the market has moved sideways in a channel from the november 13th week to now; a death of a thousand cuts, if you are trying to trade short term. It is a result of conflicting cycles.

Long term –
we remain in the uptrend to the next targets of 1129 and 1162. a trade below 1048 will start a new downmove. we will encounter new downward pressures beginning january 15th lasting til mid march 2010.

Daily –
the trade down thru 1099 has started a down move to the first target of 1080 then 1074. The problem is that we are also in a longer cycle move up which started at 1089 and was stopped at 1117, but is still intact with the next target at 1134. daily pressures are turning down.