Dollar at a support level. a possible move up will negatively affect metals and minerals, and the dollar based equity markets .

S&P Monthly and Weekly both have trade pressures up.  both have time cycles ending mid to late October.
the 1144 long entry price has been triggered.  not unusual to have a pullback at the entry signal.

Daily –  time cycle also ending October 14th.
trade pressures are showing divergences here at the top.  1158 is the next target up. on a longer cycle 1180 is the final D target.
1130 will signal a short entry to 1107.   a further break of the 1116 low would confirm a full move down to 1062.50

next month ends this downward set of time pressures.  the weekly time pressures should also end Oct 15th.
trade pressures are up, so side ways thru the next few weeks.

the weekly touched the long entry price of 1144  and is pulling back from there.  the second time thru sets up a 1288 target.

the daily has enjoyed a run from the 1068 entry price thru the channel resistance of 1130. and now the next target up is 1158.
a trade down thru 1117 will signal a new move down to 1049 with first resistance at 1094.

both trade and time pressures are extended up. so next move is likely down.

Pressures remain up.  moving sideways in a channel in the weekly since October of 2009.
1144 starts a new up trend.

Daily –
in the uptrade from 1063.  the 1122-1128 area is the current resistance and the trade pressures are turning down. so expect a pullback.
1158 is the upside target if we get thru 1130.

1100 signals a new down move to 1031.
the first support in the down move will be 1076; expect that to hold.

moved to the Dec contract.
long cycle time pressures are down. trade pressures are up. 1143 starts a new move up.

Daily – in the move up from 1063 to 1158.  the next resistance up is 1110.  trade pressures are extended up.
1084 will signal a retracement down of this move up.

if cycle and trade pressures are up then a short cycle entry is 1099 to 1116.  stop at 1081.

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.