Longer term pressures remain up, with targets 1025 and 1150. but approaching new downward pressures lasting until Jan 2010. shorter down cycles end mid June 2009. but any upmoves will be influenced by the longer term downward pressures. The 1025 target is only a 38% retracement of the 2008 downtrend. While we don’t have to get there anytime soon, a failure to get there will be a sign of further weakness.

Daily upside targets remain the same, with downward pressures coming in til the close on jun 19th. Short entry on a close below the downward entry price of 859. A takeout of the January ’09 high is critical to a resumption of the uptrend, which makes a move up before a serious retracement more likely – this week’s pullback is setting up a rally; but a rally into those higher time frame downward pressures, so even if we get the breakout of the January highs, further moves up are likely to be resisted by the 947-964 short cycle targets.