Market Pressures_

All the metals are up. Copper has moved all week, perhaps in concert with the Chinese ETF, FXI. Gold broke out for a second leg up. Silver made a retracement move down and then turned to the upside late last week.

Crude performed well. Nat gas continued the downtrend, but is near downside targets.

The US 30 yr Treasury bond price pulled back inside its uptrend.

The US Dollar futures contract is showing some potential weakness.

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S&P 500 Futures_

Monthly – Again the monthly short confirmation was rejected. Trade pressures are down but rising. The February monthly volume closed as bullish.

Weekly – Still in the downtrend, but back at the 25×5 resistance line. Trade pressures have risen to neutral. Volumes have remained bullish for two weeks.

Daily – Flat. The 1982 target profit target was reached. The futures price is now above 2000 and in between the 80 day and the 200 day moving averages. The next target up is 2028. But, we should expect some resistance here.

Trade pressures are up and trending. Volumes are bullish.

A close below 1974 would signal lower.