SHORT-TERM (today 5 days out)
For Thursday, the targeted 46.89 speed-line can absorb buying into September trade, below which 42.10-12 is now considered a 1-2 week target, 39.71 expected within several weeks. Downside today, 45.94 should contain initial selling, while breaking (especially opening) below 45.94 allows 44.76 intraday, likely to contain session weakness. Closing below 44.76 reverses momentum into early next week, the 42.10-12 region then expected within several days where the market can bottom out through next week. Upside today, pushing/opening above 46.89 signals 47.56, likely to contain initial strength, beyond which 4821 becomes an intraday target likely to contain daily highs. Closing today above 46.89 places the market on a bullish trajectory into September trade, 51.67 then considered a 1-2 week target, 54.97 expected within 3-5 weeks.
MID (2-3 wks) & LONG TERM (2-3 ms )
The 42.10-12 region (also page 2) can contain selling into later August, above which 46.89 remains a 1-2 week target able to contain buying into later September, once tested the market prone to several weeks’ bearish rotation into the 39.71 region. A daily settlement above 46.89 would sustain a bullish dynamic into later September 54.97 then considered a 3-5 week objective likely to contain monthly buying pressures when tested and the start of a narrowing range of longer-term resistance up to 61.03 (dropping gradually) likely to contain buying through the balance of the year. Downside, a daily settlement below 42.10 signals 39.71 within 3-5 days, able to contain selling into September trade and a meaningful downside tipping point into Q4. In short, a settlement below 39.71 indicates 35.84 within several weeks, last February’s 26.05 low attainable over the following 3-5 months.
