Author: Charlie

Crude Oil

Weekly – trade pressures are fully extended down and we are nearing the end of the time cycle around June 18th.
the 67.90 target was reached and the subsequent consolidation reached a long entry of 73.22 with a target of 77.66.

Daily – much shorter cycles in play.  the weekly move up was stopped at the first daily target of 75.67. a move down was signaled at the short entry point of 69.53.  But the new time cycle and the entry level are offering support today and price remains in the longer cycle up move.

Metals

Industrials are down, gold is up.

Copper -weekly, short from the 2.965 trigger with a 2.206 target. Daily, short from the 2.99 entry to 2.7024 target; then 2.598
near the end of the down cycle. a trade back up thru 2.935 starts a new move up to 3.18.

Gold –  weekly, in the move up from 1140 next target is 1277. but very extended on the trade pressures.
Daily, Triggered a long cycle trade down and also a shorter cycle up trade to the 1246 target [reached at the close].
trade pressures are up. time pressure are up.
these long-short conflicts usually resolve themselves in side ways movement.

S&P Futures

The bulls are making tests of the market, as they buy and then wait to see if there is follow-thru; producing these daily up and down swings.  normal for a change-in-trend process.
Monthly and weekly pressures are down.  weekly trade pressures are overextended on the down side.
monthly down cycle ends in October.
the weekly is showing June 25th as the end of the downward time pressures.
a target of 990 remains as the projected low for this move down.

Weekly –  remains in the down move to 1106. 1181 is requires to restart the up move.

Daily –  still in the move up thru 1080 which set up the target of 1126.
but as expected the 1110 resistance has caused the pullback.
a trade down thru 1060 will cause a second retest the February lows and  bring the 1014 target into reach.  There are no such things as triple bottoms.

Currencies

the dollar is consolidating around the 86.86 target.

weekly – extended, next target up is 89.04.
83.34 is the entry for a move down.

Daily – the price is very extended up, 88.37 is the next target up. the conditions a re right for a move down.  85.59 is the entry for a move down to 83.63.

Crude oil

moved up off the 67.90 bottom. retracing the first move up.

Crude – weekly in the move up from 73.38 to 77.79.

Daily – in the move up from 71.50 and reached the first target of 75.56. next target is 77.78.
a move down thru 69.55 will stop the move up.

Metals

Industrials pulling back in a new uptrend.  Gold struggling to move up

Copper – in the long trade from 3.11 to 3.33.  currently pulling back to the older short target of 2.96.  stops at the lows.

Gold – in a short cycle up move inside the longer cycle down move.
1201 was the entry point for a short trade to 1154. then the upmove started at 1208 to the recent high.  trapped between the 1165 low and the recent high.  the break of one will reset the direction.

S&P Futures

the 1180 entry point proved reliable.
copper traded thru its long entry.
the dollar traded down thru its short entry.
gold traded thru its long entry.
crude traded thru its long entry.

weekly-  remain in the down trade til 1181 is taken out.  the next target down is 1006.

Daily – the up trade was entered with the 1180 entry price.  the next target is 1126.
may get a pull back from the median line;
but a trade below 1057 could stop this move up.

S&P Futures

Trading pressures turned up at the Tuesday close.

The Feb low has provided support.
1014 remains a downside target.
pressures up-to-neutral, turning down May 28.
the overnight futures may get us to the aforementioned 1080; it is the entry for a retracement to 1125, with an early test at the the 1110 median line.

S&P Futures

Have reached the 1043 target.  the expected rally to the 1111 area was cut short in the overnight trading.
[update Tuesday 2:30pm CST – market recovers from a low of 1036.75, a 30 S&P point drop, to close near unchanged]

Long term – the next down target is 1006.  1183 will restart the move up. trade pressures are max down. time pressures down til June 25th.

Daily – the 1043 and the Feb low holding as support this Tuesday morning.  Trade pressures down. time pressures up.
next  down side target 1014 with multiple targets at 1000 and 991.
1080 is required to begin a retracement.

US dollar

DX June contract

Both the weekly and daily prices are over bot.

Weekly – the next target up is 87.87.  a trade thru 83.34 will signal a move down. Trade pressures are extended up. Time pressures are up.

Daily – the next target up is 88.34.  85 .65 is the entry point for a move down to 83.63.  trade pressures are up but diverging. Time pressures turn down May 26th.