Market Summary_

Copper has continued the move up with the market. Gold tried to turn down but rising global tensions caused both gold and silver to rally.

Crude Oil has flattened out into the $48-$50 range. Natural gas is in a small move up.

The US 30 year Treasury Bonds have rallied, but volatility makes momentum difficult to discern.

The US Dollar futures are consolidating at these $92 lows.

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S&P 500 Futures_

Monthly – New monthly highs. Trade pressures remain up. Volumes closed the month of July as bullish. The next target up 2766. A close below 2267 would confirm any weekly move down.

Weekly – The last four weeks have seen four attempts to break out above the 2484 level. Trade pressures are up but with a slight decline. Volumes have changed to bearish. The next weekly target up is 2729. A close below 2416 would confirm any daily move lower.

Daily – Short. In the move down from the 2460 level. Trade pressure are down. Volumes have changed from bearish to neutral.

The next target down is 2408, which would also be below the weekly short confirmation level.

A close above 2471 would signal a new move up.

Use this 2471 as the stop for the short trade.

August is a low volume month. Just a few larger trades can move the markets. Be careful.

 

Market Pressures_

Copper is consolidating after a big move up. Gold is turning down and sliver has indicated a new short trade.

Crude has been rejected at the $50 level. Natural gas still in the downtrend.

The US 30 year Treasury bond is drifting thru the summer. The Banks are rallying , so perhaps some expectation of a rate rise.

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S&P 500 Futures_

Monthly – Nine months into this move up off the 2152 level. Trade pressures are up. Volumes closed the July month as bullish. The next monthly target up is 2768. A close below 2259 would confirm any weekly move down.

Weekly – At the 2477-2484 target area and consolidating. Trade pressures are up. Volumes are bullish. A close below 2408 would confirm any daily move down.

Daily – Flat. Consolidating around the 2474 extended target. Trade pressures are up but declining. Volumes are still bullish.

A close below 2460 could signal a move lower.

[8-10-17: Short as we pass down thru the 2460.]

[8-11-17: Lower the stop to the entry price , 2460.]

Market Summary_

Copper has had a significant move up thru expected levels. Gold continues the move up. Silver is at a target level that may provide resistance.

Crude looked lower then turned up at the 25×5 moving average. Conversely, natural gas continues lower.

The US 30 year Treasury Bond also looked higher, then broke lower.

The US Dollar futures continue the grind lower.

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S&P 500 Futures_

Monthly – The summer months continue higher. Trade pressures are up. Volumes closed the June month as bullish. The next monthly target up is 2788. A close below 2259 would confirm any weekly move lower.

Weekly – At the weekly target range of 2477-2484. Trade pressures are up. Volumes are bullish. The next target up is the 2484 level. A close below 2408 would confirm any daily move down.

Daily – Flat. In the move up from the mid-April 2397 level. Trade pressures are up but declining. Volumes remain bullish.

The next daily target up is 2522.

The mid week wide-ranging bar had a spike down to 2457 with increased volume. There is also a short entry level at 2460. A close below those levels would signal lower.

Market Pressures_

• Copper is consolidating at the upside target. Gold and Silver are in a move up; follow with tight stops.
• Crude oil was stopped out of the short trade, but look for a re-entry. Natural gas is pulling back inside the larger move up.
• The US 30 year Treasury is in a new long trade.
• The US Dollar futures continue to decline, reaching new lows.

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S&P 500 Futures_

Monthly – The uptrend continues. Trade pressures are up. Volumes are bullish. The next target up is 2788. A close below 2255 would confirm any weekly move lower.

Weekly – At the 2477 upside target. Trade pressures are up and trending. Volumes remain bullish. The next weekly target up is 2484. A close below 2403 would confirm any daily move lower.

Daily – Flat. At the 2474 target. Trade pressures are up and extended. Volumes are bullish.

The next target up is 2504.

A close below 2456 would signal a short cycle move lower.

Earnings continue to impress, so this August may not be as quiet as usual.

Market Pressures_

• Copper in neutral, with a bias to the upside. Gold and Silver have signaled higher.
• Crude is still in a short position but momentum seems to against the trade. Natural gas is looking higher also.
• The US 30 year Treasury Bonds has had a move up, but no trade signaled, up or down.
• The US Dollar futures continue the move down.

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S&P 500 Futures_

Monthly – A new monthly high at 2461.25. Trade pressures are up. Volumes closed the month of June as bullish. the next monthly target up is 2766. A monthly close below 2240 would confirm any weekly move lower.

Weekly – New momentum. Trade pressures remain up. Volumes have changed from neutral to bullish. The next target up is 2477-2484. A close below 2388 would confirm any Daily move lower.

Daily – Flat. The prior week attempt at a new short has been voided by this move in to new highs. Trade pressures are up and trending. Volumes are bullish.

The next daily target up is 2464.

A close below the 25×5 moving average would signal lower.

Summer trading is showing declining volumes, so be careful.

Market Pressures_

• Copper has pulled back to the 25×5 moving average, look for a possible short entry. Gold and Silver are accelerating the move down.
• Crude Moved up to test the 25×5 moving average and is now pulling back and has triggered a new short. Natural gas is continuing to generate new lows.
• The US 30 year Treasury Bonds continue the move down, but set some tight stops.
• The US Dollar futures are still in the move down but experiencing some consolidation at the 95.50 level.

