Monthly – the 1853 target is acting as resistance.

Weekly – the next target up is 1897. the move down will be confirmed with a move below the 1797 level.

Daily – the daily trade is still long, but the high of friday tested the 1864 target and pulled back.

the short entry is nearby at 1840. if triggered then the target is the 1800 level.
pressures are extended up {overbot} and need some time to resolve.

These projections based on a time series may seem a bit arcane.
But if one thinks of the price action as embodying the information held by, and the decisions made by, the market participants;
then this price action can be thought of as a derivative of fundamental information flow.

the index cycles roughly correspond to the quarterly information flow.

Monthly remains bullish with a 1853.75 target.

Weekly is testing the prior 1848.50 highs. pressures are down.

Daily is in the long trade from the 1782 entry.
the next target is 1863 with a test of the prior highs at 1846.50.
the 127 extension is at 1874 and is our likely target for this move up.

a trade down thru 1802 could signal failure of the move up and start a new move down.

Monthly remains bullish with an 1853 target.

Weekly has traded thru the short entry but has not yet closed below the 1779 price.

The Daily is long.  the long entry for the new move up was 1782. the next target is 1863.
there is a number of resistance areas around the 1801 level. these may be enough to stop the new move up.

The daily had traded down to the 1732 level, but did not meet the 1720 target.
look for that to be tested with any new move down.

Update 2/12: the 1801 level and the 61.8% had no impact. this opens the move up to the 1863 target and then the 127% retracement of 1874.
the 1846 high will be the next test of resistance.

a break below yesterday’s low at 1793 will signal lower.

Monthly remains bullish until a break below 1662.

Weekly in a short trade after the close below 1779. the target down is 1666.

The Daily trade is short from the 1815 short entry. 1719 is the next target down.
trade pressures are oversold.
time pressures are down til the 24th of Feb.

— need a move above 1784 to restart the move up.
looks to be difficult.  at 1784, the talking heads will be pointing to a “developing head and shoulders pattern”,
but if the market can grind to a close above 1802, that could be enough to set a new direction.

not going to be easy this time.

Monthly – the 1853 target slightly above the 1846.50 high. pressures extended up time cycles pressing down.

Weekly- near the 1851 target. pressures up. the short entry price for the weekly is 1781.

the prior short entry was taken out with the new long entry at 1831.
the old high was tested and now the new short entry is active.
the Daily trade is short from 1825 today.

the next target down is 1796 which will take out the recent 1810 lows.

>>>>>>>>>>>>>>>>

[update Friday Jan 24 close] closed well below the 1796 target.
next target down is 1759, where buying should come in from the shorts covering.
Then the next move should start after some consolidation.

the next target down after 1759 is 1705.

Need a close above today’s high to restart any new up move.

S&P_

monthly target is 1853, and stays long above 1662.
weekly long target is 1897. a weekly short entry is at 1779.

the daily trade is short from the 1827 short entry. the next target down is 1796.
the Monday intraday has met the 1813 target, so some short lived consolidation here.

need a trade above 1831 to signal higher.

Monthly and weekly remain bullish at these 1846.50 highs
monthly target is 1853
weekly target is 1897

the daily trade is short from 1827 with the first target of 1796.

pressures remain up but are ready to cross into bearish territory.

Monthly_ long at the 1812 target. pressures remain up.
Weekly_ long at the 1806 target, the next target up is 1847. Pressures remain up.

Daily_ short, the 1784 short entry was tested once and the second time thru was it. the next target down is 1751.
the market was very near and has moved up off that target area.
a trade above the 1790 resistance would signal higher.

the final target is 1718. [a 5% retracement.]

[Wed 12/18 FED day update:
the tapering announcement coupled with the promise of lower rates send the market back to the highs.
this rejects the short entry price and any new high signals higher to the weekly targets.]

Monthly and Weekly pressures remain up. the next target up is 1812.
the prior weeks high was taken out rather handily

the Daily trade is up and the next target is 1797. While pressures remain up, this are divergences forming,
suggesting time for a break in this move up.

a move down thru 1775 will signal a new move down.

[update 11/21: price traded down to the short entry and has now moved up to the 1797 target.
again, the second time thru this short entry is decisive.]

Monthly – at the 1767 target. 1812 is the next target up.
Weekly – also consolidating . showing downward time pressures thru early 2014.

Daily – in the long trade from 1665. the 1746 target had been met and now is acting as support.
the next target up is 1797.

a move below 1752 would signal a move lower. the market closed below 1752 last week then reversed the next day to close above.
nevertheless, the indication is there. the second time down and thru is likely to be decisive.
if so, then the first target down is 1719.

1773 is the recent high and seems to provide some resistance these last five days.