Monthly trade pressures remain down, the time pressures are down thru Oct 29th.

Weekly – Trade pressures are down and extended, Time pressures are down thru June 25th. the next downside target remains 1006, with 936 in play if 1006 fails.  a trade thru 1181 is require to restart the move up.

Daily – two time cycles; the longer is up and shorter is down thru June 23rd. trade pressures are down.
the move up from 1081 was stopped twice at the 1110 median line, the next target up is 1126.
1060 is the trigger for a further move down to 1014 and 990.
[closing update: closed below the short entry, 1015 next target.]

The bulls are making tests of the market, as they buy and then wait to see if there is follow-thru; producing these daily up and down swings.  normal for a change-in-trend process.
Monthly and weekly pressures are down.  weekly trade pressures are overextended on the down side.
monthly down cycle ends in October.
the weekly is showing June 25th as the end of the downward time pressures.
a target of 990 remains as the projected low for this move down.

Weekly –  remains in the down move to 1106. 1181 is requires to restart the up move.

Daily –  still in the move up thru 1080 which set up the target of 1126.
but as expected the 1110 resistance has caused the pullback.
a trade down thru 1060 will cause a second retest the February lows and  bring the 1014 target into reach.  There are no such things as triple bottoms.

the 1180 entry point proved reliable.
copper traded thru its long entry.
the dollar traded down thru its short entry.
gold traded thru its long entry.
crude traded thru its long entry.

weekly-  remain in the down trade til 1181 is taken out.  the next target down is 1006.

Daily – the up trade was entered with the 1180 entry price.  the next target is 1126.
may get a pull back from the median line;
but a trade below 1057 could stop this move up.

Trading pressures turned up at the Tuesday close.

The Feb low has provided support.
1014 remains a downside target.
pressures up-to-neutral, turning down May 28.
the overnight futures may get us to the aforementioned 1080; it is the entry for a retracement to 1125, with an early test at the the 1110 median line.

Have reached the 1043 target.  the expected rally to the 1111 area was cut short in the overnight trading.
[update Tuesday 2:30pm CST – market recovers from a low of 1036.75, a 30 S&P point drop, to close near unchanged]

Long term – the next down target is 1006.  1183 will restart the move up. trade pressures are max down. time pressures down til June 25th.

Daily – the 1043 and the Feb low holding as support this Tuesday morning.  Trade pressures down. time pressures up.
next  down side target 1014 with multiple targets at 1000 and 991.
1080 is required to begin a retracement.

never had a entry price to move the market in a short retracement.

pre-market Futures are touching the spike low.
money in-flow has the US 10yr Treasuries at 3.1%; the euro yen cross is rising.

weekly and daily trade pressures are hard down.  time pressures remain up. so conditions exist for a rally.
next down target remains 1043.
1103 is required to start a retracement to 1148.
significant median line resistance above at 1111.

the hourly is at a down target, so some consolidation here is indicated.
watch the 30 yr bond futures for a selloff.

The Euro futures sold down to 1.2144 over the nite session, then today moved up nicely.  Can’t interpret this to be more than short covering.  But short covering rallies can be dramatic.
1.2274 started a small retracement rally to 1.2674. Need a trade thru 1.2855 on the weekly.

The S&P reacts to the Euro trading.

Technically, we are still in the long term monthly uptrend to 1342, until a trade below the 1019 level and then a 895 target.
inside that uptrend, the weekly has been in the sell trade from 1047 and the daily from 1190.

the downside target of 1043 remains for both the weekly and daily cycles.

todays low of 1098.75 was near the shorter cycle target of 1096, the next down side target is 1080.
a daily cycle retracement would be started with a trade above 1128, the next up target is 1158.
Time pressure is up til May 27th, then turns down thru Jun 21st.

Intraday– the time pressures are up. the intra-day trade pressures have turned up.
so, an intraday trade above 1119 might spark a small rally to the 1140.

Volatility is defined by days like today.  the rally looked for yesterday arrived and was stopped at the prior short entry of 1143 which then turned the market down to the 1111 target.

Daily – next target on the down side is 1096.50 with risk to 1048.75.  need to take out the high of May 18th to restart the up move.
trade pressures have turned down,  the time pressures turn down May 28th.
so look for some acceleration.

the China Shanghai stock market, down 20%, has crossed in to bear market territory.

the Euro zone 2008 GDP was $15.12 trillion compared to the USA 2008 GDP of $13.84 trillion.  Spain GDP of $1.6 trillion is the same size as California.  Greece at $356 billion is the same size as Virginia.  Italy has an economy of $2.7 trillion that is equal to Texas and Mexico combined.

China has a $4.3 trillion economy, much smaller by comparison, but because of their growth rate of almost 10% per year, controls the price of commodities at the margin.  the Euro Zone is reported to be China’s #1 trading partner.

The S&P is reacting to uncertainty as much as a slowdown in the world markets.

Long term – still in the upmove to 1365.  1019 will start a new down move to 821. the weekly cycle has the short retracement underway to 1043.  1200 will restart the up move to 1344.

Daily – still dealing with the “spike”.  the trade thru 1143 has moved down to one point away from the 1111.75 target.  the time pressures are now up.  trade pressures are now up.  1136 will start a move up to 1155.

intraday pressures are hard down, so the next move is likely up.

The spike down has been all but forgotten.  The euro sovereign debt problem is “solved” by providing liquidity to meet payments and the promise of spending cuts back to living within the countries’ means.  The US may want to think how to do that.

Despite the headlines, the S&P moved in to short territory moving thru 1147 on the weekly futures and 1190 on the daily.

Weekly – short from 1147. the next down target remains 1043.  1200 will restart the move up. time pressures are down thru June 25th.

Daily – the time pressures have turned up til the last week of May.  trade pressures are turning up.  long in the retracement trade from 1101 ; at the 1167 target, next target is 1191.  a trade thru 1140 will restart the move down to 1107.

[update] the Friday am futures are near the short entry of 1143.25, target 1111.