Market Summary:

Copper breaks out to OB resistance.  Gold moves up out of the June bull flag. Silver up sharply at the end of the week. All are inflation trades.

Crude sold down on another tariff volley, but it is an inflation trade also.  Natural Gas in a new move up.

The US 30yr Treasury selling off into the CPI report on July 17th. The 10yr yields now in the 4.40’s.

The US Dollar did move lower, but now in a new long trade.

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S&P 500 Futures   #ESU25

Monthly –Monthly bar new all time high. Trade pressures remain in the neutral zone, but rising. Volumes closed the month of June as bullish; again on slightly lower volumes.  The 6335 price remains the new adjusted high. The next target up is 6512. A close below 5893 would confirm any weekly move lower.

Weekly – The weekly bar breaks above the trendline of the recent highs which is now acting as support.  Trade pressures are up. Volumes remain bullish.  The next target up is 6514.  A close below 6004 would confirm any daily move lower.

Daily – Flat. Still in the move up from 6082 on 6/24. Stopped out of the long trade at 6267 on 7/7.  Trade pressures are up but turning down.  Volumes are neutral.

The next target up is 6389. Still very OB.  The expected overbought level rises to 6311.

A close below the April Trendline at 6254 would signal lower. The expected oversold level rises to 6141.

(Still can buy the dips inside a 200 point move down.)

7-17-25: CPI report expects rise in inflation. maybe less than expected? A market mover, nonetheless.

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