Market Pressures_

Copper now looks lower with the uncertainty in China.

Gold moved up sharply on the Yuan devaluation, Silver did not participate.

Crude was down on worries of a global slowdown, but Natural gas continued a steady move up.

Money flowed into the US Treasuries causing a rise in bond prices.

The US Dollar rose as funds moved out of international markets.

______________________

S&P 500 Futures – Last week’s suggestion to wait for volumes had us on the sidelines for this weeks move.

Monthly – Now approaching the 1896 level which if closed below would be additional confirmation of a bearish move. Trade pressures are down. Volumes closed the December month as bearish.

Weekly – Has been in the bearish trade since the close below 2039 in the summer of 2015 and the many failures to break above the new long entry confirmation of 2087. Trade pressures are just turning down. Volumes are bearish.

Daily – The 2049 pivot signaled a new move down on Monday, Jan 4th. The first profit target of 2004 was met that same day. The next target down of 1961 was met the next day. 1890 is the next target down. Trade pressure are down hard but looking over-bought. Volumes are bearish.

Need a close of almost 60 points up to get above the Friday high of 1967; which then could signal a new move up.