday that ‘Price relative to 6465.5 is now important to monitor‘. This is the ST Control and there were rejected tests of this Support on Thursday and Friday with Values Areas on both days generated above that point which is a positive. I also wrote on Thursday that I am targeting 6455 in the ST, note: targets could get pushed higher.
Development: later in Friday’s session the Major Control migrated higher to 6481.5 and price relative to this level is important to monitor at start of week.
First mechanical indication of weakness would be a RTH close below 6456.25, Thursday’s Buying Day Low (dashed on chart). I stay positive unless that happens, even if an early-week dip sees Support tested.
