Market Summary:

Copper breaks down after the rally.  Gold continues lower. Silver fails at each rally attempt.

Crude watching the 88 support level. Natural Gas move up fails, and is below the  200 day MA.

The US 30yr Treasury – Oversold. A break above the downward channel boundary continues to be the objective, but no relief as the overbought levels continue to rise.
The 10yr yield at 5.27%. The expected overbought level for the 10yr yield at 5.40%.

The US Dollar – The USD moves even higher into OB.

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S&P 500 Futures   #ESZ26, #MESZ26

Monthly –Monthly bar level with the prior month. Trade pressures remain up,  Volumes closed the month of September as bullish.  The 7906 price remains the high.  The next target up is 8752.  A close below 7575 would confirm any weekly move lower.

Weekly – The weekly bar is below the prior week’s close.  Trade pressures remain up, but declining. Volumes are now bearish.  The next target down is the 7600 support level. A close below 7657 would confirm any daily move lower.

Daily – Flat.  At the 7805 resistance line, lower highs Trade pressures are up,  Volumes are bullish.

A close above 7805 would confirm signal higher to 7907. The expected overbought level declines to 7789 (likely resistance),

A close below 7728 would signal lower. The expected oversold level rises to 7605. (important divergence)

[OB/OS channel is narrowing.]
The VIX closes below 19, at 15.3 indicating market remains investable.
The Hedgeye.com VIX risk range is 14.00 – 17.11.

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