The S&P is at 4180 currently in the range projected from the last breakout, 4100 to 4300. Price is in the topping range and May is seasonally weak. The April-May EOM period of strength runs from April 29th through May 6th. The bottom line is that the short-term cycles are likely to support a higher S&P into May 6th. After that period, the risk increases, and the US indices will be more vulnerable. There are highs in the cycles, daily on May 12 (70% accurate) and weekly on May 9 (50% accurate). The 29th is likely a high.
Chart 1: PayPal Daily Cycle
Chart 2: PayPal Daily Graph
The daily cycle hits a low and has been correct in all thirteen cases in the last year. The cycle tops on May 12th. April-May has been a strong period for the stock, especially in the first week of May. The $575-$600 area is a reasonable objective.
Chart 3: -Idexx Daily Cycle
Chart 4: -Idexx Daily Graph