SHORT-TERM (today and 5 days out)

For Wednesday, 2152.00 can contain session strength, 2136.25 in reach and likely to contain initial selling, while breaking/opening below 2136.25 signals 2128.25 intraday, able to contain session weakness. Breaking 2128.25 signals 2116.00 (2123.69 Index) intra-day where the market can bottom out through the balance of the year and above which a long-term secondary buy signal remains in effect. A settlement below 2116.00 indicates a good October high, 2054.00 then expected within 1-2 weeks, 1965.00 within 3-5 weeks. Upside Wednesday, pushing/opening above 2152.00 signals 2162.75, likely to contain initial strength yet beyond which 2170.25 becomes an intraday target able to contain session strength. A settlement today above 2170.25 indicates a good weekly low, 2194.00 then expected by Friday’s close where the market can top out through next week as well as representing a meaningful upside continuation point into later October.

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

The 2116.00 (2123.69 index – page 2) level can absorb selling through the balance of the year and above which a secondary long-term buy signal remains in effect, expecting 2229.25 within 3-5 weeks, 2389.50 within 5-8 months. On the other hand, a daily settlement below 2116.00 indicates a good 2016 high, 2054.00 then considered a 1-2 week target, 1965.00 within 3-5 weeks where the market should bottom out through November – possibly the balance of the year. Nonetheless, a settlement below 2116.00 would represent significant buy-signal-failure, allowing bearish continuation over the next 3-5 months into the 1832.25 region – this potential downside target essentially confirmed following violation of 1965.00.

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