Market Pressures_

Copper rallied but is now in a pullback.

Gold continues higher. Silver can’t decide to participate.

Crude is in congestion. Natural Gas is signalling lower.

The US 30yr TBonds are at highs and may be ready for a new short signal.

The US Dollar has moved lower.

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S&P 500 Futures_

Monthly – January did not close below a short confirmation level, but February is trying to do just that. Trade pressures are down. Volume’s monthly close was bullish.

Weekly – After a rally of two weeks this last was a pullback. The 1814 support level is nearby. This rally was a rally in the longer term downtrend. Trade pressures remain down. Volumes changed from bullish to neutral.

Daily – Flat. Closed below the short entry price of 1876. Trade pressures are in the neutral zone. Volumes have changed from bullish to bearish.

The hourly chart is oversold, so wait for the Monday trading. The next target down is 1824 and then 1772, which is also the Oct’14 low.