SHORT-TERM (today and 5 days out)

For Thursday, 2154.50 can contain selling into next week, above which the 2186.75-88.75 region remains a 3-5 day target. Upside today, 2163.75 should contain initial strength, while pushing/opening above 2163.75 signals 2171.00 intraday, able to contain session strength. Closing today above 2171.00 indicates 2186.75-88.75 within 1-2 days where the market can top out through next week as well as representing a meaningful upside continuation point into later August. Downside Thursday, breaking/opening below 2154.50 allows 2143.25 intraday, while a clear settlement today below 2154.50 signals 2119.50 within 3-5 days, able to contain selling through August activity and above which a long-term buy signal remains in effect.


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

The 2119.50 region (2125.08 Index – page 2) can absorb selling into later year, above which 2242.75 remains a 3-5 week target, 2360.00 attainable by the end of the year. Upside, 2188.75 can contain weekly buying pressures, with a settlement above likely to yield 2242.75 within several weeks where the market should top out a monthly basis. A settlement above 2242.75 maintains an accelerated upside pace into Q4, 2360.00 then expected over the following 5-8 weeks where the market can top out well into 2017. Downside, a daily settlement back below 2119.50 would be considered a failed long-term buy signal, essentially a valid sell signal into later August, 2007.75 then considered a 2-3 week target able to contain selling through September and a meaningful downside tipping point into early Q4.

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