Market Summary:

Copper establishing new levels.  Gold rallies on more tariff news – sold the rip. Silver rallied off the 36 level.

Crude move down is at multiple supports.  Natural Gas move up failed, selling continues.

The US 30yr Treasury pulls back awaiting the CPI results. The 10yr yields now in the 4.20’s. The expected oversold level for the 10 yr yield is 4.11%

The US Dollar continues higher highs and higher lows in the long trade.

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S&P 500 Futures   #ESU25

Monthly –Monthly bar trading 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 found support and moved up off the 12/2024 trendline of the recent highs.  Trade pressures are up. Volumes have returned bullish.  The next target up is 6630.  A close below 6237 would confirm any daily move lower.

Daily – Long. In the move up from 6290 on 8/4 to 6414.  A close below 6373 would trigger a short entry.  Trade pressures are up.  Volumes are now bullish.

The close on 8/4 above 6290 signaled higher. Traded to 6426 resisitance on 8/7. Then pulled back, only to rally from from 6383 into the weekend .

The next target up is 6450. The expected overbought level declines to 6423. So, expect reisistance.

The next target down is 6118. The expected oversold level declines to 6251.

A lower than expected Tuesday CPI report will set the tone.

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