Market Pressures _  #tradesummary

• Copper is in the move down and grinding lower. Gold and Silver are in a move up perhaps reflecting the Global uncertainties; but both are near upside targets.
• Crude oil has pulled back as expected. Natural Gas dropped down thru the support levels and could start a new move down.
• The US 30 year Treasury Bonds is behaving as a safe haven trade with money flowing into the futures.
• The US Dollar Futures attempted a rally but it seems to have failed. This weekend French election results will impact both the US dollar and the US Treasury Bonds.

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S&P 500 Futures_  #emini

Monthly – The monthly remains in  the uptrend. Trade pressures remain up. Volumes closed the month of March as bullish. The April volumes seem to be much lower than the recent monthly averages.

Weekly – The 2328 weekly confirmation of the Daily move down was triggered the prior week. The market moved up off that level this last week. Trade pressures are up but rolling over. Volumes continue to be bearish.

Daily – Flat. In the move down from 2358 short entry. Trade pressures are up. Volumes are now bullish.

These quickly vacillating trade pressures are suggesting a rotational correction; but the underlying move is still bearish.

The 2319 target has been tested two times. A third time is not likely to hold. The next target down is 2301.

A close above 2399 is required to restart any upmove.

An event driven flow of funds could forestall this move down. The first French Election results will be available over the weekend. A Le Pen surge could raise the prospects of a French departure from the European Union. Currencies and the Index futures would move rapidly.

The Sunday night futures sessions will be interesting.

[4-23-17: Macron and Le Pen go into the last round of French elections. Macron is favored as a centrist candidate.

Fear down. Risk up.

The Euro and the S&P index rallies, The US Dollar futures and Gold futures fall. ]