CRUDE_ weekly crude is in the move down to 84.94. the time cycle is down thru the fall.
the daily trade is down to 86.70.
would need a trade above 92.78 to signal a new move up, and that move would likely be limited to 98.43.
Nat Gas had a nice impulse move up to 2.814. now in a pullback , but still in the uptrend.
the next leg up would be signaled by a move above 2.712. Longer term, going to be very difficult to get above 3.518.
COPPER_ the downside target of 3.46 has been reached.
two subsequent days of rinsing out the stops just below appears to have completed.
expect consolidation around this level.
the next target down is 3.30. a retracement move up is possible with a trade close above 3.47 to 3.69.
GOLD_ still headed to the 1515 target. the prior 1537 low has provided support in confluence with other weekly levels.
Gold made an attempt to rally but was stopped at the long entry price.
a close above the 1562 average would provide the impetus to move thru that same entry price of 1593.
Time pressures are down but turn up June 1st.
SILVER_ the time cycle is the same as Gold, turning up on June 1st.
the downside target of 27.75 and the weekly target of 27.25 have both been met,
with one target below at 26.29, the market seems ready to make a retracement up.
a trade close thru 29.56 would signal a new move up.
S&P_ the long term monthly cycle remains up thru the spring of 2013.
that long term cycle has a target of 1531.
the weekly has entered in to a short trade with a target of 1246.
the weekly trade pressures have turned down til august 2012.
the daily trade is down also. the short EP was the 1389 early warning breakdown on the intraday which quickly traded down to the 1346 target.
the longer daily target down to 1276 is still in play.
the market could hold here at 1352; and a move up past 1385 would signal a reversal of the down move.
[5/11, the JP Morgan trading loss shocked the market taking it down to the short cycle target of 1346. Then began a move up and is now testing the long entry price of 1361. need a close above 1361 today]
USD$ remains in the move up to 82.66.
traded up thru a short cycle uptrade entry at 79.05 and met the 80.25 target overnight after the French election results.
hard to see how the US equity market gets too much traction with the USD going up unless the inflow goes to equity and not into fixed income securities.
CRUDE_ broke down thru the 101 and went immediately to the short target of 95.77.
expect consolidation here, perhaps a retracement up, and then a test of the 86.05 target
a retrace up to the 103 area would be a likely new short.
COPPER_ traded thru the long entry price.
while still in the long trade and now in a pullback to 3.62. the next target up is 4.04.
the long stop is 3.560.
the short target down is 3.47
GOLD_ trading in the channel bounded by 1613 and 1680.
the daily pressures are oversold and the weekly pressures are still down, so the move sideways is likely to continue.
SILVER_ still in the move down to 27.73
the trade thru the 1374 set this move up in motion.
expect to test the 1419 highs.
the weekly target is 1443. the monthly targets are 1518 and 1531.
a trade below the recent pull back lows of 1350 would signal a new move down.
the intraday warning signal for a trade lower would be at 1389.
Dollar still in the trade up 82.664.
testing the recent lows, but pressures are over sold.
the next move up would need to take out the 79.06 high of today.
entered the long trade today with a move thru 105.51.
upside target is 111.87.
a move below 101.18 restarts the move down.
COPPER_ has triggered the daily buy signal at 3.76.
GOLD_ still in the move down. need a move above 1680 to get long
SILVER_ still in the move down. need a close above 32.73 to get long.