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.