SHORT-TERM (today 5 days out)
For Tuesday, 45.45 can contain session weakness, above which 47.13 remains a 1-2 day target. Upside today, 46.34 should contain initial strength, while pushing (especially opening) above 46.34 allows 47.13 intraday, able to contain weekly buying pressures and the level to settle above for maintaining a bullish dynamic into later October. Downside Tuesday, breaking/opening below 45.45 signals 44.83, while closing today below 45.45 indicates 44.27 tomorrow, also able to contain session weakness and the level to settle below for indicating a good weekly high, the 42.52 speed-line then considered a 1-2 day target able to contain selling through October trade.
MID (2-3 wks) & LONG TERM (2-3 ms )
The 42.52 speed-line represents midterm support able to contain selling through October, above which a stable dynamic continues over this time horizon, 52.22- 53.02 attainable over the next 3-5 weeks, 59.67 in reach by the end of the year. Upside, the 52.22-53.02 region can contain buying through November activity. Closing above 53.02 indicates 59.67 within 3-5 more weeks, long-term resistance able to contain strength through the balance of the year, possibly well into next (page 2). Downside, a daily settlement below 42.52 indicates a good annual high, 37.48 then expected within several weeks, 35.84 within 3-5 weeks, last February’s 26.05 low attainable within 3-5 months.