Market Pressures_

• Copper has had an uneven rally off the 2.48 lows. Gold and Silver are in a second leg down.
• Crude oil has had six day rally. Natural gas attempted a rally but it has failed.
• The US 30yr Treasury has had a nice move down with a 152 target nearby.
• The US Dollar futures tried to breakout to the upside but failed and moved lower towards the 94.50 target.

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S&P 500 Futures_

Monthly – The move up that started in the summer of 2015 continues. Trade pressures are up. Volumes closed bullish for the month of June.  2766 is the next monthly target up. A close below 2230 would confirm a weekly move down.

Weekly – The weekly has been in consolidation for the last four weeks. Trade pressures are up but showing divergence. Volumes closed the week as bearish for the first time in nine weeks. The next target up is the 2477-2482 area. A close below 2379 would confirm any daily move down.

Daily – Short. The close below the 2432 level has triggered the short trade. Trade pressures have risen into the neutral zone. Volumes are neutral.

The next daily target down is the 2401 profit target.

Lower stops to the high of the 6/29 down bar, 2445.

[7-5-17: Lower stops to the 2432 break-even.]

[7-5-17: stopped out for the breakeven in the afternoon trading.]

[This down cycle ends 7-11-17, so take the profit at the 2401 profit target,if met.]