Copper is reacting to the China markets. Our trade is at its first downside target.

Gold and silver are at downside support and nearing a long setup.

The oil trade is long on two cycles.

Currencies are being affected by the dollar. The DX trade is short.

The 30 year T-Bond is in a long trade.

The markets still in limbo awaiting the resolution of the Greek financial situation. The FED remarks gave further credence to those same issues recognizing the pressures that a rate increase and an increase in the US dollar might have on the Eurozone economy.

The next quarterly earnings reports begin anew in a few weeks. So expect these exogenous events to take precedence in the traders minds in this intervening period.

S&P Futures levels_ [front month now in the September contract]

Monthly – Trade pressures are up. Volume remains bullish. The next target up is 2182.

Weekly – Trade pressures are down. Volume is bullish. The next target up is 2246. A weekly short entry signal requires a weekly close below 2058.

Daily –  The early part of the week tested the prior week’s lows and then a Thursday rally took price back above the 80 day moving average.

The trade is flat.

Trade pressures are up. Volume is bullish. The Time pressures are up thru mid July. The 2088 level remains as a pivot. The bias remains up.