S&P500 - A Different Indicator

I came across this indicator in the early 1990s, and have used it on and off ever since. It comes from Al Gietzen's book "Real Time Futures Trading". Because it requires detrending the various cycles, it is not appropriate for a large number of commodities/futures/stocks because the detrending can be very time consuming. I settled on a generic half cycle period of 13 (days, weeks, months) for a primary indicator and 4 for a secondary indicator. I normally look at the weekly charts first, then check the monthly to confirm the longer trend and lastly the daily for entry points.

Having said that, I want to have a look at the daily charts for the S&P500 Index because there is an interesting set up today. The Primary Indicator has an area circled that covers May 19th to today. You can see the raw data line (red) and smoothed line (blue) are above the green dotted line. In most cases, when this occurs you can add positions when the Secondary Indicator turns up but if that Secondary Indicator crosses the zero line twice it's time to close the position if you're trading. If you're an investor, you watch the longer term indicators. 

In the circled area of the Secondary Indicator it shows, based on market data at midday today, it could be time to close trading positions (close, not go short, the longer term cycles are not indicating a downtrend - yet). If I had positions on, I would be updating these charts just before close.