| Socrates has shifted to the July contract, here's an update. A move above last week's high will bring up a tentative bearish reversal at 490, this up coming week's high would have to hold for this reversal to remain active. The next key bullish reversal is located at 518, a closing above on a weekly basis would be a buy signal. Timing on the weekly level has shifted the nearest turn date to the week of the 12th...Ides of May. Caution is still warranted with a green trading cycle for this week, which normally suggest a high being established. You also have a panic cycle which could be a sharp move or an outside bar. The yellow line of the stoch should jump above the red... you want red on the bottom, it's probably like that due to the switch in contracts.
On the daily level for Monday, you have the breakout resistance located at 502.7, with the crash mode point at 488.2. If we can't close above 502.7 then that will indicate that the rally is losing momentum and may pause. Closing below the crash mode point would point to a test of support.
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