S&P 500, 6/12/23

١١ يونيو ٢٠٢٣

The 4203.75 long-term resistance area can contain selling through the balance of the year, above which 4578.50 remains a 3 - 5 month objective, the 4808.25, January 2022 all-time high expected by the end of the year.

 

On the way up, 4425.50 can contain weekly buying pressures, with a settlement above 4425.50 indicating 4578.50 within 3 - 5 weeks, able to contain buying on a monthly basis and the formation settle above for accelerating the 4808.25 longer-term objective to within 2 - 3 months.

 

Downside, a weekly settlement below 4203.75 would be considered a significant failed long-term buy signal, in essence indicating 3898.25 within 2 - 3 months.

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For Monday, 4346.00 can contain intraday weakness, 4385.00 in reach and able to contain intraday strength.

 

Pushing/opening above 4385.00 allows 4409.00 intraday, able to contain session strength and the level to settle above for yielding the targeted 4425.50 formation the very next day, where the market can top out into July activity.

 

Downside Monday, breaking/opening below 4346.00 signals 4309.25, able to contain session weakness.

 

Closing today below 4309.25 indicates 4263.75 within several days, also able to contain session weakness and the point to settle below for indicating 4192.00 - 4203.75 long-term support within several more days.