S&P_ the long term monthly cycle remains up thru the spring of 2013.
that long term cycle has a target of 1531.

the weekly has entered in to a short trade with a target of 1246.
the weekly trade pressures have turned down til august 2012.

the daily trade is down also.  the  short EP was the 1389 early warning breakdown on the intraday which quickly traded down to the 1346 target.
the longer daily target down to 1276 is still in play.

the market could hold here at 1352; and a move up past 1385 would signal a reversal of the down move.

[5/11, the JP Morgan trading loss shocked the market taking it down to the short cycle target of 1346. Then began a move up and is now testing the long entry price of 1361.  need a close above 1361 today]