Market Pressures_

Copper may have finished the downward retracement. Both Gold and Silver are showing signs of a turn upward.

Crude is very near the 62% move target. Natural Gas has no direction.

The US 30yr Treasury Bond futures are in a move back to the 145-00 levels.

The US Dollar futures are responding upward to the money flows into the dollar.

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S&P 500 Futures

Monthly – In the move down from the 2662 level. Trade pressures are down. Volumes closed the Month of April as neutral. The next target down is 2304. A close above 2883 would confirm any weekly move higher.

Weekly – In the move down from the 2803 short confirmation level. Trade pressures have risen into the neutral zone. Volumes have changed from neutral to bearish. The next target down is 2589. A close above 2796 would confirm any daily move higher.

Daily – Flat. In the move down from the 2661 short level. Trade pressures are now up into the neutral zone. Volumes are bullish.

The prior 2592 downside target has been tested four times in this March and April time frame, including the breakdown to the 2562 lows. Price would now appear to be mounting a second test of the 2718 upside resistance. The Thursday low is a higher low. Now need to break above the 4/30 high of 2682.

With the Friday close at 2664, the next target up on the 60 min chart is at 2681. Expect resistance there. Wide bars are the order of the day.

The volatility seems to reside in the equity indices. The commodities are in a wait mode.

Navellier Research Top 5 Picks have moved up nicely on the earnings reports.