#emini #spfutures #SP500 #ES

Market Pressures_

Copper is now the “Tariff Hope” indicator. Gold rallied on international uncertainties but sold off this week, support is just lower. Silver rallied these last 10 days, but seems stalled here.

Crude is base building on low volumes for a possible move up. Natural gas is giving back a good portion of the huge rally.

The US 30 year Treasury futures are at targets and are signaling a retracement.

The US Dollar futures are at new highs, making it difficult for the US equity markets to compete.

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S&P 500 Futures_

Monthly – In the move down from the 2730 short confirmation. Trade pressures are down for the first time in two years. Volumes closed the month of November as bullish, reversing the bearish month of October.  The next target down is 2372. A close above the 2951 high would confirm any weekly move higher.

Weekly – In the move down from the 2863 short confirmation. Trade pressures are down. Volumes are bearish. The next target down is 2547, the February lows. A close above 2861 would confirm any daily move higher.

Daily – Flat. Breaks down on the lower volumes, but still a 500 point down day. Trade pressures are down and trending. Volumes are bearish.

The next targets down are the 2587 spike down and the prior lows at 2564 and 2546.

A close above the 2673 level would signal higher. Hard to see what the catalyst would be, perhaps some FED talk this next week. But even that has to surmount this ridiculous White House news stream.

[12-19-18: No Santa Claus. The October lows failed. The February lows failed. The “FED meeting low” is now 2489, closing at 2507. The next targets down are 2477 and 2458. A close above 2541 would signal higher. 2513 is the Hourly long entry.]

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Navellier Top 5 – Down for the year after being up 20% in the first quarter. A few of the five closed up for the week despite the 500 point drop. These superior fundamentals will work when the overall market stops the trading these fears of incompetence. Not sure when that is, however.

[The author may have long or short positions in any of the securities mentioned.]