S&P 500 DAILY Analysis 4/3/23
The 4099.25 - 4110.25 area can contain selling through April, above which 4275.50 - 4284.50 long-term resistance remains a 2 - 3 week objective able to contain buying through Q3, and a significant upside pivot point through the balance of the year.
A weekly settlement above 4284.50 should mark the resumption of a long-term bull market, anticipating a retest of the 4808.25, January 2022 high by the end of the year, and onto new highs within a full year of activity.
Downside, a weekly settlement back below 4099.25 allows 3845.50 - 3865.25 over the next 3 - 5 weeks, able to contain selling through May activity ... once tested the market poised for reaching 4275.50 long-term resistance over the following 3 - 5 months.
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For Monday, the 4099.25 - 4110.25 area can absorb selling through April, above which 4275.50 - 4284.50 long- term resistance remains a 2 - 3 week objective able to contain buying through Q3.
Upside Monday, 4160.75 can contain intraday strength, beyond which 4208.50 is attainable intraday and likely to contain session strength.
A settlement today of 4208.50 should yield the targeted 4275.50 - 4284.50 region within 3 - 5 days, where the broader market can top out through Q3.
Downside Monday, breaking/opening below 4099.25 signals 4073.75 intraday, while closing today below 4099.25 signals 3984.00 within 3 - 5 days, where the market can place a weekly low.
Overall, closing the week back below 4099.25 allows 3845.50 - 3865.25 long-term support over the next 3 - 5 weeks.
A weekly settlement above 4284.50 should mark the resumption of a long-term bull market, anticipating a retest of the 4808.25, January 2022 high by the end of the year, and onto new highs within a full year of activity.
Downside, a weekly settlement back below 4099.25 allows 3845.50 - 3865.25 over the next 3 - 5 weeks, able to contain selling through May activity ... once tested the market poised for reaching 4275.50 long-term resistance over the following 3 - 5 months.
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For Monday, the 4099.25 - 4110.25 area can absorb selling through April, above which 4275.50 - 4284.50 long- term resistance remains a 2 - 3 week objective able to contain buying through Q3.
Upside Monday, 4160.75 can contain intraday strength, beyond which 4208.50 is attainable intraday and likely to contain session strength.
A settlement today of 4208.50 should yield the targeted 4275.50 - 4284.50 region within 3 - 5 days, where the broader market can top out through Q3.
Downside Monday, breaking/opening below 4099.25 signals 4073.75 intraday, while closing today below 4099.25 signals 3984.00 within 3 - 5 days, where the market can place a weekly low.
Overall, closing the week back below 4099.25 allows 3845.50 - 3865.25 long-term support over the next 3 - 5 weeks.
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