Market Summary:
The 10yr yields rise to 4.07%. Copper looking for support. Gold breaks out of a bull flag. Silver looking for new long around the 31 area.
Crude pulls back after the rally.. Natural Gas declining after meeting the 200 day MA resistance.
The US 30yr Treasury Bond still down with the 10yr yields rising.
The US Dollar in consolidation at the 200 day MA..
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S&P 500 Futures #ESZ24
Monthly –Monthly bar higher. Trade pressures remain up. Volumes closed the month of September as bullish. The next target up remains at 6019. A break below 5555 would confirm any weekly move lower. The next target down then would be 5206.
Weekly – The weekly has a higher close again. Trade pressures remain in the neutral zone. Volumes remain just barely 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 breaks out of the bull flag at 5794 at the week’s close (10/9). Trade pressures remain up but have declined to near the neutral zone. Volumes are bullish.
The next target up remains 5876. The expected overbought level has declined to 5679.
A close below 5714 would signal lower. The expected oversold level rises to 5817.
Beware of the chop going into the Election.
[10-18-24: Raise the SL to 5876]
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