Market Summary:

Copper breaks out and powers higher on demand and inflation. Gold late week rally stalls at resistance. GVX in the mid 20’s, allowing risk.

Crude continues lower.  Natural Gas attempts another breakout but turns lower once again into the weekend.

The US 30yr Treasury rises as the 10yr yield declines.
The 10yr yields decline to 4.35%. Quickly OS, as the OB/OS range is narrow.
The expected overbought level for the 10yr yield rises to 4.47%.

The US Dollar – Lower pressures remain; continuing lower.

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S&P 500 Futures   #ESM26, #MESM26

Monthly –Monthly bar recovers and is making new ATH’s. Trade pressures remain up, still declining. Volumes closed the month of April as bullish.  The 7427 price is the adjusted high.  The next target up is 7615. A close below 7117 would confirm any weekly move lower.

Weekly – The weekly bar higher off the Oct 31 resistance line which now becomes support.  Trade pressures remain up. Volumes remain bullish.  The next target up is 7615. A close below 7253 would confirm any daily move lower.

Daily – Flat.  Continues in the move up from the 6893 long entry on 4/13. Trade pressures remain up, declining. Volumes remain bullish.

The next target up is 7425, still above the OB level.  The expected overbought level rises to 7399.

A close below 7329 would signal lower. The expected oversold level rises to 7224.

[OB/OS trend is rising.]
The VIX closes below 19 at 16.98 indicating market is investable.
The Hedgeye.com VIX risk range is 16.14 – 19.38.

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