Market Summary:

Copper pulls back and rallies again to contract highs.  Gold lower highs tutn into a bull flag and then a break out to ATH’s. Silver mirrors gold.

Crude fails at the September trendline support, holding just below.  Natural Gas, a second rally and a second retracement which has now broken the trend line down.

The US 30yr Treasury pulls back to Feb trendline support. The 10yr yields consolidating around 4.30%.

The US Dollar is now Flat, and at downside targets.

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S&P 500 Futures   #ESH25

Monthly –Monthly bar closes well below the prior week’s range. Trade pressures remain up, but declining. Volumes closed the month of February as bullish.  The 6181 price remains the high. The close below 5870 did confirm a weekly move lower. The next target down is still 5523. A close above 6082 would confirm any weekly move higher.

Weekly – The weekly has yet another lower close.  Trade pressures remain down. Volumes remain bearish.  The close below 5911 confirmed the daily move lower. The first target down of 5619 is met. The next target down is 5272. A close above 5883 would confirm any daily move higher.

Daily – Flat. At the 5564 downside target. Trade pressures remain down but a smal rise is developing.  Volumes are now neutral.

The next target down is 5631. The expected oversold level declines to 5456.

A close above 5724 would signal higher. The expected overbought level declines to 5850.

Some basing is likely here and could generate some short covering, which would be a possible re-shorting opportunity.
(Perhaps the market is seeing some tariff relief? But even that won’t turn the GDP numbers higher soon.)

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