the August drop was a repricing of the market multiples to adjust for what then was believed to be recession level earnings.
as the likelihood of a second recession receded, the multiples began to re-expand.
we now are approaching the same S&P prices just before the drop.

the next targets higher are 1287 and 1306, but the upward trade pressures are slowing and extended.

a move down thru 1242 would signal some retracement to 1197.

getting near the 1220 on the futures.
the buying pressures are extended on the upside.
time pressures are up thru 10/28.

so expect a pull back, but not a deep one. perhaps  to 1185

the weekly trade pressures have turned up while the time pressures remain down thru 11/11.
the trading range is between 1071 and 1224.
the 1085 target signaled by the June 3rd bar has been met and appears to have held.

the Daily trade is up from the 1106 long entry with the next target of 1220.
time pressures are up thru 10/28 and trade pressures are up but extended.

a move down would be signaled by a trade down thru 1155.

the weekly is now signaling lower to 1043.
for reference, the July 2010 low is 976.75

the daily, which is the trade time frame, has traded down thru the 1085 target to 1077 which is an intraday target.
trade pressures have turned up on the hourly ; a move up thru 1092 is needed to get the move up going.
the second time thru may cycle up in the afternoon of the 5th?

Monthly and weekly time pressures are down thru 11/25, thanksgiving.
(Many of the other market cycles are coincident with the S&P cycles)
trade pressures are down.

Daily – the trade down thru 1154 has started a move down.
trade pressures are down and pressing against the 1102 support.
If that fails, then the next target down is 1085.

need a move up thru 1133 to start a move up to 1165.

the S&P has followed thru in the overnight markets to reach the extended target of 1181.75
next target up is 1193.

need to take out the 1214.50 high to get out of the sideways channel.

trade pressures are up and time pressures are turning up.

a move down thru 1154 stops the move up.

Monthly and weekly are pointing to lower targets.

the daily is oversold with a lower target of 1084.
but trade pressures are over sold and the time pressures will turn up in three days.

the intraday is starting a new move up to an 1159 target. {update: closed on the target}

a trade below 1117 will signal a failure.

the weekly is moving up off the downside target at 1085, but time pressures are down until 11/11.
this suggests a sideways correction in a channel bounded by 1100 and 1250.

the daily trade is up with the next target of 1241.
a trade down thru 1154 retest the short entry price.

the weekly has turned the trade pressures up and is long to 1269 then 1315.

the Daily time pressures turned up yesterday and trade pressures are showing some positive divergences.
the move today thru 1165 sets the next target up as 1208 then 1253.

the previous move down thru 1161 signaled a short to 1091, so this move up is still a correction up inside that downtrend.

so be careful.

the long entry from 1165 has met the first target of 1191. moving thru that target has signalled the next target of 1241.

but the intra day signals have entered into a move down to 1174.

so a correction into the labor day weekend is likely and will driven by the friday employment number.
if it is good then a move up to the target should happen quickly.  if not, then down to the correction target.

a trade below 1162 will signal a testing of the lows to 1062.