Market Pressures _

Copper has rallied to recover most of the weeks losses. Gold is attempting a new move up. Silver is in a new move up, but lagging.

Crude oil has turned up but not yet in a new move up. Natural Gas continues the move down.

The US 30 year Treasury bond is retesting the January lows.

The US Dollar futures attempted a move up but seems to have failed.

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S&P 500 Futures_

Monthly – The move down had a significant retracement to move back above the the 2657 confirmation level. Trade pressures are up. Volumes closed the January month as bullish. The next target up is 3383. A close below the 2657 level would confirm the weekly move down.

Weekly – In the move down from the 2803 level with confirmed the Daily move down.. Trade pressures are down. Volumes have changed from bearish to neutral. The move down went thru two target levels quickly, then turned up and this retracement has signaled a new move up at the week’s close above 2731 which confirms the Daily move higher. The next target up is the prior high.

Daily – Flat. In the move up from the long entry level at 2637. Trade pressures are rising up thru the neutral zone. Volumes are now bullish.

The next target up is 2814.

A close below 2672 would signal lower and would be a stop level for any longs.