S&P 500, 6/21/23

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The 4195.75 long-term support area can contain selling through the balance of the year, above which 4606.50 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, 4606.50 can contain monthly buying pressures, with a settlement above 4606.50 indicating the targeted 4808.25 within 3 - 5 weeks, where the broader market can double-top on a monthly basis.

 

Downside, a weekly settlement below 4195.75 would be considered a significant failed long-term buy signal, in essence indicating 3898.25 within 2 - 3 months.

Penafian

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