Monthly – the next target up is 1716.

Weekly – the 1709 high seem to be in place.
a move down thru 1639 is the weekly short entry with a target of 1532.
trade pressures are down.

the Daily trade is down with the next target of 1626 and then 1609.
trade pressures are oversold, so a bounce to upside is likely.

a trade above 1667 would setup a test of the highs and a trade of 1725.
but the longer term downward trade pressures would seem to limit any real upside.

Monthly_
upward pressures and a 1716 target above.

Weekly_
upward pressures and at the 1684 target, consolidating.

Daily_
time pressures are up. trade pressures are down but over sold.
need to trade above 1695 to activate the 1706-1711 target area.

The short entry is 1672, with a downside target 1636.

 

 

Monthly_ pressures remain up. the next target up is 1716.

Weekly_  testing the prior targets of 1664 and the pivot high of 1681.
trade pressures remain up, but momentum is decelerating.

Daily_ the daily is at the 1674 target and near the prior high.
trade pressures are beginning overbought. the next targets up are 1706-1711.

a move below 1644 will signal a new move down to 1596.

time pressures suggest a move down between now and July 29th.
with all the upper time frame pressures pointing up, don’t expect a too much of a correction.

Monthly pressures remain up, the 1594 target is acting as support.
Time pressures remain up thru 11/29.

Weekly_ in the trade down from 1615. the next target down remains 1509.

The Daily trade is up from 1589 to first 1612, then to 1649.
need to see if the 1612 resistance will stop the move up.  if it does then the weekly 1502 target is more likely.

Time pressures will turn down on July 4th thru July 29th.
trade pressures are up.

S&P_

price spiked thru the monthly target of 1645 but closed below and held.
the weekly target of 1684 held also.

the weekly short entry of 1618 was tested twice before a close below. the next target down is 1509.
weekly trading pressures are down and time pressures remain up thru July 15th.

the Daily trade is down. the 1558 target has been met and is providing support.
1502 is the next target down.

a retracement up is likely here, a move up thru 1589 could retest the 1649 pivot.
if price can’t get above 1612 then another move down becomes more likely.

Daily pressures are turning up.

S&P_

the monthly trade pressures are still up.
the 1664 target was met an the failed spike up tried to get to the 1715 target.

the weekly trade pressures have just turned down.
traded through the short entry, but closed above it. a possible rejection of the short entry and a retest of the highs could be next.

the daily trade is still down.
the first target of 1606 was met; provided support and the new long entry of 1640 was tested but the market did not close above.
this next week will give us the next move.

the next target down is 1558. the next target up 1693.

S&P_
the 1664 monthly target has acted as resistance. the next target up is 1733.
the next weekly target up is 1692.

the daily short entry of 1685.60 has been triggered. the next target down is 1606.
pressures are down til June 7th.

a retracement up of this down move could occur; but needs to be limited to a move up to 1666.
if 1666 holds then look for the next leg down.
a close above 1666 would signal higher.

the intraday momentum indicators will be very important.

the monthly is at the 1664 target. the next target up is 1733.

the weekly has a target at the 1692 level.

weekly and monthly pressures remain up.

the Daily trade is up with the next target up at 1672 and 1684.

the April-May move up has gained 135 S&P points. and the money flows suggest it could continue.

BUT, the multiple targets on multiple time frames suggest at least some consolidation is possible near term.

a trade down thru 1635 could start a retracement to 1585 which is the April high.
that would let those moving averages catch up, not good to get too far ahead of the averages

Monthly remains bullish and pressures up. next target up is 1600.75

Weekly is bearish with pressures up , but near an inflection point. next target up is 1605.50

Daily is bullish and pressures are up.  But the actual daily trade is down until the 1593 high is taken out.
the next target down remains 1514.

 

COMMENT:
the Metals are showing downward pressures.
the currencies are showing up against the dollar.
the FEZ ETF of European stocks is slightly bullish,
the Chinese ETF, the FXI, is also indicating a bullish trade up.
there is news talk of the Euro needing to devalue in order to become price competitive,
and there is some recognition that the ECB may have to relax the austerity measures which then would pressure the EURO.
so, long the FEZ, or short the EURO.

a decline in the EURO has usually been accompanied by a decline in the S&P. so a move to resolve the EURO may be the trigger for our market correction.

Monthly, Weekly_ the prior 1600-1605 targets have been met.  expect consolidation here.

pressures remain up, the 4/26 change in direction timing remains in place.

a weekly trade below 1557 would signal a retracement to 1498 and then perhaps to the old July 2012 pivot high.

the Daily trade is up from the 1511 long entry and has traded thru the 1568 target signaling higher.
the next target up is 1623.

short term pressures are down, a trade down thru 1562 could set a retracement down to 1514 in motion.

[update wed 4/17: made a move down to the short cycle target of 1540, followed buy a retracement up to 68% of this move down.
now a new short cycle move down has triggered at 1558, to the 1537 downside target.
1514 target is still active.]