S&P 500_ long term pressure remain up. the 1404 target should produce some consolidation and perhaps a retracement.
time pressures are now down thru the end of August.

the intraday pressures are still up with a short term target of 1406 on Sunday nite.
after a test of the 1413 recent high, 1431 is the next target up.

would need a move below 1367 to start a new move down into the low 1300’s.

Monthly and weekly are holding above the critical 1341 level. a close this week at these levels will be very positive.

a daily close here above 1352 will change the trend to up. the next target up is 1365.

a close below 1338 restarts the move down to test the 1302 lows.

Monthly –  an important close above 1327 keeps the monthly trend positive.

Weekly – the close above 1340 confirms the move up to 1365/1404. still have downward time pressures thru October.

Daily – the move up thru 1326 was the long entry to 1365/1397.
time and trade pressures are up.

a move below the 1322 low of Friday would restart the move down.

The weekly is in a downtrend and the daily is in a move up inside that down trend.
the daily is above the moving average.

weekly time and trade pressures are up. the weekly target down is 1242.
a move above 1340 is the long entry to test the recent highs and then 1478.

the daily is in the long trade up to 1431.
a close down below 1320 would signal a test of the recent lows.

[BAC update: traded above the long entry price of 7.93.  in a pull back toward the 7.42 moving average.
expect the second time thru should start the move up.]

S&P_ the Bank funds provided to the Spanish banks has sent the futures up to the 1342.50 target.
expect some consolidation and perhaps some retracemnt here (perhaps to 1326), and then an attempt to move up to the 1396 target.

Trade and time pressures are up.

a move below 1306 would signal a new move down to 1192.

[Bank of America long entry price 7.94, with a target to 9.92. place stop below the 6.72 low.]

WEEKLY_ stiil in the sell to 1248, with time pressures down thru late july.

DAILY_ in the trade up from 1309 to the first target of 1341.
shorter time cycles are up and the trade pressures have turned up.
the 1287 low is the stop, but a trade below1319 and back up would be very healthy.

the dollar is extended up and any USD move down will rally the equities.
the equity market would rally on any relief in the Euro, so watch that market also.

S&P_ the long term monthly cycle remains up thru the spring of 2013.
that long term cycle has a target of 1531.

the weekly has entered in to a short trade with a target of 1246.
the weekly trade pressures have turned down til august 2012.

the daily trade is down also.  the  short EP was the 1389 early warning breakdown on the intraday which quickly traded down to the 1346 target.
the longer daily target down to 1276 is still in play.

the market could hold here at 1352; and a move up past 1385 would signal a reversal of the down move.

[5/11, the JP Morgan trading loss shocked the market taking it down to the short cycle target of 1346. Then began a move up and is now testing the long entry price of 1361.  need a close above 1361 today]

the trade thru the 1374 set this move up in motion.
expect to test the 1419 highs.

the weekly target is 1443. the monthly targets are 1518 and 1531.

a trade below the recent pull back lows of 1350 would signal a new move down.
the intraday warning signal for a trade lower would be at 1389.

the last two monthly cycles off the march 2009 low,  lasted 16 and 15 months from bottom to bottom.
the last was 10 months up and 5 months down. we now 7 months into this recent uptrend.

On the weekly we are supported by the trend line from the October 2011 low.
trade pressures are extended and overbot, as they have been for some time. But now the time pressures have turned down.

the daily short entry was triggered at 1384. with the first target at 1332, which corresponds to the March lows.
we have moved into upward time pressures which suggest a more sideways movement rather than a volatile, immediate move down.

a close above 1374 would allow a long trade with tight stops.

S&P_ long cycles are up thru the end of August.
after a short entry of 1384, the Daily move is now down to 1332.

the time pressures are down thru 4-20.
trade pressures are down.

a move up thru 1374 could test the highs.