Market Summary:
Copper is retracing the move up to resistance. Gold showing successive lower highs. Silver in second bull flag.
Crudebreaks out of bullflag once again. Natural Gas now short.
The US 30yr Treasury is a new long. The 10yr yields return to the 4.50’s.
The US Dollar is at support.
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S&P 500 Futures #ESM25
Monthly –Monthly bar closes well above the prior month high. Trade pressures remain in the neutral zone. Volumes closed the month of May as neutral; on lower volumes. The 6233 price remains the adjusted high. The next target up remains 6196. A close below 5770 would confirm any weekly move lower.
Weekly – The weekly bar is above the October median line which is acting as support for now. Trade pressures are up. Volumes remain bullish. The next target up is 6197. A close below 5677 would confirm any daily move lower.
Daily – Flat. In the retracement move down and touched the 61% target of 5861 on 5/30, which could act as support. Trade pressures are down into the neutral zone. Volumes again choppy and finished the week as bearish.
The next target down is 5771. The expected oversold level rises to 5760.
A close above 5972 would signal higher. The expected overbought level rises to 6013.
[6-6-25: New Long entry at 5972. SL is 5929.]
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The Year-to-Date portfolio performance is up 27%.