#emini #spfutures #SP500 #ES

Market Pressures _

Copper is slightly bullish, Gold is neutral and Silver is bearish. All waiting the results of the tariff discussions, or non-discussions.

Crude is now settling in at the #50 level. Less about the economy than the supply and demand functions. Natural gas is trying the stabilize at the 4.50 level. Nat Gas is signaling lower but very volatile.

The US 30 Year Treasury Bonds are in the move up and at target. The FED suggests rates are near where they want them to be. So, any further moves are likely to be event driven.

The US Dollar futures are testing the highs. The Equity markets are rising despite these higher dollar prices. Anticipating some tariff resolution? and then stronger emerging markets?

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S&P 500 Futures_

Monthly – The 2603 held thru the month end. Trade pressures are down into the neutral zone. Volumes closed the mont of November as Bullish. The next target down is 2368. A close above the 2947 high would confirm any weekly move higher.

Weekly – Closed above the prior week high. Trade pressures are down. Volumes are now neutral. In the move down from the 2859 level. The next target down is 2597. A close above 2877 would confirm any daily move higher.

Daily – Flat. The long trade was entered at the expected 2664 level on 11/27. Stops and profit targets were set and the 2758 profit target was met at the close on Friday. Trade pressures are up. Volumes are bullish.

The next target up is 2840.

But multiple upside target levels exist between 2817 and 2849 which suggest heavy resistance getting there. This overhead resistance and the 2603 lower pivot constructs a trading channel that is the likely range for trading until new information offsets the current economic and political worries. Corporate earnings projections remain robust.

A close below the 25×5 MA would signal lower. Traders in the hedge fund world will not let a year-end profit get away, so expect some quick selling into any rips.

[12-5-18: Sold the rip hard. Now at 2626 lows. An hourly close above 2665 would signal higher. But would need a confirmation of a close above 2680.]

The cash SPX is now back above the 2017 close (2697). So, up slightly for the 2018 year.

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The Navellier Top 5 – Recovered with a gain of about 2.5%. Still up for the year. Ecopetrol (EC) and Progressive (PGR) have been replaced with the CME Group (CME) and Lamb Weston Hldgs (LW).

[The author may have long or short positions in any of the securities mentioned.]