The precious metals are in consolidation after making moves down to respective targets.

Copper needs a higher close to trigger a new move up.  We view this metal as influenced by the Chinese economy.

Crude oil has stopped out the previous long trade. A trade below the 49 level could start a new move down.

The US$ dollar and the 30 yr T-Bond are responding to the Greek financial uncertainties and the prospect of a US interest rate increase.

The markets were uncertain approaching the long US 4th of July holiday weekend.

S&P Futures– [Sept’15 contract]

Monthly – The June month closed down. Trade pressures remain up. Volume has changed from bullish to neutral. This indicates distribution is occurring. The next target up remains 2182.

Weekly – The upside target is 2246. Trade pressures have turned down. and Volume has turned from bullish to bearish. A close below 2056 would confirm a new move down. The last time such a signal developed was Oct’14. Not there quite yet, but be alert.

Daily – The 2088 was a pivot that coincided with the 80 day moving average at 2081. This support broke down on Monday, June 29th, as the Greek announced that their Banks would close temporarily and depositors could only withdraw small amounts.  The markets are “event driven” at the moment.

The trade has been flat for two weeks as the volatility has exceeded any rational stops that would permit an entry. The 2056 longer term lower target and the May lows are current support, but the 200 day moving average at 2036 seems the most likely attraction.

Trade pressures are down. Volume is neutral.
A close above 2080 could signal a new long entry.
A close below 2061 could signal a new short entry.

[update 7/7/2015: the spike down on Monday was not tradeable. but today’s trade back down thru 2061 is the short entry. 2032 is the next target down at the 200 day.]