If you look at the monthly charts of the cash S&P index you can see the dominant cycle ends May 31st 2010.
we have recovered from the panic selling of the fall of 2008 and are back to levels that might have been normal for a run of the mill recession.

the market has made a long term double top in March 2000 and October 2007 and the bottom after each of those tops has formed a double bottom. we are likely to trade in between these boundaries for some time as the world economies make the adjustments to relect the post-bust realities.

we are now in the uptrade to 1162 with the longer term target at 1466. time pressure down will be at its greatest during the spring of 2010 and we see the selling pressures coming in on lower time frames. we remain in the uptrade until a break of 918 on the index.