Author: Charlie

Oil & Gas

CRUDE_
weekly trade and volume pressures are both up.
the retracement inside the long term up-move took crude down to the 86 target.
the next target up is 113.90.

the daily trade pressures are down but volume pressures are up.
currently meeting resistance at the 104.16 target. the next target up is 104.99.

a move below 100.24 could restart the correction down.

NAT GAS_
bearish trade pressures, has had three weeks of down volume, then an up week last week.
Trading between 4.00 and 4.93.

Daily – trade pressure are up and new up volume for the last four days.
a long entry is at 4.88

the ENERGY sector in general is showing some life.

Metals

COPPER_
the weekly is still in bearish territory and is showing net down volume.
the daily has been in a move up, perhaps in tandem with the China FXI.
China exports are up, but imports are down. So, global economy improving but Chinese domestic, not.

the daily move met resistance at a upper median line. the move down thru 3.06 should start a new move down to test the 3.00 level.
daily volume has been down for four days.

GOLD_
weekly remains in bullish territory but with downward trade pressures and volume pressures.
the next target up is 1434.

the daily trade has been down from 1330 and is now testing the first target of 1234. Both trade and volume pressures are down,
did have one day of up volume which would be short covering. the nxt target down is 1137.

would need a move above 1287 to restart the long trade.

SILVER_
five weeks of negative volume and negative trade pressures. But the old low of 18.94 seems to hold.
the next target down is 16.25.

the daily trade still down, 18.69 is the next target down.
the trade pressures are down. the volume pressures are down.
However intraday are neutral to up.

need a move above 19.28 to start a short covering rally. 20.56 remains the long entry on the longer cycle.

 

S&P Futures

Monthly- pressures remain up and the next target up is 2219.
weekly-  pressures are up, but declining. the 1883 target has acted as support. the next target up is 2098.

Daily- in the long trade up. the next target is 1907 and 1914.
pressures are up but getting extended.

a move down thru 1877 would signal lower.

Copper and oil moving up, the dollar getting a little stronger.
the T-bonds are looking for a small correction.

the market keeps worrying about the Fed starting to sell off the bonds in their portfolio.
Will never happen – unless they want to cool some inflation.
Most probably, the FED will let their portfolio of bonds mature and turn into cash on the FED balance sheet.
then they can choose to send the money to the US Treasury or “destroy” the funds in the same way they were “created” in the first place.

US $$

USD_
the recent spike down has completed the downside move to 79.24.

weekly pressures remain down but the daily pressures have turned up.

the daily trade is up and at a short cycle target, so some consolidation here. the next target up is 81.18.

30yr T-Bonds_
At the 137-27 target. weekly pressures are up and the daily pressures have turned down.

Have traded down thru a short entry price the next target down is 134-22.
stops at the highs.

Oil & Gas

CRUDE_
the 103 pivot and the 104 upside target has acted as resistance.
traded down to the 98 entry price and made a new move up thru the resistance.

weekly pressures are up. daily pressures are up also.
next target up is 105.06, 109.42 is the longer term upside target.

NAT GAS_
remains in consolidation. both weekly and daily pressures are down.

needs to break out of the 4.22 -4.82 channel.

Metals

COPPER_
has moved up off the 2.87 lows. weekly pressures are turning up, but still bearish.
the daily pressures are up.

the Daily Trade is at the 3.17 upside target and consolidating.
the next target up is 3.35.

a move below 3.08 would signal lower.

GOLD_
weekly pressures are down but still bullish.
daily pressures are down.

the daily trade is sideways with the next target down at 1234.

a move above 1326 starts a move up.

SILVER_
in the longer term move down with the next target down of 16.25.

a move above 20.62 would restart a move up.

S&P Futures

Monthly_ the pressures are up the next target up is 2223.

Weekly_ pressures remain up, but the trade is down with a 1776 target.
a close above the 1892.50 highs would cancel that short trade.

Daily_ pressures are just down, the trade remains long from the 1842 long entry.
have to remember this long trade is inside the weekly short trade,
so probably can’t go far unless the 1892.50 highs are taken out.

a close below 1861 could restart the Daily short trade.

US $$

USD_
weekly pressures and daily pressures are down.

the long trade has failed.
the DX is down thru the 79.35 channel lows and now has a 78.665 downside target.

30yr T-BONDS_
the weekly and daily pressures remain up.
the daily trade went thru the 135-01 target, the next target up is 137-27 to  138-05.

need a move down thru 134-30 to signal lower.

Oil & Gas

CRUDE_
weekly pressures are up and daily pressures are down.
the daily trade is up from 95.47 with a target of 105.47.

the 103.50 pivot and a shorter cycle target have acted as resistance.
a move below 98.42 would signal lower.

NAT GAS_
Taking a long time to work thru the February spike in prices.
the long entry at 4.67 has held but is going nowhere. the daily pressures have turned down.
stand aside.

Metals

COPPER_
weekly is entering overbot. The daily pressures are down, but could break to the upside.
The daily trade has been consolidating around the 3.05 upside target.  the next target up is 3.13.
the recent move down did touch the 3.01 short entry but did not close below.

GOLD_
Remains in the 1277-1328 channel. weekly pressures are down, daily pressures are up.

the next target down is 1254   1234.  the long entry is 1328.

SILVER_
Bouncing along the 18.90 bottom. had a spike down on May 1st to wash out the weak hands.
a close above 20 would change the bias to up. the long entry remains 20.62.

a failure to hold the lows sets up the 16.25 target.