Monthly pressures remain up, the 1594 target is acting as support.
Time pressures remain up thru 11/29.
Weekly_ in the trade down from 1615. the next target down remains 1509.
The Daily trade is up from 1589 to first 1612, then to 1649.
need to see if the 1612 resistance will stop the move up. if it does then the weekly 1502 target is more likely.
Time pressures will turn down on July 4th thru July 29th.
trade pressures are up.
USD_
the 82.64 target was tested.
a follow thru move to the next target up of 83.84 has started.
trade pressures are extended up.
a dollar move down would fit; the metals are looking as if they are ready fora move up.
30yr T-Bonds_
the bonds have traded down t the 133-o4 target.
the long entry of 135-14 has been met, the next target up is 138-26.
CRUDE_
the move up thru the 96..06 long entry set the trade up to the 98.24.
the weekly trendline across the recent tops was tested and failed.
expect sideways movement inside the 86 to 96 channel.
bias is bearish, so a test of the lower channel boundary seems likely.
NAT GAS_
has met the 3.55 target which is acting as resistance. next target down is 3.41.
trade pressures are oversold, so expect a retracement.
a move up thru 3.65 could start this move up.
COPPER_
the daily move down to 2.94 is almost complete. the 3.04 pivot is acting as support.
trade pressures are over sold.
a move up thru 3.14 should test 3.24.
GOLD_
the 1215 target was met, and a break below flushed stops then closed above for the week.
the 1139 target is now active. the next lower target is 1005.
a trade above 1236 would start a retracement up to 1343.
1343 will offer significant resistance.
If price cannot move thru then a new move down is likely. a retest of the recent lows is very likely.
SILVER_ the same price action as Gold, a move down to the target,
then a washing out of the stops and a close above the projected 19.55 target.
17.45 is the next target down.
need a move above 20.37 to start a retracement move up to 23.82.
S&P_
price spiked thru the monthly target of 1645 but closed below and held.
the weekly target of 1684 held also.
the weekly short entry of 1618 was tested twice before a close below. the next target down is 1509.
weekly trading pressures are down and time pressures remain up thru July 15th.
the Daily trade is down. the 1558 target has been met and is providing support.
1502 is the next target down.
a retracement up is likely here, a move up thru 1589 could retest the 1649 pivot.
if price can’t get above 1612 then another move down becomes more likely.
Daily pressures are turning up.
USD_ the DX moved down to the weekly 80.98 target and found support there.
the subsequent trade up has taken the DX to the 82.64 target. the next target up 83.64.
83.28 is the 61% retrace and should accompany the overbought condition, so look for resistance here.
30 yr T-Bonds_
weekly in the move down to 133-17 to 131-27, but showing oversold.
the Daily trade is at the 133-47 target.
a move up thru 135-10 would signal a retracement move up to 138-26.
CRUDE_
weekly crude tried to break out of the trendline, but was rejected.
82.18 remains the next target down.
the daily trade is down to 90.875.
a long entry is at 96.05 which could take the market to 98.34 quickly.
and the momentum indicators seem over sold.
be cautious here.
NAT GAS_ weekly in the move down to test the 3.28 pivot.
the daily trade is down. the next target down is 3.55.
the momentum indicators are oversold, so maybe a bounce.
but a move up above 3.94 is required to star a new move up to 4.41.
COPPER_
Weekly in a new up time cycle. the trading pressures are down but showing some divergence up.
Daily trade still in the move down to 2.94. the prior 3.10 low is acting as some support, that combined with the oversold position could be a level to attempt a rally.
Keep an eye on China to see where the motive may come from. [FXI]
need a close back above 3.25 to confirm a new move up.
GOLD_
the expected move to 1215 is even closer. the next target down is 1139.
Momentum is oversold, so a retracement may occur.
a daily trade above 1325 could signal a move to 1419.
But that should be it.
if price cannot close above 1421, then be alert for another leg down.
SILVER_
have met the 19.55 weekly target down and that level is now being tested.
the next target down is 18.01.
the Daily trade is down, the next target is 17.45.
need a trade above 21.05 to spark a retracement trade to 24.27.
S&P_
the monthly trade pressures are still up.
the 1664 target was met an the failed spike up tried to get to the 1715 target.
the weekly trade pressures have just turned down.
traded through the short entry, but closed above it. a possible rejection of the short entry and a retest of the highs could be next.
the daily trade is still down.
the first target of 1606 was met; provided support and the new long entry of 1640 was tested but the market did not close above.
this next week will give us the next move.
the next target down is 1558. the next target up 1693.
USD_ the DX made the move above 84, then turned lower triggering a short at 83.16.
the weekly close very near the first down side target of 80.89.
then the next target down is 78.79.
30 yr T_BOND_ the monthly and weekly trade pressures remain down.
after reaching the 139.28 target and retesting the March lows, the daily trade pressure are turning up.
the long entry is 141-04 with a 144-05 target. the risk here is that the recent daily volatility is higher than the entry price, so tight stops.