Market Summary:

Copper in downtrend and approaching oversold.  Precious metals show high volatility. Gold has100 pt moves and Silver full 1 pt moves.

Crude whipsaws, setting up for a new long.  Natural Gas in move up, showing resisitance.

The US 30yr Treasury in move down, near OS.
The 10yr yields continue to trade above 4.10%. The expected oversold level for the 10yr yield rises to 4.03%

The US Dollar pulls back near OS levels.

_________________

S&P 500 Futures   #ESZ25

Monthly –Monthly bar in correction off 6953 highs. Trade pressures are up. Volumes closed the month of October as bullish on rising volumes.  The 6953 price remains the adjusted high. The next target up is 7148. A close below 6643 would confirm any weekly move lower.

Weekly – The weekly bar declines to support but falls short of the prior week low.  Trade pressures are up. Volumes remain bearish. The next target up is the upper median line parallel at 6918.  A close below 6603 would confirm any daily move lower.

Daily – Flat. breaks out of the bull flag at 6829 on 11/10. Then, gets stopped out of that move up at 6825 on 11/13 in the am trading. This move down backtests the prior bull flag. Trade pressures are down. Similar to prior week’s, volumes were bearish early in the week, but turned bullish at the Friday close.

Uptrend channel support from May 2025 has held 5 times, and now at 6725. The next target down remains 6603. The expected oversold level declines to 6699.

A close above 6802 would signal higher. [But, wait] 6801 is resistance. The expected overbought level declines to 6914.

Look for price near the OS levels for any long trades

[OB/OS trend is declining.]

__________________