S&P 500 Futures

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Market Pressures_

Copper is now a new long. Silver and Gold are in a pullback.

The US crude is a long trade but volumes suggest the sellers are increasing. Natural gas is also a new long trade, but be wary of this one.

The US 30 year Treasury bond is in a short trade and at the 25×5 MA.

The US Dollar is at some temporary equilibrium after rising for the week (inflows of other currencies).


S&P 500 Futures_

Monthly – Still in the downtrend after the December rout. Trade pressures are down. Volumes closed the Month of December as bearish. The next target down is 2368. A close above 2900 is required to confirm any weekly move higher.

Weekly – In the four week move up. Trade pressures are down but rising. Volumes are now neutral. The new daily move up was confirmed by the weekly close above 2591 level. The next target up is 2818. A close below 2528 would confirm any new daily move down.

Daily – Flat. In the move up from the 2412 long entry level in December. Trade pressures are up and extended. Volumes remain bullish. The next target up is 2721. A close below 2558 would signal lower. This 2558 level would also act as a stop for any long positions.


Navellier TOP 8 – Up approximately 10% in this early January rally. Early results from this January earnings reports are showing strength.

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

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