Market Summary:

Copper sells of after a run to 6.70. Gold and silver both lower.

Crude now higher.  Natural Gas attempts another breakout at 3.00.

The US 30yr Treasury lower as the 10yr yield rises.
The 10yr yields rise to 4.58%.
The expected overbought level for the 10yr yield rises to 4.62%.

The US Dollar – Higher with rates.

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S&P 500 Futures   #ESM26, #MESM26

Monthly –Monthly bar recovers and is making new ATH’s. Trade pressures remain up, still declining. Volumes closed the month of April as bullish.  The 7540 price is the adjusted high.  The next target up is 7615. A close below 7229 would confirm any weekly move lower.

Weekly – The weekly bar higher off the Oct 31 resistance line which now becomes support.  Trade pressures remain up. Volumes remain bullish.  The next target up is 7615. A close below 7365 would confirm any daily move lower.

Daily – Flat.  Price reaches 7540 on 5/14. Now turning down to test the 7355 daily short entry. Trade pressures are down,  Volumes are bearish.

Short from the 2hr short entry at 7441. The next target down is 7342.  The expected oversold level rises to 7294.

A close above 7468 would signal higher.  The expected overbought level rises to 7525.

[OB/OS trend is rising.]
The VIX closes below 19 at 16.98 indicating market is investable.
The Hedgeye.com VIX risk range is 16.59 – 19.49.

[5-18-26: Set the SL for the move down at 7473.]

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