The spike down has been all but forgotten.  The euro sovereign debt problem is “solved” by providing liquidity to meet payments and the promise of spending cuts back to living within the countries’ means.  The US may want to think how to do that.

Despite the headlines, the S&P moved in to short territory moving thru 1147 on the weekly futures and 1190 on the daily.

Weekly – short from 1147. the next down target remains 1043.  1200 will restart the move up. time pressures are down thru June 25th.

Daily – the time pressures have turned up til the last week of May.  trade pressures are turning up.  long in the retracement trade from 1101 ; at the 1167 target, next target is 1191.  a trade thru 1140 will restart the move down to 1107.

[update] the Friday am futures are near the short entry of 1143.25, target 1111.