S&P_ monthly remains up with 1525-1531 as the next targets up.
weekly also up with the next target up of 1472.

downward time pressure begin the week of September 17th.
the support level of 1398 must hold to maintain the uptrend.

Daily- the next target up is 1492.
respect this uptrend but expect some pullbacks.  1450 would trigger a short entry to 1422.
the long consolidation area around 1390 that took place in august is the likely area to see substantial buying come in should the pullback get extended.

what could happen? the hedge funds in need of performance, buy enough to get the DOW 30 to it’s all time high of 14,198. we have come from 12,035 in jun to 13, 593 in sept. what’s another 600 points.  most likely a pullback first.

Monthly and weekly targets are 1525 and 1456 respectively.
pressures are trending to neutral.
the Daily trade is long from 1419. the next target up is 1441.

the long cycle target of 1337 is acting as resistance.
a move down thru 1421 should begin a retracement to 1394.

pressures are up.

the monthly and weekly are still in the move up. the next target up is 1456-1478.

the daily is in the move down to 1386.  today’s close of 1397 is a test of last week’s low.
a move below that could set up a quick move down.

the key is the Euro, any indication from the ECB that they will act ot stabilize European interest rates by buying sovereign bonds would set a new rally in motion.  this is also the last quarter for the under-performing hedge funds to make an improvements on their 2012 returns. So, what ever the move is to be; it should be exaggerated.

So, while it is much better to trade what is, rather than what should be, the most likely scenario “should” be a decline as the fed speeches indicate no more FED QE3, only to be followed later with some ECB bond buying which should generate a rally into the election.

please remember that QE3 and ECB bond buying are not adding Net New Financial assets to the private system, they are replacing the existing bonds with cash.  the cash would shore up financial system reserves and not necessarily result in more lending. so not inflationary. this means don’t chase the metals, be ready to take profits in them as the market moves them up on the initial “QE3/ECB” trade.

S&P monthly and weekly remain in the uptrend.
Daily has moved into a downtrend.
the new high and then a reversal at the close yesterday is troubling for the longs.

a daily close below 1407 will start a new move down.
the first target is 1380.

a move above the previous highs will signal a new move up to the 1430-1440 area.

the FEZ and FXI ETF’s are indicators of Europe and China, respectively.

FEZ has had a nice move up and is at target; expect consolidation.
can trade this thru the currency futures.

FXI had a similar move up and has now entered into a short trade to 33.59.
however the downward pressures seem to be expended, so be alert for a new move up.
watch copper and FCX as proxies for this FXI index

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.