Market Summary:

Copper in a new long.  Precious metals lower volatility. Gold in neutral zone and Silver trying to breakout.

Crude lower, failed any long entry.  Natural Gas in move up, consolidating.

The US 30yr Treasury in new move up.
The 10yr yields trade below 4.10%. The expected oversold level for the 10yr yield rises to 4.06%

The US Dollar breaks out above 200 day MA.

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S&P 500 Futures   #ESZ25

Monthly –Monthly bar in correction off 6953 highs. Trade pressures remain up. Volumes closed the month of October as bullish on rising volumes.  The 6953 price remains the adjusted high. The next target down is 6295. A close below 6643 would confirm the potential weekly move lower.

Weekly – The weekly bar declines below of the prior week low.  Trade pressures are up, but turning down. Volumes remain bearish. The next target up is the upper median line parallel at 6907.  Very near a close below 6603, which would confirm any daily move lower.

Daily – Flat. In the move down from the lower high on 11/13. A failed rally after the NVDA earnings sends the market down hard to a 6525 low pivot on 11/21. Trade pressures are down. Volumes were bearish all week.

Uptrend channel support from May 2025 had held 5 times; too many tests, then failed. The next target down is 6409. The expected oversold level declines to 6491.

A close above 6653 would signal higher. 6735 is resistance ->. The expected overbought level declines to 6726.

[OB/OS trend is declining.]

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