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.

Long term is in an uptrend but enduring a correction. various moving averages have given the technicians support areas. Materials and machinery move and the financials seem ready for a bounce.

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. it completes a time cycle on the 26th and 1113 would trigger a long entry to 1186.

Daily –
the daily has reentered the long trade at 1072 with the first target of 1102, the recent retracement pivot. this first target will coincide with a moving average, so move the stops up tight near the target. a trade thru 1064 will restart the short trade.

China slowdown and the european union financials being impacted by smaller countries sent the dollar up and materials down. Did see a bounce at the end of the day on friday creating a doji.

Long term –
weekly has triggered the down trade from 1079. next target is 976. a trade back thru 1124 will be needed to restart the up trend. 2-26 is the end of these downward pressures.

Daily –
The entry for this down trade was 1081. the next target down is 1021 and 1005. 1072 will start a retracement up of this move down. again 2-26 is the daily cycle end. but need to take out the 1101 high of the recent down leg to get the buyers committed.

Lomg term remains the same. Testing the 1079 Entry Price down which is acting as resistance.

Daily –
low of 1070 in the overnight market then GDP comes in at 5.7%.
new uptrade at 1101 with a target of 1132,
but that 1101 price is also the end of the intraday move so expect a retracement before going thru the long EP.

March copper is still in a downtrend and extended, no validation for a recovery yet.

Bernanke, State of the Union, GDP, bank taxes ….

all is revealed in the numbers.

long term –
next upside target is 1162. the selling pressure is becoming evident in the long term charts but remain in the uptrade until 950 is breached. the shorter long term cycle has a short entry at 1078 with a 976 target.

Daily –
in the downtrade. the 1077 target was reached today. 1058 is the next target down, but have reached the end of the selling pressures. a retracement seems likely. need a trade thru 1109 to start a new uptrade.
Many oversold indications especially in the financial sector.

Long term – remain in the uptrade with the next target of 1162 still unmet. the trade down thru the lower of the prior week has put us near the EP for a short trade at 1079 which would activate a target of 976. 976 is just above the longer term monthly entry of 950. it will be very unpleasant there; if we are long or short.

Daily – as previously noted, the 1126 trade trigged short selling which quickly met two targets. the next target down is 1077. however the indicators would suggest prudence as a bounce next week would not be unlikely. a new uptrade would be signalled at 1119.

the Procter & Gamble’s, MacDonalds,Colgate, GE up on the day
and every hot stock in the metals, materials and tech sector is down dramatically.

S&P-
long term we remain in the bull move.
a weekly close below 1079 reverses the trade and would activate the 976 target.
950 on the monthly is the short entry price to 752.
the cycles finish in late feb and early march, so i expect the pressures in these next few weeks to give some indication how price will react.

But, whatever we think about the longer term, the daily triggered the 1126 sell signal and has quickly met the first two targets of 1103 and 1092. the next 1058 target is in reach.
at the Friday close, we are oversold with some intraday divergence, so i would look for consolidation off the 1092.

then see what the signals generate.

need a close above 1120 to get long again.