S&P 500, 7/24/23

The 4670.50 - 4682.50 region can contain buying through August, once tested 4375.00 attainable within 3 - 5 weeks where the market can bottom out through September trade.

A daily settlement below 4375.00 indicates 4155.50 long-term support over the following 3 - 5 weeks, able to contain selling through the balance of the year.

Upside, a daily settlement above 4682.50 indicates the 4808.25, January 2022 high within several weeks, and onto new highs within several months.

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For Monday, 4616.75 can contain session strength, below which 4493.75 is attainable by Friday’s close.

Inside this wide range, 4572.50 and contain intraday buying, and 4528.00 intraday weakness.

Breaking 4528.00 allows 4493.75 intraday, able to contain session weakness.

Closing below 4493.75 indicates 4466.25 tomorrow, where the market can place a weekly low, and the point to settle below for indicating the more meaningful 4375.00 by the end of next week, able to absorb selling pressures through August trade.

Upside Monday, pushing/opening above 4572.50 allows 4616.75 intraday, able to contain session strength and the level to settle above for yielding the significant 4670.50 - 4682.50 region within several days, able to contain buying through August activity.