This is a difficult market.  the dollar is down, Treasury prices are up/yields down.  Normally, these flows of funds are not good signals for the equity markets.  the S&P markets have  rallied despite all this.  so we can only trade what we see.

“Is trumps Ought”

Monthly/Weekly – both time frames are in a downtrend. a trade above 1144 is the entry price for a new move up.
for now the next target down is 936.

Daily – the daily is in the uptrend within the weekly and monthly downtrends.
while the 1130 high has acted as resistance, the next target up is 1138.
a trade down thru 1095 will signal a new move down.

the quick intraday trade down to 1103 from 1119 was successful,
then a trade up thru 1114 in the last hours on Friday started an upmove to 1126.
a trade down thru 1115 sends the trade down again.

[Update (Wed 10:30amCST): the Tues pm  FED announcement took us up to 1125 – close to the 1126 target – and did not exceed the 1130 high.  the subsequent overnight move took out the short entry price of 1115 and that down move was confirmed with the move down thru the daily entry price of 1096. the next target down is 1064.50]

Trade pressures remain up.  [Wed update: have now turned down]
the downward time pressures turn up in this next week; but are met with a longer cycle downturn in the last weeks of August.