Happy New Year!
This move up started just after Christmas Day. The dollar is rising which could mean many things; but whatever they are, money is flowing into the US currency. some of this money is finding its way to the US stock market. the first sector move was energy then tech. and now i expect a rotation out of those names that dominate these sectors. the indices are not moving as much but individual stocks are – telling us that within these indices money is moving from one group to another.

the investment banks and some money center banks are ready to move, so the financial group may a place to particiapte. the industrials have also lagged, and the larger construction companies seem to catch a bid. a more difficult group, the biotechs, could be ready to move.

so, to The S&P index
Long term –
we remain in the trade up. the next long cycle target is 1209. the 61% retracement level of 1234 will take us back to the crash level. the shorter cycle targets are 1142 and 1162.
the buying pressures are hard up and we are moving up despite the downward pressures of time, so if there is any move down, it will likely be sharp. this down cycle will end in the first week of March.
a trade thru 1074 will stop the move up.

daily –
the trade is up. next target is 1144.50.
entering down cycle which will end jan 22. 1116 starts a move down to 1093.