Market Summary:

Copper continues the rally.  Gold retested lower highs and Silver breaks above multi-year highs.

Crude breaks out in a new long trade.  Natural Gas in breakout to test June 2025 highs.

The US 30yr Treasury new move up fails.
The 10yr yields trade back up above 4.10%. The expected oversold level for the 10yr yield declines to 3.96%

The US Dollar breaks below 200 day MA as breakout fails.

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S&P 500 Futures   #ESH26

Monthly –Monthly bar consolidating around 6800 off the 6953 highs. Trade pressures remain up. Volumes closed the month of November as bullish.  The 6953 price remains the adjusted high. The next target down is 6643. A close below 6643 would confirm any weekly move lower.

Weekly – The weekly bar rallies back into the uptrend.  Trade pressures are up, but continuing to turn down. Volumes are bullish, but on lower volumes. The next target up is the upper median line parallel at 6899.  A close below 6603 would confirm any daily move lower.

Daily – Long. Long trade stopped out at 6804. Trade pressures remain up. Volumes remain bullish.

The next target up is 7028.  6891 is resistance and a breakout would be significant. The expected overbought level rises to 6956.

A close below 6838 would signal lower. The expected oversold level rises to 6720.

[OB/OS trend is rising.]

[12-6: VIX in the teens. Look for pullback toward mid-to-low 6800’s to re-enter long trade.]

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