For 4 days out of 5 the 109k support has held, but rallies seem to get nowhere. With leverage flushed out and whales shorting, sentiment is low.
Despite that, the FED is committing itself to multiple rate cuts this year, QT is ending and Powell saying “Signs of gradual tightening of liquidity conditions” suggest that a surprise upside move may be on the cards.
Breaking the minor downtrend at 120k would propel market to the all time high and beyond. No-one is expecting more than a final ATH for this cycle, so could a blow off top actually be the surprise outcome.