SHORT-TERM (today and 5 days out)
For Friday, both 2166.50 and 2179.25 should firmly contain intraday activity, beyond which the next notable level is expected intraday. Downside today, breaking/opening below 2166.50 signals 2160.25, able to contain selling through next week, once tested the 2186.75-88.75 region attainable again within 3-5 days. A settlement today below 2160.25 maintains a heavy dynamic into later next week, long-term support at 2122.25 then considered a 3-5 day target able to contain selling through the balance of the year (page 2). Upside Friday, pushing/opening above 2179.25 signals 2186.75-88.75 intraday, able to contain strength through next week and the region to settle above for eliciting secondary buying pressures into September trade, 2227.00 then considered a 2-3 week target, 2275.00 attainable by the end of October.
NEAR (2-3 wks) and LONG TERM (2-3 MO+)
The 2186.75-88.75 region can absorb weekly buying pressures, below which 2160.25 is attainable within the week and able to contain weekly selling pressures when tested. A daily settlement below 2160.25 indicates long-term support at 2122.25 within 3-5 days, able to absorb selling through the balance of the year and above which 2275.00 remains a 2-3 month objective, 2370.00 expected over the next 5-8 months. With that said, a settlement above 2188.75 is considered a mere matter of time, and if today 2227.00 becomes a 2-3 week objective, the targeted 2275.00 formation (page 2) expected within 5-8 weeks were the SP-500 should top out on a monthly, if not quarterly basis
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