Market Summary:

Copper after crash settles at the mid 4’s.  Gold now backtesting the prior break down. Silver decline consolidating at the weekend.

Crude retracing the mid-week breakout rally.  Natural Gas move up failed, selling continues.

The US 30yr Treasury continues rally. The 10yr yields now in the 4.20’s.

The US Dollar continues the long trade.

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S&P 500 Futures   #ESU25

Monthly –Monthly bar closes just above the prior month low. Trade pressures rising just above the neutral zone. Volumes closed the month of July as bullish; again on lower volumes.  The 6468 price is the new adjusted high. The next target up is 6630. A close below 6157 would confirm any weekly move lower.

Weekly – The weekly bar has pulled back to the 12/2024 trendline of the recent highs, which is now acting as support.  Trade pressures are up. Volumes have turned bearish.  The next target up is 6630.  A close below 6137 would confirm any daily move lower.

Daily – Flat. In the move down from the new downtrend on 7-31.  A close below 6220 would trigger a short entry.  Trade pressures are down into the neutral zone.  Volumes are bearish.

The next target down is 6118. The expected oversold level rises to 6276, so some rally attempt is likely.

A close above 6290 would signal higher.  The expected overbought level declines to 6423, so this OB/OS range is closing.

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