Market Summary:

Copper consolidating at the 4.27 support.  Gold rallies more, still above the OB levels. Silver breaks above the downtrend line from October.

Crude now at support.  Natural Gas breaks below the uptrend parallel.

The US 30yr Treasury Bond in a weak move up off lows. The 10yr yields still holding around the 4.60%.

The US Dollar is a long.

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S&P 500 Futures   #ESH25

Monthly –Monthly bar contained within the Median line parallels from October 2022. Trade pressures remain up. Volumes closed the month of January as bullish.  The 6181 price remains the high. The next target up is 6633.  A close below 5870, would confirm a weekly move lower. The next target down would be 5523.

Weekly – The weekly has a lower close.  Trade pressures remain down. Volumes remain bullish. This weeks close has formed a “spinning top”, a sign of indecision, and a lower high. A close below 5845 would confirm any daily move lower.

Daily – Short. Failed move up has moved down below the trendline from the December 6181 high at 6067 on 1/31, the close below 6094 has signaled lower. Trade pressures are now down.  Volumes are now bearish.
Look for a rally above 6100 to short as price moves back down thru 6094. The next target down is 5932.
A close above 6094 is also required to start a new move up.

The expected oversold level rises to 5980.
The expected overbought level rises to 6159.

[2-2-25: Sunday Nite session. Gapped lower to 5941. Wait for a retracement.]

[2-4-25: Closed the gap caused by the Monday open down to the oversold level.]