Looking at the COT data, smart money has turned net short during mid - late May.
For me this indicates a bearish market, We have seen a sharp move up from 2040 to the current price, but funds have shorted into this price move also (these are smart money but more sensitive to more short term price changes.
In addition, we are reaching a relative market top if you consider the long term trend line.
I'd have a stop above 2110 as an invalidation point with an initial target of 1980, whilst managing the trade if we were to look lower, which I will be.
For me this indicates a bearish market, We have seen a sharp move up from 2040 to the current price, but funds have shorted into this price move also (these are smart money but more sensitive to more short term price changes.
In addition, we are reaching a relative market top if you consider the long term trend line.
I'd have a stop above 2110 as an invalidation point with an initial target of 1980, whilst managing the trade if we were to look lower, which I will be.