SHORT-TERM (today and 5 days out)

For Tuesday, the 2186.75-88.75 region can contain weekly buying pressures, below which 2157.00 remains an intra-week target, long-term support at 2122.25 attainable within several weeks. Downside today, 2174.25 can contain session weakness – above which the market should retest 2186.75-88.75 within the day. Breaking / opening below 2174.25 signals 2165.75, likely to contain initial selling, yet below which 2157.00 becomes an intra-day target able to contain weekly selling pressures and the level to settle below indicating a test this week of long-term support at 2122.25 (page 2). Upside today, pushing/opening above 2188.75 signals 2196.75, while closing today above 2188.75 indicates 2207.00 within several days, 2220.50 within 1-2 weeks, 2275.00 within 5-8 weeks.

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

The 2186.75-88.75 region can absorb weekly buying pressures, below which 2157.00 is attainable within the week and able to contain weekly selling pressures when tested. A daily settlement below 2157.00 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 2220.50 becomes a 1-2 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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