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.]
Monthly and weekly targets are 1600-1605.
a trade down thru 1528 is the weekly short entry.
the Daily trade is down. price is below MACD.
the Daily short entry of 1537 was tested but the close was back above.
the next trade back thru thru should set the downside in motion.
the next target down is 1489.05.
a trade above 1555 would negate this move down and reset the the 1567 target.
Monthly and Weekly –
new upside targets 1600-1605
with the old high of 1514 acting as support.
pressures remain up and trending.
the time target is 4/26 for a change in direction.
Daily-
at the 1567 target. next target up is 1623.
the time cycles are turning down.
trade pressures remain up but very extended.
last weeks low would be necessary support.
a move down thru 1538 would signal lower to 1489
S&P_
monthly targets are holding as resistance in this 1517-1526 area. next monthly target up is 1701.
the weekly target up is 1553.
the weekly short entry price of 1485 has been touched, but did not hold. still, be alert.
the daily trade is down from the 1499 short entry level.
a move back above the 1530 highs will invalidate this move, but for now it is active.
the next target down is 1451.
time pressures are up. daily trade pressures are up inside the longer downward trade pressures.
[some indication of distribution]
the multiple Monthly targets [1502,1517, 1526] are providing resistance.
monthly time pressures are down thru the end of march.
the weekly target of 1513 is providing resistance as well.
the time pressures should turn down from here into April.
the Daily trade remains up, but with signs of slowing momentum.
the next target up is 1564.
the hourly trade signal shows a bearish move down to 1505. but that is not enough to produce a new Daily short trade.
a move below 1491 1499 would be required to start a new Daily short trade.
GDP = C + I + G + (X-M) or,
-0.1% = 1.52% + -0.08% + -1.33% + -0.25%
S&P_ the futures have trade up to the monthly target of 1502 and met resistance.
1513 is the next target up.
the daily has crossed into bearish pressure with the close last night of 1493.75.
will need a close above 1506 to reverse the pressures.
a down move won’t be signaled until 1475. but this does suggest the monthly target will generate at least consolidation.
the intraday hourly has traded down to its target and is now consolidating. we will see the next move originate there.
the monthly upmove is very near the two targets 1496-1517.
the weekly upmove has a 1513 target.
the Daily upmove has a 1496 target.
all time frame trade pressures are extended on the upside.
the time pressures are down thru the end of March.
a move down thru 1469 will signal lower. a trade down thru 1456 would setup the 1407 target,