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.

move up today reportedly on the expectations of QE3. who really buys on the hope that govt will act or react?

the chinese manufacturing activity rise more  likely the cause.

have broken the hourly down channel to the upside.
the retracement trade inside the longer term down move is long to 1191 and then to 1241.
the long entry was adjusted down to 1143 from 1149.

a move down thru 1135 could start a new move down.

Daily – still in the downward time pressures. trade pressures are down.
the 1140 area is a pivot point for up to down.  the next target down is 1075.

the move up is triggered with a trade thru 1149 to 1247.
intraday cycle is in the move up now.

 

the Morgan Stanley report lowering the global growth forecast to 3.9%
has renewed fears of a euro crisis and the knock on effects to earnings in the US.

the downward time pressures remain in place thru thankgiving.
trade pressures are turning up.

the daily has triggered a short entry to 1075 which is a retest of the recent lows.
a move up thru 1163 would signal a restart of the move up to 1260.

1131 is the intraday downside target, so some pause is likely here.

Weekly_ time pressures are down thru thankgiving.
trade pressures have turned up.
the downside target of 1091 was met on the spike down.
1173 is the long entry to 1269.

Daily_  in the long trade from 1165 to 1252.
trade pressures are up. time pressures are down thru 9/06.

a trade down thru 1120 is a reversal signal.

in the weekly trade down to 1091.
longer Time pressures down and trade pressures are down.

Daily trade is down thru the 1158 target. the next target is 1028.
time pressures are down til Sept 6th. Both crude and silver have time pressures ending on the 10th of august. copper pressures end the 18th.
1129 is the 62% retrace of the move up from the july 2010 lows and trade pressures are oversold, so, maybe a bounce soon.

a trade up thru 1160 could rally to 1197.

volatility is 40 – 60 points a day.

The daily met the 1238 target, rallied over night and then was met with hard selling all day today, Thursday.

the next target down is 1196. with all the time frames oversold and the 1196 target is likely a point of support.
the lowest estimate for S&P 500 companies is $100 per share for next year, we are at 12x those earnings now, so valuation is 1200 and we are here now.

a move up thru 1228 could start a retracement up 1265.