Monday morning futures are up 42 points from the Friday close.

Long term – short from 1147 and next target is 1044.
need a trade above 1200 to restart the bull move.

Daily – Long in the retracement up from 1101 to 1167. then next target up is 1191.
1121 starts a new leg down to the 1044 target.

A black swan day; a statistically unlikely event, down 1000 Dow points in one day.
that is roughly 100 S&P points. each point on the e-mini S&P futures contract is $50, so 100 points is a $5000 move per contract.
the value of the contract is the S&P price times the $50 – 1100 x $50= $55,000.
the performance bond required for each contract is slightly less than $6000.
1000 contracts, or $55,000,000, can be controlled with $6,000,000.
so, if a hedge fund (add the necessary zeros) gets on the wrong side of that trade and dumps them you can feel the multiplier effect thru S&P 500 stocks that the contracts represent.

Long term – the short entry price of 1147 was met confirming the short entry of 1190 on the daily.  the long term target is 1077 and 1044 was touched by the spike down yesterday. I would expect that price to be revisited.
long term trade and time pressures remain down.

Daily – time and trade pressures both down. next target is 1043.  1101 is a long entry price to start a retracement to 1147 and we have traded thru it this Friday am, but the trade and time pressures don’t support the entry – wait.

China’s market responding to china’s eforts to reduce the stimulus measure.

S&P lower high was made on May 3rd and we have today taken out the lower low of last week.   the previous sell trigger should have protected any long positions.
the futures have now moved down quickly to the days low of 1164.25, very near the 1163.50 target projected.

Long Term –
is still in the move up with a target of 1221. a move below 1147 starts the move down. both time and trade pressures are down.

Daily –
Both time and trade pressures are down.  the down cycle ends May 11th.
in the move down from 1190.25 to the first target of 1163.50 then to 1150.  Final target down is 1110.
will need to take out the recent highs to restart a move up.

the projected 1217 target was met yesterday; where we would normally expect some consolidation or retracement.  the retracement began almost immediately and was sufficient to trigger the short entry.

time pressures have turned down on both the weekly and the daily.
trade pressures are down on all time frames.

weekly –

1221 is the next target up, but we have traded below last weeks low, and a trade below 1147 will confirm the long term short  – with a first target of 1077.

Daily –
todays trade below 1190.25 triggered the short entry, the next target is 1163.50.  it will take a trade to new highs to restart the bull move again.  the cycle suggest that time pressures will turn up May 11th.

the earnings coming in now, seem to justify the move up from the February low of 1036.
That low also coincided with the beginning of a new long cycle. this cycle peaked March 24 and will end May 11th.

Weekly-
in the long trade to 1221. a trade thru 1140 starts a new short trade to 1071.

Daily-
time pressures are down starting April 23rd. trade pressures are down now.
in the uptrade with the next target of 1216.
the next short trade begins with a close below 1184.50, first target is 1156 and a final target 1103.

Goldman Sued by SEC.
— happens just at the top of the cycle, so we see maximum impact. (GS down 23 points at this writing)

Weekly – remains in the long trade with the next target at 1221 – 1260. 1140 starts the new short trade to 1071.
Daily – 1222 is the next target up, but near the short entry of 1184.25 with a first target down of 1144 and a final target of 1103.

trade pressures down and time pressures down.

Intraday has moved down quickly to it extended target, seeing some temporary support at a cycle end.

this is the “melt up” instead of a “melt down” with market participants not getting the pullbacks to get in and seeing the market move away from them.
gravity is suspended for the moment.

But whatever the headlines; these market cycles keep us on the right side of the market.

weekly –
have met the 1187 target. the next target is 1221.
1116 will start a new short trade.

the time cycles turn down 4 -24. trade pressures are fully extended up.

Daily –
both time and trade pressures are extended up. two different time cycles turn down 4-23 thru May 11th.
the next upside target is 1221; then the area of 1238 to 1254.

a trade down thru 1172 would setup a correction to 1145 and possibly 1091.

The S&p futures seem very overbought but the long term cycles are rising until May 21st.

on the monthly, 1228 is the 68% retracement of the entire 2008-2009 down-move.

weekly –
1187 is the next target up. 981 will start a new downmove to 786.

Daily –
cycle pressures are now down. Trade pressures are now down.
the prior 1162 target area is acting as a pivot.

we still have the 1181 target on the upside followed by 1198-1209
and we have a short entry at 1149 with a 1069 target.

the cycles have been projecting 1209 for some time now, for the longer term cycles.

the weekly long entry point of 1113 was met three weeks ago and we have enjoyed a nice rally, as projected. the next target is 1186. a new down move will be triggered by a trade below 1095.

the 1072 entry point of Feb 12 as resulted in a very nice rally to the projected target of 1162. the next target on the upside is 1181, but I first expect some consolidation and a possible retracement to 1140.

trade pressure is extended and the time pressures are down starting today.

a trade below 1138 will start a correction with a first target of 1111.

long term is up.
the two weeks of pull back have produced a new entry price to add at 1165. the 1209 target remains. trade pressures turning down.

weekly-
have traded thru the 1113 entry price and moving to test the 1148 high, then 1162. 1079 is the short entry price to 1009.
Daily-
you can see the 1157 target on the chart, beyond that are multiple targets in the 1165-69 range. a trade thru 1119 is the short entry to 1093. trade and time pressures are up. short cycle downward pressures begin 3-16.