Market Summary:

Copper grinding higher.  Gold down after the rip above 3500.  Silver showing a lower high..

Crude consolidating below the 200 day MA..  Natural Gas move down now seeing some covering.

The US 30yr Treasury down on better than expected inflation reading. The 10yr yields now in the 4.30’s. The expected oversold level for the 10yr yield is 4.17%

The US Dollar continues higher highs and higher lows in the long trade. At the lower channel support now.

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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 6508 price is the new adjusted high. The next target up is 6630. A close below 6196 would confirm any weekly move lower.

Weekly – The weekly bar found support and moved up off the 12/2024 trendline across the recent highs.  Trade pressures are up. Volumes remain bullish.  The next target up is 6630.  A close below 6283 would confirm any daily move lower.

Daily – Long. In the move up from 6290 on 8/4 to 6508.  The next move down is from 6451. Trade pressures are up.  Volumes remain bullish.

The next target up is 6522. The expected overbought level rises to 6512. (So, expect higher highs?)

A close below 6451 would trigger a short entry.  The expected oversold level rises to 6321.

CPI increase was less than expected, but now inflation may resume its increase, projected to rise in the 4th quarter.

[8-19-25: Short entry triggered at 6451. Next target down is 6394. SL at 6476.]

[8-20-25: Lower the SL to BE, 6451. TP at 6326.]

[8-21-25: Lower the SL to 6430. TP at 6326.]

[8-22-25: SL triggered at 6430.]

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