Author: Charlie

Metals

Copper – has signaled a move down at 3.42 to 3.06 with first support at 3.30.
time and trade pressures are down.
a trade thru the 3.63 high will signal a new move up.

Gold – is still correcting upward inside the July down move.

time and trade pressures are down.
1256 was the end of the retracement move up.  currently consolidating.
1236.75 signals the next move down to 1153, with first support at 1208.

S&P Futures

Weekly -the 936 target remains.  1145 will start a new move up.
trade pressures have turned up, time pressures are down thru Oct 15th.

Daily – both trade and time pressures are up.  traded thru the 1099 target.
1162 is the target with 1114 as the next resistance.  the test of the 1130 area will be significant.

a trade down thru the 1084 will signal a retracement down of this recent move up. first target down will be 1061.

Crude Oil

long term down trend still in place. but downward pressures are ending soon.

Daily –  73.60 signaled the new move up to 82.42 with resistance at 76.60.
69.01 remains as an unmet downside target.

Metals

Copper  – time and trade pressures are now down.

the weekly retracement up is almost complete.
the daily is at an interim target and is showing pressures down.  next target up is 3.74.
3.42 signals a move down to 3.06 with resistance at 3.30.

Gold – next target up is 1279.30.  trade pressures are extended up and time pressures turn down in 2 days.
a trade thru 1234 will signal a new move down to 1150, with resistance at 1206.

S&P Futures

Friday private sector hiring up 67K.

the 1099 first resistance breached then the pullback takes the futures below resistance where it holds for the morning..

1081 would indicate move down, should hold above 1058.

S&P Futures

the labor day rally?

the touch of the 1068 level did indeed result in the pullback; then the better than expected ISM number this am shot the market back thru the long entry price.  a break above the 1080 high will provide further confirmation of the upmove.
could then look for a pull back; maybe to 1067, and a second leg up.

S&P Futures

Crude is moving up which should benefit the energy complex.

copper and gold are moving up but the targets are inside their respective down moves, so may have limited impact on the materials sector.  the dollar is in an upmove reflecting inflows in the currency. the rise in the dollar should hold down the materials stocks.

the 10 and 30 year treasuries moved down briefly, giving the equities market some glimpse of the flow of funds in instead of out.

S&P Futures –
no change in the long cycles. trade pressures remain down and the 936 target is still active.  1145 is still the entry price for the new upmove.

Daily –
have traded off the 1040 for 4 days. trade pressures showing the positive divergences.  the next target down is 1001 with resistance at 1032.
the GDP announcement was less worse than expected so short covering has taken the market very near the long entry price of 1068.  that entry would set a 1161 target with the first resistance at 1099.  (This long entry price is also the end of a move on the hourly, so expect it to act as resistance and pull back before a move thru.)

Crude Oil

Crude went down to its extended target of 69.70 in May and has been in retracement of that down move since.
the downward time pressures end in the first week of September and trade pressures are near a bottom.

Daily –
evincing the confusion by showing higher highs and lower lows, trading between 83 ans 69 with no direction.

currently trade pressure has turned up and the entry price of 73.74 has produced a new up target of 82.37, with 76.57 as first resistance.