Market Summary_

Copper is in a hesitant  move down. Gold and Silver have had a small rally at the close of the week.

Crude oil retraces after a very nice rally, taking all the energy ETF’s and their constituents with it. Natural gas attempted a rally the week before but now is back in the move down.

The US 30 year treasury Bonds are in a short trade but can’t fight the dollar.

The US Dollar futures are in a retracement after the move up to 95.

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S&P 500 Futures_

Monthly – In the fourth month of declining volumes. Trade pressures are up. Volumes closed the moth of October as bullish. The next target up remains 2766. A close below 2373 would confirm any weekly move lower.

Weekly – Two successive weekly closes that were slightly negative. Trade pressures are up and looking extended. Volumes remain bullish. The next target up is 2729. A close below 2522 would confirm any daily move lower.

Daily – Flat. After the trade highs to 2594.50 a retracement taken price to the 25×5 moving average. Trade pressures are rising into the neutral zone. Volumes closed the week as bearish.

The next target up remains 2691.

If this 25×5 fails to hold the next target down is 2514, which is also below the weekly short signal.

The August high was 2486.75 and could be rational support.