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S&P 500 Futures Buy-Sell Levels

|Includes: ProShares UltraShort S&P 500 ETF (SDS)

Market Pressures_

Copper and Gold in downtrends but showing some resiliency. Silver in a new uptrend.

Crude Oil is caught in two opposing cycles, one up and one down. Natural Gas is in a long cycle but without conviction.

The 30 year US Treasury Bond Futures have broken down as the prospect of a FED 1/4% rate increase gets more attention.

The US Dollar futures are rising after testing support this last week.


S&P 500 Futures_ ESU16 #eminifutures #spfutures

Monthly - The 2191 levels have acted as resistance. 1970 is the monthly confirmation level for any down-move. Trade pressures are up. Volumes closed the month of August as bullish.

Weekly - Sharp move down this week. The 2114 close is below the 2118 weekly confirmation for a short. Trade pressures are up but rolling over. Volumes have changed from bullish to bearish.

Daily - Short. Trade pressures are down just thru the neutral zone. Volumes closed the day as very bearish.

The decisive move down thru the 2157 short entry sets up the first downside target of 2106. The next target down is 2053.

The large moves in all classes suggest large index ETF shorts were put on, thereby forcing the ETF managers to sell the names inside the ETF to offset the trade.

A close above 2162 will be required to restart the move up.

Additional disclosure: The author may have long or short positions in any of the securities mentioned.