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.

S&P_ the Monthly and weekly remain in the upward trend. the next weekly target is 1767.

the daily moved down to the 1640 target and restarted the move up from there.

the older 1725 target and the recent 1726 high was taken out and the market moved on to the 1748 target.
we are currently consolidating at this level.
The next target up is 1770.

a move down thru 1734 would signal a correction to the 1700 level.

the December contract is now the front month. This causes some targets to adjust.

the lack of FED tapering had given a boost to the inflation hawks. the metals had a big move up and the dollar had a similar move down.
the stock market is viewed as inflation hedge  and is valued at a discount to future earnings.
so if interest rates stay down, then the discounted value of earnings producing assets appear more valuable.

very loosely;  FED down>dollar down> metals up> stocks up (the nice thing about stocks is that the earnings can go up also)

Monthly- the 1709 target is the next up. and two higher targets are in the 1800’s
Weekly – the next target up is 1767.
the 1633 short entry was tested and now the bounce off that has taken us above the 1698 pivot.
watch any move down at these two levels, the 1698 pivot and the prior short entry of 1633.

the daily trade is down from the short entry of 1707. the next target down is 1677. [friday update: a 1676 morning low]

a move back up thru 1719 will signal higher.

Monthly Pressures are extended up.
weekly pressures are extended up and showing some negative divergences.

the Daily trade is up from the 1660 long entry.
the next target up is 1716 with expected resistance at the 1705 recent high.

daily pressures are up.

the next short entry is 1671.

[Sunday Nite 9/15 Update: December Futures up  to 1703.
new short entry is 1684.

the monthly target of 1716 has provided resistance.

the weekly is testing the short entry of 1639.
weekly pressures are down.

the daily trade is at two targets, 1626 and 1624.
pressures are still down but the this support has held for 3 days.

a further break down takes price to the next target of 1596.

need a new move up thru 1660 to restart the move up.

………………………………………………………………………………………………..

$$’s coming into the US dollar and the treasuries. the DJ Euro STOXX and the China 25 are in a sell off.

Transports are down but that move maybe finished.
Small caps look susceptible to another leg down.Dow 30 weak and still moving down to the 14667 target.

S&P 500 looks stronger than other markets but watch for a “wash and rinse’ of the stops below in the Tuesday morning trading.