Short term projection is about 100 pts lower and a retest of the pennant, whether the mid term resolves in a head and shoulder or a break out of the month long consolidation remains to be seen. I tend to lean lower.
Enter an initial short around this range (2050) and scale in through 2065. Commodity weakness coupled with relative weakness from the Russel 2k indicates this run won't end well. Fed risk next week and lots of pivotal earnings, which has been weak to this end.
