The ECB will announce their version of QE next week on Jan 22nd.   European stocks are already on the rise, the EC is down sharply with a 1.1410 target in sight.  The thinking is that the EC money will find its way into the stock markets including those US stocks with European exposure; that would include most all the large cap stocks in the S&P 500.

China announces their 4th Qtr GDP on Jan 20th.  With Europe in recession China’s growth rate becomes more important.

Monthly – Trade pressures are up. Volume is bullish.
the next target up remains 2191.

Weekly – Trade pressures are up and volume is bullish.
the next target up is 2112. The week traded down thru the short entry but did not close below, so still long.

Daily – Down all week then rallied at the close on Friday. The 1977 target held support. the next target down is 1957 and the 200 day moving average. Trading pressures are down. Volume is bullish.

Need a close above 2028 to restart the move up.

Earnings season starts today, so watch for market moving announcements.

Monthly – Trade pressures are up and volume is bullish.
the next target up is 2191.

Weekly – Trade pressures are up but volume is neutral.
Currently retracing after touching the 2088 target. the next target up is 2112.

Daily – traded down to the 80 day moving average last week. Then began a retracement up which took price thru the long entry of 2014. the target of 2062 was touched and today Monday a new short entry of 2037 has been triggered with a target of 1997 (which is again the 80 day moving average).

Trade pressures are slightly up but volume is bearish.

a close above today’s high of 2048 could restart the move up.

Monthly  – Trade pressures are up. volume is bullish.
the next target up is 2191.

Weekly – Trade pressures are up. volume is neutral.
The weekly highs have touched the 2088 target two weeks.
the next target up is 2122.  the next short entry is 2016.

Daily – Trade pressures are down. volume is bearish.
in the short trade from 2065. the next target down is 2028.
[Met the 2028, the next target down is 1977 and the 80 Day]

further support is the 80 day MA at 1990.
[Update 1/6: now at the 80 day]

a close above 2068 2017 would signal higher.

[Update 1/7: closed the futures @ 2025.
Long entry triggered. Volume indicates neutral pressure, so this may be short covering,
may have a small pullback first then thru again.

This last week and the week between Christmas week and New Years Day should be very light;
and therefore difficult to generate reliable signals.

S&P 2015 earnings estimates at the end of December are 131.14.
(www.spindices.com/documents/additional-material/sp–500-eps-est.xlsx )
The December 24th closing price divided by the earnings estimate gives a current PE of 15.8.
For this next 2015 year, a P/E expansion to 20 x 131.14 would suggest a S&P value of 2622 for next year.
A recession value of 10 x could produce market risk down to 1310.

Monthly – trade pressures are up. volume is bullish.
next target up is 2191.

Weekly – trade pressures are up. volume is neutral and very light.
touched the 2088 target.

Daily – after trading down below the 80 day MA, now in the long trade from the 2028 entry price.
next target up is 2094.
trade pressures are up. volume is bullish but declining.

a close below 2065 would signal a move lower.

Near all time highs – again.

Monthly – trade pressures are up. volume is bullish.
the next target up is 2191.

Weekly – trade pressures are up. and volume is bullish.
upside targets up are 2086, then 2112.
BUT, the weekly 2002 short entry is still active until a close above 2072.
the weekly next target down is 1890.

Daily – traded down to the 1971 target and close to the 1947 target
then moved up thru the 2024 long entry with an upside target of 2094.
trade pressure up. volume is bullish.
Still need to take out the 2072.50 high.

the last weeks of this Christmas holiday should have much lower volumes.
Be careful; the market is up almost 15%, don’t give it back with foolish trading.

Mar ’15 contract

Monthly – Trade pressures are up. volume is bullish.
the next target up is 2191.

Weekly – trade pressures are up but extended. volume is bearish.
next target up is 2112.
the short entry is at 2002 with an 1890 target.

Daily – Trade pressures are down. volume is bearish.
short from the 2021 entry. next target down is 1971 (also the 80-day MA).

need a reversal to close above 2052 2024 to signal a new move up.

Monthly – trade pressures are overbot. volume is bullish.
the next target is 2204.
Weekly – trade pressures are overbot and volume remains bullish.
the next targte up is 2095 and 2119.

Daily – the trade pressures are down. volume is bearish.
the next target up is 2089.

the next short entry is 2031 with a downside target of 1954.

Tuesday Morning 12/9:  the markets are turning over with Asian and European markets down sharply.
Usually the first move down to the short entry is a profit taking move followed by a retracement up. The next move down thru the short entry is the actual short.

Monthly – trade pressures are up. volume is bullish.
the next target is 2204.

Weekly – trade pressures are up. volume is bullish.
the next target up is 2095.

Daily – trade pressures are up and extended. volume has gone to neutral.
the next target up is 2089.

a trade close below 2027 will signal lower.

the moves in oil and gold seem to be a signal for some change.
As a number of sensitive economies rely on oil revenues for their budgets,
these stresses may result in some poor political judgments.

MONTHLY – trade pressures remain up. Volume is bullish.
the next target up is 2204.

WEEKLY – trade pressures are up and the volume is bullish.
the next target up is 2095 and 2119.

DAILY – trade pressures are up and volume is bullish.
at the 2039 target, the next target up is 2059.
expect consolidation here.

the next short entry is 1996.

Monthly –
Trade pressures are up. Vol is bullish.
next target up is 2204.

Weekly –
trade pressures are up and volume is bullish.
a new long entry was signaled at 1930 confirming the daily entry.
then next target up is 2095.

Daily –
in the long trade from 1846 and at the extended target of 2027.
expect consolidation here and then the next move will develop.
the next target up is 2039 and 2059.

trade pressures are extended up and showing some divergences. volume remains bullish.

a close below 1985 would signal lower.