Market Pressures_

Copper has been trending down, but the jobs numbers accompanied by low inflation indications saw a sharp move higher. Gold indicates higher. Silver is not participating.

Crude oil was in a short with tight stops. Natural gas is flat but in a slight trend upwards.

The US 30 year Treasuries tried to move up in price but stalled at the 25×5 moving average.

The US Dollar Futures are slowly moving higher.

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S&P 500 Futures_

Monthly – The 2008-2009 move down took 15 months to complete. Ensuing corrections have lasted 4-7 months. We are now in a second month following the sharp move down last month. Trade pressures are up. Volumes closed the month of February as Bullish. The next target up is 3383. A close below 2657 would confirm a weekly move lower.

Weekly – A rally back to recovery highs. Trade pressures are down but turning up into the neutral zone. Volumes are neutral. 2569 is the next target lower. A close above 2791 would signal a new leg up. The next target up would be 2927.

Daily – Flat. The short entry at 2707 is being tested, now above the 25×5 moving average; a bullish signal. Trade pressures are up. Volumes decidedly bullish. If the 2789 pivot holds, the 2573 is the next target down. The next target up is 2812, which is also the downtrend resistance line and the previous high pivot; so a confluence of of targets that would likely act as resistance.

A break thru these multiple levels would signal upside strength.

The Navellier Top 5 performed well this week.