Market Pressures_

Copper is now in a new move lower. Gold is moving higher. Silver still wants to go higher, but can’t get going.

Crude is in a retracement. Natural gas finally broke out to the upside.

The Us 30 Year Treasury Bonds are in a move up to the first target. Expect consolidation.

The Us Dollar futures are still in rally mode, but showing some divergences.

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S&P 500 Futures_

Monthly – In the move down from the 2662 short confirmation level. Trade pressures are still up but turning down. Volumes closed the month of April as neutral. The next target down is 2304. A close above 2883 would confirm and weekly move higher.

Weekly – In the move down from the 2803 level. Trade pressures are up. Volumes are bullish. The next target down is 2589. A close above 2796 would confirm any daily move higher.

Daily – Flat. In the  retracement move up inside the longer cycle down move. Trade pressures are up but moving down toward the neutral zone. Volumes have changed from bullish to bearish.

The next target up is 2753. This target is also in the midst of a cluster of resistance lines. expect a pullback, but any breakout to the upside should be significant.

The Navellier Top 5 have had a big week to the upside. Navellier is recommending a move to smaller capitalization companies to focus more on domestic earnings as the US Dollar rises.