This morning’s "SPX futures chart" is steady despite mixed commodity market signals. Gold’s slight uptick hasn’t derailed equity sentiment, with futures hovering in a tight intraday range. So here’s another one, decidedly from the pessimistic camp. It’s a take from independent research firm the MacroStrategy Partnership, which advises 220 institutional clients, in a note written by analysts including Julien Garran, who previously led UBS’s commodities strategy team. US stocks surged to close near the highs of the session on Monday after a US-China deal to temporarily slash reciprocal tariffs offered relief to markets worried about a trade war. Short-term traders note that the "SPX futures chart" is testing resistance aligned with the 20-day moving average. A clean breakout could target new highs, contingent on supportive market internals.