Weekly -the 936 target remains.  1145 will start a new move up.
trade pressures have turned up, time pressures are down thru Oct 15th.

Daily – both trade and time pressures are up.  traded thru the 1099 target.
1162 is the target with 1114 as the next resistance.  the test of the 1130 area will be significant.

a trade down thru the 1084 will signal a retracement down of this recent move up. first target down will be 1061.

Friday private sector hiring up 67K.

the 1099 first resistance breached then the pullback takes the futures below resistance where it holds for the morning..

1081 would indicate move down, should hold above 1058.

the labor day rally?

the touch of the 1068 level did indeed result in the pullback; then the better than expected ISM number this am shot the market back thru the long entry price.  a break above the 1080 high will provide further confirmation of the upmove.
could then look for a pull back; maybe to 1067, and a second leg up.

Crude is moving up which should benefit the energy complex.

copper and gold are moving up but the targets are inside their respective down moves, so may have limited impact on the materials sector.  the dollar is in an upmove reflecting inflows in the currency. the rise in the dollar should hold down the materials stocks.

the 10 and 30 year treasuries moved down briefly, giving the equities market some glimpse of the flow of funds in instead of out.

S&P Futures –
no change in the long cycles. trade pressures remain down and the 936 target is still active.  1145 is still the entry price for the new upmove.

Daily –
have traded off the 1040 for 4 days. trade pressures showing the positive divergences.  the next target down is 1001 with resistance at 1032.
the GDP announcement was less worse than expected so short covering has taken the market very near the long entry price of 1068.  that entry would set a 1161 target with the first resistance at 1099.  (This long entry price is also the end of a move on the hourly, so expect it to act as resistance and pull back before a move thru.)

Down from 1212 high. the next target down remains 936.  the entry price for a new move up is 1145.
Both monthly and weekly time pressures are down into mid October.
trade pressures are beginning to show oversold.

Daily –
in the down move from 1097, the next target is 1032.50.  1068 will signal a new move up to 1097; which is still in the downward channel.  Some divergence is suggesting the down move is becoming oversold.

[Update Friday 27th10:44amCST]  GDP down, long bonds down, S&P up.
need to take out the 1061 8/26 intraday high and move thru the 1068 EP.

Long term pressures remain down.
the trading range since Feb 2010 has been between 1212 and 1004 on the futures.

Daily has touched the 1097 entry price twice but hasn’t made a move thru.
the prior retracement down was stopped at the midpoint of the downmove
and we have subsequently made higher highs on the hourly cycles.
But need to break above the 1100 area to move out of the downward channel.

So, a move thru the 1097 entry seems to be the key.

A failure of the 1064 target would signal a move down to the 1037 target.

the weekly has down pressures til October 15th.  936 is the next target down.  1144 will start a new move up.

Daily – 2 pts away from the down target of 1064.
pressures fully extended down so next move is likely up. 1097 is the entry price.
the downward pressures turn up August 17th.

Intraday needs to take out the 1081.50 swing high.

This is a difficult market.  the dollar is down, Treasury prices are up/yields down.  Normally, these flows of funds are not good signals for the equity markets.  the S&P markets have  rallied despite all this.  so we can only trade what we see.

“Is trumps Ought”

Monthly/Weekly – both time frames are in a downtrend. a trade above 1144 is the entry price for a new move up.
for now the next target down is 936.

Daily – the daily is in the uptrend within the weekly and monthly downtrends.
while the 1130 high has acted as resistance, the next target up is 1138.
a trade down thru 1095 will signal a new move down.

the quick intraday trade down to 1103 from 1119 was successful,
then a trade up thru 1114 in the last hours on Friday started an upmove to 1126.
a trade down thru 1115 sends the trade down again.

[Update (Wed 10:30amCST): the Tues pm  FED announcement took us up to 1125 – close to the 1126 target – and did not exceed the 1130 high.  the subsequent overnight move took out the short entry price of 1115 and that down move was confirmed with the move down thru the daily entry price of 1096. the next target down is 1064.50]

Trade pressures remain up.  [Wed update: have now turned down]
the downward time pressures turn up in this next week; but are met with a longer cycle downturn in the last weeks of August.

Intraday futures have turned down the day ahead of the Friday employment numbers.

a short entry is triggered at 1119 with a first target of 1109 then 1092.

a trade above 1127.75 will cancel the short trade.

Monthly trade pressures down.  weekly trade pressures pressures are up.
both time frames in downward pressures due to time.
Both in a down move.  1143 will start a new up move.

Daily –
trade pressures are up but extended, and time pressures are down.

still in the move up from 1112 to 1140.

1092 will restart the move down.