Market Pressures_

• Copper is consolidating at the upside target. Gold and Silver are in a move up; follow with tight stops.
• Crude oil was stopped out of the short trade, but look for a re-entry. Natural gas is pulling back inside the larger move up.
• The US 30 year Treasury is in a new long trade.
• The US Dollar futures continue to decline, reaching new lows.

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S&P 500 Futures_

Monthly – The uptrend continues. Trade pressures are up. Volumes are bullish. The next target up is 2788. A close below 2255 would confirm any weekly move lower.

Weekly – At the 2477 upside target. Trade pressures are up and trending. Volumes remain bullish. The next weekly target up is 2484. A close below 2403 would confirm any daily move lower.

Daily – Flat. At the 2474 target. Trade pressures are up and extended. Volumes are bullish.

The next target up is 2504.

A close below 2456 would signal a short cycle move lower.

Earnings continue to impress, so this August may not be as quiet as usual.