Stock Market -- Technical

Well, following a one day bump, the SP 500 has trundled down to 1271. My view has been
that there should be more formidable support for the market in a range of 1260 - 1270 on the
SP 500 (Scroll down to the 6/6 post for more and the "500" chart).

My technical work leaves me with another observation beyond the idea the 1260 -1270 area provides
good support, and that other idea is that there is a cycle low coming up in another 10 trading days.
Now, since I respect but do not take cycle turning points as gospel, My view is that  a nice, tradeable
rally of 5-7%  should set up for us soon enough.

Since the large intermediate term overbought has been mostly worked off, I am in an opportunistic
frame of mind on the long side and will be looking for an entry point.

The more classical technicians would be happier entering long side trades at 1250 on the SP 500
as there is evident chart support at that level and it would clearly invite upward bidding if it
holds. Well, 1250 is close enough.