Market Pressures __

Copper continues down.

Gold and silver are showing some small strength.

Crude Oil (WTI) is still in its downtrend, but near some targets.

The US dollar is still in bullish mode but taking a pause.

The US Long Bonds are in a strong up-move in price, but targets are also nearby.

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S&P 500 Futures__

Monthly – The July Month Closed Up. Trade pressure are still up. Volume changed to bullish from neutral. The next target up is 2182.

Weekly – 2056 remains the short confirmation level. Trade pressures are down. Volume is bullish, but declining. The next target up is 2246.

Daily –  The Trade is short from the 8/3 2092 entry price. The move down has allowed us to move the stops to the entry price. Two cycle targets are below –  the longer cycle 2073 and the short cycle target of 2066. The 200 day moving average is 2057 and the pressures make it seem likely to test that 2057 level.

Trade pressures are down. Volume closed bearish on both Thurs and Friday of last week.

August is typically low volume trading, so be ready to take profits, or move stops, at these levels.

[Update: Tuesday 8/11/15: The Monday announcement of Buffet’s purchase of Precision Cast Parts lifted the market past the the 2092 stop. The ES trade is now flat. Then on Tuesday the news of China’s devaluation of the Yuan reversed the US markets. Still no Trade.]