Author: Charlie

Metals

COPPER_ consolidating at the downside target of 3.82.
the move up has been triggered at 3.98.
the time pressures turn up tomorrow. trade pressures are up.

GOLD_ has reversed the decline and entered the new new move up.
next target up is 1891.
the trade pressures are up and extended. the time pressures are up thru the 6th of sept.
a trade down thru 1793 starts a correction perhaps to the recent gap.

SILVER_ in a move up from the long entry of 39.24. to 42.53.
time pressures are thru the 5th of sept. trade pressures are up.
40.77 is an intraday target, so should have some consolidation here.

a move down thru 39.44 signals a move down below the 37.05 low.

S&P Futures

Weekly_ time pressures are down thru thankgiving.
trade pressures have turned up.
the downside target of 1091 was met on the spike down.
1173 is the long entry to 1269.

Daily_  in the long trade from 1165 to 1252.
trade pressures are up. time pressures are down thru 9/06.

a trade down thru 1120 is a reversal signal.

Crude Oil WTI

Crude spiked down to the 76.16 target and then moved up thru the long entry at 82.18.
the next target up is 91.69.
time pressures have turned up on the 10th til 9/13.
trade pressures up.

all this upward retracement is still inside the down move.
a bearish reversal thru 81.14 sets up a move down to71.98.

Metals

COPPER_ traded down to the 3.83 target. next target down is 3.39.
time pressures turn up on the 18th of aug. trading pressures are up now.
a trade up thru 3.98 starts a new move up.
FCX is a proxy, and is in up move now.

GOLD_ reached a high of 1813 and is now retracing to the 1689 target.
still have upward time pressures til 8/31. trade pressures down.
a bullish reversal of the trade pressures and a move thru the recent highs could start a new move up.

SILVER_ the move down to 36.83 stopped at 37.05.
next target down is 33.45
Time pressures are up. trade pressures down.
a bullish reversal up and a move thru 38.24 is the long entry to 41.47.

S&P Futures

in the weekly trade down to 1091.
longer Time pressures down and trade pressures are down.

Daily trade is down thru the 1158 target. the next target is 1028.
time pressures are down til Sept 6th. Both crude and silver have time pressures ending on the 10th of august. copper pressures end the 18th.
1129 is the 62% retrace of the move up from the july 2010 lows and trade pressures are oversold, so, maybe a bounce soon.

a trade up thru 1160 could rally to 1197.

volatility is 40 – 60 points a day.

Crude Oil WTI

CRUDE_ traded down thru the 85.67 target as though it wasnt even there. next target down is 76.16.
downward time pressures end on the 10th. trade pressures are oversold.

a move up thru 88.99 would signal a retracement up to 98.50.

Metals

COPPER_ the 4.30 entry has reached the target of 3.97. next target down is 3.84.
the time pressures end 8/18. trade pressures remain down.
a move above 4.12 could start a move up to 4.37.

GOLD_ news highs, currently up $47 to 1714.  1729 is the next target to the upside.

time pressures are up. trade pressures are completely overbought.
a trade below the lows of today could set up a retracement to 1598.
but the market is event driven so care is advised.

SILVER_ with copper the industrial metal down and gold the precious metal up silver seems to be reacting to both.
still in the move down to 36.83 from 40.92.
significant volatility  in the intraday trades with an upside target of 40.81.
the time pressures turn up on the 10th of august. trade pressures are over sold.

a move above 39.78 could be signal for a new move up.

S&P Futures

The daily met the 1238 target, rallied over night and then was met with hard selling all day today, Thursday.

the next target down is 1196. with all the time frames oversold and the 1196 target is likely a point of support.
the lowest estimate for S&P 500 companies is $100 per share for next year, we are at 12x those earnings now, so valuation is 1200 and we are here now.

a move up thru 1228 could start a retracement up 1265.