Bearish Targets:
The S&P Futures are hovering around a potential reversal area as I write this. A breakdown here of any magnitude should be enough to get bears down to the 1143 area.
Bullish Targets:
If the 1151 area holds in the first (bearish) chart, it suggests at least 1161, and sets up a target of 1175, though I wouldn't expect this to happen in the course of one day.
***UPDATE***
The boys pulled their usual head fake when job numbers were released (more jobs were cut than expected) and after dumping to within a couple of points of the bearish target and reversed course. It has changed the "C" in the calculations, but will ultimately set two lower targets, though we may have to complete the bearish chart pattern before that takes place.
