Market Pressures_

Gold has rallied to turn the trend to up. Copper is testing some downside levels.

Crude experiences some short covering. Nat Gas still looks lower.

The sharp rally in the US T-Bond may set up a new short.

The US Dollar continues the move down.

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S&P 500 Futures_

Monthly – Need a few more days on the upside to get above the short confirmation level. Trade pressures are down. Volume closed bullish in January.

Weekly – The 1814 level has now been tested for the third time. Trade pressures are down. Volumes have changed from neutral to bearish.

Daily – Flat. Approaching the long entry price of 1872 once again. Trade pressures are down. Volumes have changed from bearish to neutral indicating some short covering.