Market Summary:
The 10yr yields rise to 3.98%. Copper in consolidation. Gold and Silver also in consolidation after the move up.
Crude rallies hard on the middle east worries. Natural Gas holding at 200 day MA resistance.
The US 30yr Treasury Bond down hard on the 10yr yields rising.
The US Dollar futures reversed higher after the Iranian involvement.
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S&P 500 Futures #ESZ24
Monthly –Monthly bar just off the prior month high. Trade pressures remain up. Volumes closed the month of September as bullish. The next target up remains at 6019. A break below 5488 would confirm any weekly move lower. The next target down then would be 5164.
Weekly – The weekly closes higher again. Trade pressures remain in the neutral zone. Volumes remain bullish. The next target up remains 5890 (new highs). A close below 5689 would confirm any daily move lower.
Daily – Long. After a small retracement, price is testing a breakout of the bull flag at 5794 at the week’s close. Trade pressures are up but have declined to near the neutral zone. Volumes are bearish.
The next target up remains 5876. The expected overbought level has declined to 5765.
A close below 5714 would signal lower. The expected oversold level rises to 5655.
[10-7-24: Stopped out at the 5739 level.]
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