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S&P 500 Futures Buy_Sell Levels

|Includes: SDS, ProShares Ultra S&P 500 ETF (SSO)

Market Pressures_ #trade summary

  • Copper has pulled back to the first downside target should consolidate here. Both Gold and Silver have moved into a new weekly uptrend.
  • Crude oil has moved up over the last two weeks to upper bound of the 52-54 channel. Natural gas continues the steady decline.
  • The US 30 yr Treasury bond has move up in price with some weekly confirmation.
  • The US dollar remains below the 101.50 level with a downward bias.

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S&P 500 Futures_ #eminifutures #spfutures

Monthly - In the second leg up of a 12 month move up and 4 months up from the 2152 long confirmation level. Trade pressures are up and trending. Volumes remain bullish for the last 10 months. The next monthly target up is 2766. A close below 2146 would signal lower.

Weekly - In this move up for 5 weeks. Trade pressures are up and trending. Volumes remain bullish. The next weekly target up is 2487. A weekly close below 2292 would confirm a move lower.

Daily - Flat. Eleven day into this move up that started Feb 2nd and have reached the 2351 and the 2363 targets. Trade pressures are up and trending. Volumes are bullish.

The next target up is 2413.

A close below 2328 could signal lower.

The averages seem stretched in terms of valuations, but selected stocks are not and the rotation to them carries this market higher - for the moment. So, yes, there will be a correction; but from where?

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