8:27 CST S&P 842.75

Wells Fargo has surprised on the upside this morning with better than expected revenues. all financially related securities are responding.

the S&P index futures are up to the monthly long Entry Point again. the next price objective is 1025.75. 722 will be the Stop and Reverse point. the weekly is breaking thru the median line resisitance. all pressures are up.

Daily pressures are turning back up. a break thru the 848 high would allow us to continue to the 867.25 price objective and if price can get thru that then the 942 and the 948 objectives become probable. 778 wil stop this upmove and begin a retracement down.

cycle pressures show beginning downward pressures that will persist til 4/29.

almost reached the 674  price objective at the lower median line.  686 has triggered a new entry up to 697/707/718.    682 reverses the trade to a short.

Wed Nite @709.

we are eight days into this down leg. we have met long term downside targets. expect consolidation, then look for the next trade.

the next down side objective is 672/618/590.  this down cycle ends 3/18.  need a trade above 731 to start a retracement of this down move; then first upside objective is 782.  buying pressures turning up and price divergences showing at these lows.

the intraday up move stopped exactly at the median line and the short cycle target, a trade down thru 699 creates the price objective of 674.  a trade thru 716 restarts the uptrade to 727/732.

Tuesday nite @770.50

nice rally off the lower medianline on the monthly lows. monthly and weekly divergences still in place.

Daily reached the 745 downside target on monday.  need 792 to start new uptrend to 842.

intraday pressures extended,  need to cure.  next upside target 795.50. 763 starts a pull back to 751.

Sun Nite @ 764.50

have touched the downside medianline on the long term charts.  just below that support line is an old unmet target of 716.  still need a  monthly close above 916 to begin a retracement up. a 20% rally from here still doesn’t get a retracement started.

trading as before, sideways, between the 738 low and the 943 weekly high.

Daily – trade direction is down and is oversold. longer cycle up and shorter cycle down, selling pressures over extended.  next target is 745. need 803 to start the next move up.

inside a short trade to 755 intraday. tried a late day rally on friday and had no follow thru.  the trade thru 768 starts a  long retracement to 785, 752 stp (if selling comes in at the friday high move stop to breakeven…. ) but have to wait for the selling pressures to complete, perhaps overnight, before entering the trade.  a 10:30 CST cycle end monday morning may be important.

Longer time frames showing downward pressures. Have reached the end of the weekly downward cycle. should see upward pressures til early april.  Ben’s PTI has moved thru the take profit point and is now signalling a new move up.

Daily –  selling pressures extended down, next target 745.  at multiple downside price objectives and intraday is signaling a move up.  829 is the entry price with a first objective of 884.  beginning a new cycle, which will end 2/26. dominant cycle peaks 3/5 after that significant downward pressures til  3/20.

the stimulus theater has frozen the market.  two rallies have been unsucessful in breaking out of the sideways channel.  so trade inside the channel. 

Monthly – trading between 942 and 738.  the downward trending medianline acting as the pivot.  need 916 to start a retracement up.  724 will restart the down trend.

weekly – 848 has started a weak retracement up with the next price objective of 899.  796 will stop the trade.  pressures down thru 2/20.

daily – trading between 796 and 877.  this cycle ends 2/13. and is at a confluence with a price objective.  look to the intraday to trade.

flat – intraday is extended down and has met a price objective.  needs time to cure.  Lower median line support at 805 ; declining .25 per hour.

Monday midday @ 843 – the market has pulled back to the 807 level and now is attempting a second leg up on the daily time frame.

Monthly – trading at the median line of the down fork.  916 starts a new retracement up. and 724 retarts the down move.  divergence remains in place.  downward time pressures will begin in May 09 and remain in place throught 2009. 

Weekly- this current down cycle ends 2/20.  848 will start a new move up. but the EP for the down move is close by at 806.  the indicators are showing divergence warning of a possible rally.

Daily – in the down move next price objective is 795; indicators have turned up, need a trade thru 848 to start the upmove.  the down cycle ends 2/6.

Intraday – has started an upmove target 863 and already at an intermediate price objective – use an 832 stp.