S&P Futures

This last week and the week between Christmas week and New Years Day should be very light;
and therefore difficult to generate reliable signals.

S&P 2015 earnings estimates at the end of December are 131.14.
(www.spindices.com/documents/additional-material/sp500-eps-est.xlsx )
The December 24th closing price divided by the earnings estimate gives a current PE of 15.8.
For this next 2015 year, a P/E expansion to 20 x 131.14 would suggest a S&P value of 2622 for next year.
A recession value of 10 x could produce market risk down to 1310.

Monthly – trade pressures are up. volume is bullish.
next target up is 2191.

Weekly – trade pressures are up. volume is neutral and very light.
touched the 2088 target.

Daily – after trading down below the 80 day MA, now in the long trade from the 2028 entry price.
next target up is 2094.
trade pressures are up. volume is bullish but declining.

a close below 2065 would signal a move lower.