The US dollar has retraced to expected levels.

The Euro has moved up to it’s targets.

Precious metals are stalled.

Industrial metals (Copper) are moving up, but at targets now.

T-Bonds have completed a move down and now appear to be ready for a move up.

Oil has completed a move up and is now in retracement.

Nat Gas has started a move up.

The China economy, the Euro-zone, the US economy directions are the macro economic  pressures. The US seems to be ahead of the other two. The Euro-zone seems to be improving while China appears to be in need of new stimulus.  The Greek economy is still in the news and could push the Euro currency around this weekend.

The S&P 500 futures_

Monthly – Next target up is 2189. Trade pressures are still up. Volume is bullish.

Weekly – Testing the upside channel. Next target up is 2254. Trade pressures are up. Volume is bullish.

Daily – Trade is Flat. The 80 day has acted as support again this last week. Now at the upside of the 2110-2040 channel. Trade pressures are up. Volume is bullish.

Market pundits are musing about a breakout to new highs.  There is long entry signal at 2096 but at the channel boundary – needs to be broken first.