S&P 500 DAILY Analysis 4/18/23
For Tuesday, the 4077.50 - 4085.50 area can absorb selling through April, above which 4256.75 - 4268.25 long-term resistance remains a 2 - 3 week objective.
Upside Tuesday, 4193.00 can contain session strength, while closing above 4193.00 indicates the targeted 4256.75 - 4268.25 within the week, where the broader market can top out through Q3 and a significant upside continuation point through the balance of the year.
Downside Tuesday, 4111.75 can contain intraday weakness, while breaking/opening below 4152.25 signals 4077.50 - 4085.50 intraday, able to contain selling through April and the point to settle below for indicating 3899.50 long-term support over the following 3 - 5 weeks.
Upside Tuesday, 4193.00 can contain session strength, while closing above 4193.00 indicates the targeted 4256.75 - 4268.25 within the week, where the broader market can top out through Q3 and a significant upside continuation point through the balance of the year.
Downside Tuesday, 4111.75 can contain intraday weakness, while breaking/opening below 4152.25 signals 4077.50 - 4085.50 intraday, able to contain selling through April and the point to settle below for indicating 3899.50 long-term support over the following 3 - 5 weeks.
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