the weekly S&P remains in the downtrend to 1368.
the daily is in the downtrend and has touched the downside target of 1395.
a move up above 1413 would trigger a long signal to 1444.
pressures are turning up.
Author: Charlie
US$
USD (dx) has touched the 80.40 target.
the pressures are fully extended up. expect consolidation around this 80.40 area.
the next targets up are 80.56 and 81.58.
a move down thru the 78.72 low would set a long down cycle in motion.
a new short term down trade to test that thesis would start with a move below 80.00, with a target of 79.03.
30yr T-Bonds_ the weekly is still in the downtrend, but the daily moves into the uptrend on the 29th.
while the trade target down at 145-22 is still active; the trade above 147-13 put a long retracement trade to 151-25 in motion.
OIL and GAS
CRUDE_ in the short trade to 82.07.
pressures are down but extended.
a move up thru 90.26 should start a new move up to the recent pivot.
NAT GAS_ in the short trade down to 3.56.
pressures are mixed, expect volatility to manifest itself in wide swings with a downward bias.
a move up thru 3.91 would change the bias to up.
Metals
COPPER_ trading between 3.25 and 4.00. the recent move up was stopped at the 3.85 target.
now in the move down from 3.69 to the first target of 3.15.
Long term pressures are up and shorter term pressures are down.
expect the move down to end at the 3.15 target.
a move thru 3.64 would signal a new move up.
GOLD_ the downside target of 1707 has been met, the next target down is 1652.
a move above 1741 would signal a new move up.
pressures are down but extended.
SILVER_ sitting on a support line with the next target just below at 30.70.
pressures are down both long and short term; so could test the summer lows.
a move above 32.77 would signal a new move up to retest the recent highs of 35.
S&P Futures
S&P 500_ after the sharp drop on Friday the 19th, the monthly remains in an uptrend, the weekly has broken down and is in the sell.
the Daily has traded down thru the sell signal and is now about to test the prior week’s lows.
the next target down is 1410 and then 1379.
the intraday pressures are oversold,
so a move up thru 1445 would retrace enough of the move down and start a new move up to the 1491 target.
USD
US$ (DX) remains in the move down, with the next target of 78.47.
after the sharp move down in the equity markets a shorterm move up is likely.
a trade up thru 79.39 has started a move up to 80.40.
30YR T-Bonds _ the long term pressures down and the shorter term pressures up are creating confusion and a sideways market.
currently in a move down, to 145-22 from the short entry of 148-17.
a move up should be limited to the recent high of 50-09.
Oil and Gas
CRUDE_ in a move down but pressures are extended down. the next target down is 82.07.
with these pressures near the end of the move down, a move up is likely.
a trade up thru 90.00 would start a new move up to 101.60.
NAT GAS_ at 3. 61, it is in the move up from 3.09 to 4.02. the buying pressures are fully over bot.
a move back to 3.21 is likely.
long term pressures remain up. so a trade above the recent high of 3.640 should start a new move up.
Metals
GOLD_ the 1801 target has proved to be the turning point. a sell signal at 1763 has set the move down in motion.
the next target down is 1707 then if no support there, 1652.
pressures are down but still in bullish mode.
a move up thru 1764 would restart a move up.
SILVER_ Silver is also in a move down after the trade down thru 33.63.
the next target is 30.71.
a move up thru 33.193 is required to restart the move up.
COPPER_ the 3.84 target has provided resistance.
pressures are down and 3.69 has provided a signal for a move down.
the intraday pressures suggest that this move down is limited.
a trade above 3.75 would start a new leg up to 3.95 and 4.00.
S&P futures
the Monthly target of 1523 remains active. pressures are up and trending.
Higher highs and higher lows are the order of the day.
the weekly target of 1473 is providing some resistance.
the long Daily trade is slowing, last week any move up was met with profit taking.
pressures remain up. 1492 is the next target up.
it would not be unexpected to see the market trade down to the recent lows of 1422.
US$
USD (DX) the 78.47 target down has been acting as support for the last four weeks.
while still in the move down to 78.11 the market is in a retracement up to the 80.48 target with a further target up of 81.58.
pressures are fully over sold so expect the move up to continue.
30yr TBonds_ in a move down from the 153.25 highs which has been supported by the 2011 highs.
pressures remain down.
in a short-term move up to the 149-22 level where new shorts could be taken.