Market Summary:

Copper breakout failed, in consolidation at the 200 day MA support. Gold and Silver sell off, but now trade pressures are rising. GVX rising, creating risk.

Crude settling into a much higher range 86-102.  Natural Gas in channel with a positive bias.

The US 30yr Treasury selling off hard
The 10yr yields rally to 4.44%.  The expected overbought level for the 10yr yield rises to 4.46%.

The US Dollar – consolidating at 99.96, testing the upper parallel boundary.

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S&P 500 Futures   #ESM26

Monthly –Monthly bar drops thru the October ’22 Median line. Trade pressures remain up, but declining. Volumes closed the month of February as bullish, but clearly bearish now.  The 7092 price remains the adjusted high.  The close below 6782 confirmed the weekly move lower. 6279 is the next target down. A close back above 6782 would signal higher.

Weekly – The weekly bar breaks the October ’23 Median Line support.  Trade pressures remain down. Volumes remain bearish. A close below 6742 confirmed the daily move lower. The next target lower is 6226. A close above 6668 would signal higher.

Daily – Flat.  Trade pressures are down. Volumes are again bearish.

At the 6399 target. The next target down is 6291. The expected oversold level declines to 6426.

A close above 6497 would signal higher (bear market rally back to the 200 day MA?). The expected overbought level declines to 6701.

[OB/OS trend is declining.]
The VIX is rising above the Chop Range; placing hedges forces the market maker to do the opposite.

[3-27-26: VIX >29 in the red zone.]

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