Market Pressures_

Copper is in the move down from recent highs. Gold and Silver are both in a short trade despite the noisy tweets.

Crude had signaled a long trade which was subsequently stopped out; only to have the market turn up to the prior upside targets. Natural gas remains a difficult trade.

The US 30 year T-Bonds are in a short trade with tight stops.

The US Dollar futures are still in consolidation at the lows; not quite ready to signal a new long.

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S&P 500 Futures_

Monthly – The August month closed up. Trade pressures are up. Volumes are bullish. The next target up is 2788. A close below 2285 would confirm any move lower in the weekly.

Weekly – Holding above the breakout of the 2484 level. Trade pressures are up. Volumes are bullish. The next target up is 2729. A close below 2317 would confirm any move lower in the daily.

Daily – Flat. In the move up from the 2397 long entry level. Trade pressures are up, but looking toppy. Volumes are bullish and declining.

The next target up is 2522 which is only 14 S&P points away.

A close below 2487 would signal lower, with support at the 25×5 moving average at 2469.