The weekly buy signals generated last month for a number of U.S. indices remain in effect. The Russell 2000, Mid-Cap (MDY) and Dow Transports have had a strong rally, and into resistance areas that are likely to result in a pause/pullback. Long-term trends remain favorable.

We remain bullish on most of the U.S. indices with the exception of the Utilities which we believe is topping.

The buy triggered in recent weeks remains in effect for the S&P 500, Nasdaq Composite, Russell 2000, Mid-Cap MDY and the Dow Transports.

We had a number of buy triggers last week in not only U.S. indices, but also for Spain, Italy, Nikkei and the Hang Seng.

The recent volatility and market weakness triggered a number of ellipse buys in the U.S. indices while most of the European indices have pulled back to support areas which keep them positive. The trade war headlines has brought the Shanghai Composite below its long-term average and uptrend off the January low. This puts the index in a weak position and cancels our bullish call.

The Nasdaq Composite is also approaching a target area which puts us on alert in the coming weeks.

Not much has changed in our view. We remain constructive on all the developed markets and cautious on the Kospi 100. Both the Russell 2000 and Mid-Cap MDY have pulled back to a support area where we would be adding exposure.

We remain bullish on many of the equity markets we cover on a weekly basis. The S&P 500 has cleared the 3000 mark and we believe our long-term target of 3180 off the 2009 low will be achieved in the months to come.  Stay long!

This week, we are sending out our review of Currencies, Commodities and the U.S. 10-year. We would like to note that the sharp reversals in stocks such as FDX, UPS, CSX and KEX in the Dow Transports, the index has turned negative and is at risk to test the June lows. We are going to a negative stance for now.

We remain bullish on almost all markets we cover on a weekly basis. Upside momentum has increased for these markets and we highlight our near and long-term targets.

Our intermediate to long-term views have not changed.

In this weeks review, we are focusing on the U.S. market indices. When looking at the intermediate to long-term trends, we don't have any change and remain bullish. Short-term, the recent market pullback has offered a good reward to risk buy for the S&P, Nasdaq Composite, and soon to be seen, the Dow Transports.

We remain bullish on most markets reviewed. Both the S&P 500 and Nasdaq Composite have pulled back to ellipse support to trigger a buy on a daily basis.

We believe this volatility, due to trade tensions with China, will be well contained and offer opportunities to add to long positions.

Momentum continues to build for China's Shanghai Composite and we would be adding exposure.