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.

Daily
in the uptrade. the next target 1139 and the 1148 highs. 1097 will warn of a new down leg to 1071.
the cycle ends 3-09. it is not unusual to have a hard down move into that cycle end.

The monthly cycle remains in the uptrend to 1209. the short entry price is 950. trade pressures are down and the longer time cycle is down but should turn to up in October 2010. a shorter up cycle begins now.

the weekly remains in the down trade with the first target of 1008. a long cycle ended last week. a shorter cycle is still showing downward pressures but will end on March 12th. a trade thru 1113 signals a new uptrade which should test the recent high.

Daily trade is up after the 1072 entry price was met on the 12th. the 1108 target has been met and the market is finding that area of 1108-1113 to be resistance. we see that it is also the entry price for the new weekly up move. a close below 1086 will signal a new down move. trade pressures are up and one cycle has turned up and another down cycle ends March 9th. you can see the chop that is associated with these conflicts between trade and time pressures.

S&P tried to make a new high and failed.

Long term –
the weekly upmove attempted to trigger the new long signal at 1113 and failed at an old daily target of 1110. the next downside target of 976 remains. the downside time pressures end this week.

Daily –
have been in the uptrade since the 1072 entry, still active with the next target of 1118, but keep those stops tight. this down cycle ends 2-26 and a longer cycle ends 3-11.
a trade thru 1086 starts a new down move to 1059.

the intraday move has already triggered a short cycle short entry.

the S&P —
Long term –
the long cycle is in a long trade to 1209. 950 starts the new down trade to 752. both time and trade pressures are down.
the weekly has been in the short trade since 1079 with a 976 target. trading pressures are now turning up. the time cycle ends on the 26th and 1113 would trigger a new upmove to 1162 then 1186.

Daily –
the 1072 entry has met its 1103 target and 1118 is the next target. a trade below 1083 will start a new short trade.