The index triggered a long-term ellipse buy and we are initiating a long position right here.

The TLT has approached a target zone of $148-$152 based on our money flow work and the Make or Break (MOB) target band. The index is also very close to the upper end of 10-year channel. We would be looking to trim long exposure into this zone.

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.

Attached are our current thoughts on the NDX which are constructive as was our note yesterday for the S&P500. We are out of the office for a couple of days for the loss of a close friend and will postpone our Technical Tuesday report for later this week.

The S&P is approaching an Ellipse turning point indicator, with a range of 2814-2830, and our MFU-3 target of 2806. This is the first zone we would look to place a tactical long on with a stop just under the 200 day average. If things get overdone with more negative headlines, then we see risk to 2730. Our intermediate to long-term target of 3180 remains intact.

Gold is approaching our MFU-4 target of $1482, and we would be trimming long exposure. When price reaches an MFU-4 target area, it's very prudent to trim, and in some cases, sell an entire position. Given the trade wars and investors flight to safety, we are only trimming long exposure and will wait for either a negative Money Flow Unit (MFU) to develop, or for an extended leg higher.

There was a weekly close below 2950 which we highlighted last week as a level to monitor for a "deeper pullback", and now we are right at the 50-day avg.

In this report, we are comparing the U.S. Financials, as tracked by the Select Sector Fund (XLF) to the iShares Global Financials ETF (IXG) to highlight some differences and stocks that screen well on our multi-factor model. We continue to favor the U.S. financials as a basket over non-U.S., but we can to find favorable long ideas elsewhere.

CF has a bullish base in place with good relative performance vs. the All Country World Index (ACWI).

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.

On July 2 we sent out a note to buy gold as an "ellipse" buy triggered on our work. Gold has consolidated for three weeks and is now breaking a short-term downtrend, and we are adding to longs.

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!

The recent pullback in gold held at trend support and we have an "ellipse" turning point indicator triggering as a buy. We expect a rally to take out the recent high.

The Russell 2000 turned up nicely yesterday off an ellipse turning point indicator, similar to what we had on May 31. Momentum is building, and we would be adding to longs right here and aggressively above 1625.

After pulling back to the uptrend off the January low, Ford is breaking a downtrend after a one-month con-solidation. Relative performance vs. the S&P is turning up as well. We see significant upside from here.