Market Pressures _

Copper is testing highs, but seems vulnerable to a retracement. Gold looks lower still. Silver may be basing.

Crude Oil has had a sharp move up, and 54.00 seems to be the target. The long trade in Natural Gas is working nicely, raise your stops.

The FED is signaling the rate hike but any incipient inflation seems to be fully discounted in the 30 YR US Treasury bond futures. Look for a rally.

The Us Dollar futures have stared a small retracement down.

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S&P 500 Futures_

Monthly – Holding at the new highs. Trade pressures are up but showing a slight decline. Volumes closed the month of November as Bullish.

Weekly – Made a small new high then pulled back, Trade pressures are up. Volumes remain bullish. The next target up is 2310. A close below 2141 would confirm a new move down in the daily.

Daily – Flat. The 2208 target was met and is acting as resistance. Trade pressures are up but rolling over. Volumes have changed to bearish.

The next target up is 2244.

The new short entry is 2174.50.

The stop will be the 2213.75 high.