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.

Monthly pressures remain up. weekly pressures have reached overbot.
Upside targets are 1424, 1442, 1510, 1532, 1537.

the time pressures have turned down and this cycle ends 4/20.

a move down thru 1367 signals a new move down.

 

The monthly move is up.
the weekly move is near the final target of 1363.

and as the pullback worry increases. the daily has triggered a new move up from 1329.
a trade down thru 1319 would start a move down.

the intraday has made a few tries to sell off, but the buyers seem to come in at the end of the day.
the market is set up for a “fail”, and the trigger is likely to be some event.

Monthly and weekly trade pressures are still up. the weekly time pressures are up until March 30th.

Daily at the 1319-1329 target and consolidating.
time pressures are now up. trade pressures are up and very extended.

next target up is the 1362 May 31st high.

any selling will get more selling.
a move below 1296 would suggest a correction to 1246.

WEEKLY_ broken out of the downtrend and testing the 1283 high.
trade presures are up and time pressures are up.
next target up is 1299.
next target down is 1110.

DAILY_  the trade is up. the next target is 1278.
trade pressures are neutral
and time pressures are down thru  Jan 11th- Jan 20th, then two cycles turn up.

a trade down thru 1244 would stop the rally and restart the move down to test the November lows.

Monthly and weekly pressures are both up.
time pressures are up thru the end of March.

while still inside the longer cycle uptrade, the current trade is down to 1176.
however the trade pressures are fully oversold and due for a bounce.
a trade up thru 1227 should start the rally to the 1270 area.

long time pressures are up thru April.
trade pressures are down but have positive divergences.

the trade is long from 1202 to 1284.
resistance here at 1251. a trade down thru 1230 signals a pullback to 1183.
most likely any profit taking pullback is to the short entry. will have to see what the indicators show then.