second leg down on the 26th triggered a sell with the target of 1238.75.
the time pressures turn down aug 18th. but trade pressures are oversold.
a move up thru 1296 could start a short rally to 1333.

may have a correction up after the actual signing of the debt ceiling bill tonight.
but hard to see how the  gov’t cuts will not slow the economy.
probably stick to companies that do a majority of their business in the healthier Asian economies.
banks, as a group, seem to be ready for a move.

trading sideways in a down move from 1300 to 1298.
long term downward time and trade pressures til October 28th.

the daily trade is up to 1354 and then 1389,
with the time pressures turning down on aug 8th.

the move down thru 1325 triggered the trade to 1296 [Tuesday overnight low].
the time pressures are up. the trade pressures are still down.

the intraday trade back up thru 1314 on the 60 min cycle has triggered a corrective move back up to 1335.

Jobs report showing very uneven and lumpy growth;  but no panic showing in the vix index.

trade pressures remain up. time pressures up thru early august.
next target up is 1384.50

a trade down thru 1325.50 is a signal for lower.

 

the weekly had traded down thru the short entry of 1298.75 to a low of 1252.75.
and is now in a retracement up. the next weekly target down is 1229.50

the long time cycles are up until the 22nd of July.
trade pressures are up now.

the daily is in the trade from the 1285 long entry price to the 1333 target.
the market responded to the end of the downward time pressures on june 27th and has been up since then.
time pressures are up until the 17th of Aug. but will be influenced by the weekly downward pressures beginning July 22nd.
a trade down thru 1287 will restart the move down to retest the recent lows..

still in the long trade to 1333.
time pressures turn up on the 27th of June, trade pressures are down but trying to turn.

the down day traded thru the 1271 short entry but closed above the short entry in a big reversal move.
a move back above the long entry of 1285 will be a confirmation of the upmove.  short term target is 1293.

the shorter cycles are fully extended on this up move; so look for a pull back of some small magnitude to buy.
usually happens over night.

in the move up to the long entry price of 1285.
[price now 1290.]

trade pressures are extended so should have a pull back and then a second move up to the 1333 target.
time pressures turn up this last week of June.

a move down thru 1268 will signal a new move down to the 1226 target.

have been walking down the median line of the green pitchfork. the next targets down are 1235 and 1227.

the time pressures turn up on June 27th. the trade pressures have already turned up.
a trade above 1285 signals a new move up.
the overnite futures are already up 11.50 pts to 1274.

weekly time pressures turn down into the last week of July. trade pressures are down.
next target down is 1235.

daily trade pressures have turned up. the downward time pressures turn up on June 27th.
a trade up thru 1292 [or a take out of last weeks high] starts a new move up.

the intrady move up started this Wednesday morning at 1270 with a 1285 target.

a review of the existing cycles show
a monthly cycle down into November 30th, 2011.
the weekly cycle is up til July 11th then turns down thru November 4th, 2011
the daily cycle is  down til the end of June and then up to July 22nd.

the futures are in the trade down to the final target at 1276.
trade pressures are becoming over sold and a time pressures turn up on June 27

a move up thru 1310 will signal a long entry to 1341.