Market Pressures _

The metals are diverging. Copper is is the move down.

Gold and Silver are in the move up but consolidating at targets for the moment.

Oil is consolidating at the 44.51 target. Natural gas is not tradeable.

The US 30yr Treasuries are in a move down but have had a significant retracement up.

The US Dollar futures seem to have found a bottom.

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S&P 500 Futures_

Monthly – Continuing to test the highs. Trade pressures are up. Volumes closed bullish for the month of April.

Weekly – In a retracement off the 2100 highs. Trade pressures are up but very extended. Volumes remain neutral.

Daily – Short. In the move down from the 2072 short entry price. Trade pressures are down. Volumes have changed from bearish to bullish at the week’s end; maybe just a bounce off the 2015 year-end close.

The next target down is 2020.

A close above 2072 could start a new move up. Use 2072 as stop for the short.

[5-10-16: stopped out at the 2072 level.]