Market Summary:

Copper in a correction down, look for a breakout of the bull flag. Gold basing and Silver both breaks above the bull flag. GVX declining, allowing risk.

Crude rallied on Iranian news, but turning down at the weekend.  Natural Gas attempts a breakout but turns lower into the weekend.

The US 30yr Treasury rises as the 10yr reaches OB.
The 10yr yields rise to 4.37%.
The expected overbought level for the 10yr yield rises to 4.43%.

The US Dollar – attempted a rally, but turning lower.

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S&P 500 Futures   #ESM26, #MESM26

Monthly –Monthly bar recovers and is making new ATH’s. Trade pressures remain up, but declining. Volumes closed the month of April as bullish.  The 7300 price is the adjusted high.  The next target up is 7374. A close below 6990 would confirm any weekly move lower.

Weekly – The weekly bar backtested the Oct 31 resistance line and moved higher.  Trade pressures are up. Volumes remain bullish.  The next target up is 7374. A close below 7126 would confirm any new daily move lower.

Daily – Long.  Continues in the move up from the 6893 long entry on 4/13. Trade pressures remain up, declining. Volumes remain bullish.

The next target up is 7305, which is also above the OB level.  The expected overbought level rises to 7238.

A close below 7202 would signal lower. The expected oversold level rises to 7068.

[OB/OS trend is rising.]
The VIX closes below 19 at 16.98 indicating market is investable. The Hedgeye.com VIX risk range is 16.34 -19.49. Buy the SPX dip at the VIX low RR and trim at the Top RR.

[5-1-26: At the OB level. Tighten stops. Raise the SL to 7233.]

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