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S&P 500 Futures_

Monthly – The monthly trading range has narrowed significantly. Trade pressures are up. Volumes closed the month of June as bullish. The next monthly target up is 2768. A close below 2230 would confirm any weekly move down.

Weekly – Trading below the prior weekly closes. Trade pressures are up but showing some divergences. Volumes have changed from bearish to neutral. The next target up is 2477. A close below 2379 would confirm any Daily move down.

Daily – Flat. The 2432 short entry produced the expected move down but after moving the stop to break-even, the trade was stopped out for no gain. Trade pressures are in the neutral zone which may account for the lack of follow thru. Volumes are bearish.

Look for a re-entry in to the short on any rally without bullish volumes.

Void this re-entry if the old 2451 high pivot is taken out.

The next target up is 2474.

Market Pressures_

• Copper has had an uneven rally off the 2.48 lows. Gold and Silver are in a second leg down.
• Crude oil has had six day rally. Natural gas attempted a rally but it has failed.
• The US 30yr Treasury has had a nice move down with a 152 target nearby.
• The US Dollar futures tried to breakout to the upside but failed and moved lower towards the 94.50 target.

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S&P 500 Futures_

Monthly – The move up that started in the summer of 2015 continues. Trade pressures are up. Volumes closed bullish for the month of June.  2766 is the next monthly target up. A close below 2230 would confirm a weekly move down.

Weekly – The weekly has been in consolidation for the last four weeks. Trade pressures are up but showing divergence. Volumes closed the week as bearish for the first time in nine weeks. The next target up is the 2477-2482 area. A close below 2379 would confirm any daily move down.

Daily – Short. The close below the 2432 level has triggered the short trade. Trade pressures have risen into the neutral zone. Volumes are neutral.

The next daily target down is the 2401 profit target.

Lower stops to the high of the 6/29 down bar, 2445.

[7-5-17: Lower stops to the 2432 break-even.]

[7-5-17: stopped out for the breakeven in the afternoon trading.]

[This down cycle ends 7-11-17, so take the profit at the 2401 profit target,if met.]

Market Pressures_

Copper is moving up and out of the consolidation. The Gold move down produced a nice profit and is now in a retracement. Silver remains in the move down.

Crude may have bottomed; at least showing some support here. Natural gas is in a similar move.

The US 30 year Treasury Bond is continuing the move up in price.

The US Dollar futures are now above the 25×5 moving average indicating a retracement to the upside.

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S&P 500 Futures_

Monthly – Continuing the bullish move up. Trade pressures are up. Volumes closed the May month as bullish. 2766 is the next monthly target up. A close below 2230 would confirm any weekly move down.

Weekly – Another new weekly high. Trade pressures are up. Volumes are bullish. The next weekly target up is 2477. A weekly close below 2379 would confirm any daily move down.

Daily – Short. The Thursday close below 2431 has triggered the short position. Trade pressures are down. Volumes are bullish.

The next target down is 2411.

The stop is the 2451 high pivot.

Since there is no bearish volume, move the stop to break-even quickly.

[6-28-17: the 25×5 moving average has acted as support at 2413 just above the first profit target of 2411.]

Market Pressures_

• Copper has lost momentum and is in consolidation. Gold continues the move down with profit targets close by. Silver is in a move down.
• Crude Oil is in a new move down. Natural Gas is also in a decline.
• The US 30 year treasury Bond is in a rally.
• The US Dollar futures are consolidating at these lows.

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S&P 500 Futures_

Monthly – Continues the move up. Trade pressures are up. Volumes closed the month of May as bullish. The next monthly target up is 2766. A close below 2222 would confirm any weekly downtrend.

Weekly – Also in the move up. Trade pressures are up. Volumes are bullish. The next weekly target up is 2477. A close below 2371 would confirm any daily short move.

Daily – Flat. In consolidation after the recent rally to 2443. Trade pressures are down into the neutral zone. Volumes are still bullish.

The next short level is 2424. The daily trade have been down thru this level intraday three times, but has not closed below.

The next target down would be  2393.

The stop would be the 2443 high.

Market Pressures_

• Copper has rallied into a new long trade. Gold is now a short trade and the previous Silver long position has been stopped out with a fair gain.
• Crude is now consolidating at a profit target with more targets lower. Natural gas may test the February lows.
• The US 30 year Treasury Bonds have turned down into a new short position.
• The US dollar futures are still looking lower.

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S&P 500 Futures_  ESU17  #eminifutures

Monthly – The 16 month long uptrend continues. Trade pressures are up. Volumes closed the June month as bullish. 2222 is the confirmation level for any Weekly move down.

Weekly – Another new high. Trade pressures are up and slightly rising. Volumes remain bullish. 2371 is the confirmation level of any Daily move down.

Daily – Flat. A wide ranging day, perhaps signifying an change in trend or at least indecision. Trade pressures are up but turning down. Volumes remain bullish and closed the week on high volume.

Still in the move up, with the next target up at 2474.

A close below 2424 would signal lower. Watch the intraday moves for further indications.

Might want to tighten stops on any US equity long trading positions.