Tuesday nite, S&P close @ 993

the S&P moved up to 1038 on the follow thru from 1025; consolidated a bit, then moved down thru the 1016 short entry on Monday, the 1st of september, hitting the projected 1001 downside target by the days end.

Long term –
the upmove was stopped near the 38% retracement. buying pressures remain up, but time cycles are down. a 38% retracement down from here would get to 894. a move down thru 843 will start a down move to the old lows. see the aug 21 chart – getting above those trend lines from the old highs would be a significant accomplishment in terms of removing the bear market fears. failure would reinforce them.

daily –
fell short of the 1046 target on the upside. met the projected target of 1001. the next down target is 982-971. on a larger cycle, a break down thru 969 will give us a new downside target of 899. all pressures are down.

intraday –
the current target of 994 is acting as support – also sitting on the lower medianline. downward time pressure comes off on 9/4. need a trade up thru 1006 to start a short term up trade.