NEAR (2-3 wks) and LONG TERM (2-3 MO+)

The 2186.75-88.75 region can absorb weekly buying pressures, below which the 2163.25 formation remains ripe for retesting within the week, 2122.50 attainable within several weeks. On that note, a daily settlement below 2163.25 should yield longterm support at 2122.50 within 3-5 days, able to absorb selling through the balance of the year and above which 2284.75 remains a 2-3 month objective, 2370.00 expected over the next 5-8 months. A surprise settlement over the next several weeks below 2122.50 would be considered a failed longer-term bicycle, essentially a valid sell signal into October trade, then expecting 2035.50 within 3-5 weeks, 1951.25 within several months. Upside, a settlement above 2188.75 is considered a mere matter of time, and if this week 2231.00 becomes a 2-3 week objective, the targeted 2284.75 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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