SHORT-TERM (today and 5 days out)
For Tuesday, the 2186.75-88.75 region can absorb weekly buying pressures, below which 2152.00 is attainable by Friday’s close. Downside today, 2181.50 should contain initial selling, while breaking/opening below 2181.50 signals 2174.00 intraday, able to contain session weakness. Closing today below 2174.00 indicates a good weekly high, 2152.00 then becoming a 2-3 day target able to contain selling through next week as well as the level to settle below for yielding the more meaningful 2121.75 over the same time horizon (page 2). Upside today, pushing/opening above 2188.75 signals 2193.75, while closing today above 2188.75 indicates 2210.75 by Friday’s close, the 2266.50 region within 3-5 weeks.
NEAR (2-3 wks) and LONG TERM (2-3 MO+)
The 2186.75-88.75 region can absorb weekly buying pressures, below which 2152.00 is attainable over the next week or two of activity, likely to contain weekly selling pressures when tested. A settlement below 2152.00 indicates long-term support at 2121.75 within 3-5 days, able to absorb selling through the balance of the year and above which 2266.50 remains a 5-8 week objective, 2360.00 attainable by the end of the year. With that said, a settlement above 2188.75 is considered a mere matter of time, and if today the targeted 2266.50 formation (page 2) then becomes a 3-5 week target likely to contain monthly, if not quarterly, buying pressures when tested.
