Author: Charlie

Oil and Gas

CRUDE_ the trend line across the 2013 tops contains any move up.

the weekly pressures are down. the next target down is 89.24.
the daily pressures are up, the next target up is 99.24.

the daily trade is down with the 89.24 as the next price target.

 

NAT GAS_ the weekly had made the upside target and pulled back to the 3.80 area.
the 3.83 moving average is acting as support.

weekly pressure are down, pointing to the 3.43 and the 3.53 downside targets.
However the weekly time downward cycles are coming to an end. look for a new move up.

the daily trade is down nearing the target of 3.78. the daily pressures are extended down.
a move above 3.913 could start a small move up to 4.23.

Metals

COPPER_ the weekly has tested the 2011 low and has met resistance.

the daily retracement trade up had reached its target of 3.417. now consolidating at these levels.

the trade pressures are extended up on the weekly and have turned down on the daily.
the next target down is 2.95.

it will require a move above the 3.45 swing high to get a new move up going.

GOLD_ the weekly is in the process of retesting the 4/16 low.  the 1215 target is still very much in play.

weekly trade pressures are still in the move down. the next target down is the 1321 low.
The daily trade pressure are extended up as a result of the May upwards retracement. the next target up is 1436.

SILVER_ the retracement move up has failed. this 2nd break of the 22.00 low sets up the 20.26 as the next target down.
the 19.58 target is still active.

need to take out the 24.81 swing high to get any new move up going.

S&P futures

S&P_
the 1664 monthly target has acted as resistance. the next target up is 1733.
the next weekly target up is 1692.

the daily short entry of 1685.60 has been triggered. the next target down is 1606.
pressures are down til June 7th.

a retracement up of this down move could occur; but needs to be limited to a move up to 1666.
if 1666 holds then look for the next leg down.
a close above 1666 would signal higher.

the intraday momentum indicators will be very important.

US $

USD_ the dollar index has reached the 84.47 target and has tested it 3 times. the next target up is 88.31.

seems to be rolling over.  a trade below the 83.16 would signal lower to 80.94.

30yr T-Bond_ the monthly remains bearish. the weekly has crossed into bearish this last week.

the daily trade is short from 147-30. the next target down is 140-25.

a move above 144-15 is required to start a retracement up.

Oil & Gas

CRUDE_ in a sideways channel between 86 and 99.
the bias is down.  the next target down is 89.25.

a close above 95.35 would signal higher to 99.42.

 

NAT GAS_ has tested the long term long 4.40 entry, pulled back and is now approaching a new long entry at 4.16.

with the next target down of 3.40; must wait for the stochastic bullish reversal to occur before any new long

Metals

COPPER_ the early May test of the 3.07 lows seems to have held. the last three weeks of consolidation may provide a base for a new move up.

the daily trade is up from 3.15 with the next target up 3.44.

a move below 3.22 could signal lower, but the macd is showing bullish next week if it holds this current range.

GOLD_ still bearish with a target of 1215.

however the daily trade is likely to turn bullish after Memorial day.
the long entry price is 1383, but need a trade above 1484 to really confirm a new up-move.
1501 would be the first target.

SILVER_ 19. 56 is still the downside target and has also retested the lows, but looks slightly different.
The spike down and a close back into the previous range suggests a “wash and rinse” of the shorts.
so watch for a retracement move above 23.37 to take silver to a 27.69 target.

S&P Futures

the monthly is at the 1664 target. the next target up is 1733.

the weekly has a target at the 1692 level.

weekly and monthly pressures remain up.

the Daily trade is up with the next target up at 1672 and 1684.

the April-May move up has gained 135 S&P points. and the money flows suggest it could continue.

BUT, the multiple targets on multiple time frames suggest at least some consolidation is possible near term.

a trade down thru 1635 could start a retracement to 1585 which is the April high.
that would let those moving averages catch up, not good to get too far ahead of the averages

US$

USD_ very big move in the dollar has taken price to the 84.47 target.|
There is a weekly target at 84.79 remaining active.  could test that on a spike up.

but expect a retracement here, or perhaps consolidation.

a move below 83.16 is required to start any new move down.

 

30YR T-Bonds_  there are multiple monthly targets raging from 153 to 155 -21.
the weekly targets at 148 have stopped the rally for the moment.

the Daily trade is down to 140-25 which would test the March lows.

a move above 145-22 would start a new move up.

 

 

 

 

Oil & Gas

CRUDE_ long term trading sideways with a downward bias.

the Daily Trade is up from 89.03. the next target up is 99.17.
the daily trade pressures are up.

a move down below 94.29 would signal a further move lower.

 

NAT GAS_  has traded down to.near the 3.85 target.

Trade pressures are up. the 4.55 long term target remains active.
now in the move up to the 4.16 long entry.

Metals

COPPER_  long term seems to be sold out.  expect a bounce.
the Daily trade is retracing up but still in the move down until the 3.45 pivot is taken out.

trade pressures are down. the longer term trade pressures are up.
the next target down is a retest of the 3.104 target.

a move about 3.385 could start the move up to 3.58.

GOLD_ the retracement up was stopped at the first target and has now resumed the down trend.
the next target down is the 1215 extended target down.

the 1321 low will be a critical test of support, but it is below the 2011 lows.

 

SILVER_ as with gold the attempt at a rally has failed. the 19.58 target remains active.

a move above the 24.81 pivot is required to get positive again.