The new line in the sand for the intermediate term bull trend is 1598, basis the S&P cash. Any “surprise” excursion below that level should be shallow and short-lived prior to new highs. Equivalent levels basis the ES, YM, TF and ENQ are on the chart below
The ES and TF are closest to their initial upside KRAs, 1646-1663 in the ES and 993-997 in the TF. What happens if/when these levels are reached will help further fine-tune possible scenarios in the near term.
