Market Pressures_

• Copper in neutral, with a bias to the upside. Gold and Silver have signaled higher.
• Crude is still in a short position but momentum seems to against the trade. Natural gas is looking higher also.
• The US 30 year Treasury Bonds has had a move up, but no trade signaled, up or down.
• The US Dollar futures continue the move down.

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S&P 500 Futures_

Monthly – A new monthly high at 2461.25. Trade pressures are up. Volumes closed the month of June as bullish. the next monthly target up is 2766. A monthly close below 2240 would confirm any weekly move lower.

Weekly – New momentum. Trade pressures remain up. Volumes have changed from neutral to bullish. The next target up is 2477-2484. A close below 2388 would confirm any Daily move lower.

Daily – Flat. The prior week attempt at a new short has been voided by this move in to new highs. Trade pressures are up and trending. Volumes are bullish.

The next daily target up is 2464.

A close below the 25×5 moving average would signal lower.

Summer trading is showing declining volumes, so be careful.