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S&P 500 Futures
Market Summary:
Copper 4.30 profit stop met. Gold spikes higher and then begins a correction. Silver in the new move up, but now at 28.90 resistance (also the profit stop).
Crude in consolidation at 88.00. Natural gas continues the move down breaking support and testing recent lows.
The US 30yr Treasury Bond continues down. The 10yr yields rally to upper channel resistance.
The US Dollar futures tests the 106 levels.
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S&P 500 Futures #ESM24
Monthly – April month’s high was fractionally higher. Trade pressures are up. Volumes closed the month of March as bullish. The next target up is 5439. A close below 5022 would confirm any weekly move lower.
Weekly – The weekly closes below the 4/1 intra week pivot high and the new short entry at 5193. Trade pressures remain up, but declining. Volumes are now bearish. The next target down is 5052. A close above the prior week’s open at 5263 would confirm any daily move higher.
Daily – Flat. The close below 5193 has signaled lower. Trade pressures are now down. Volumes are now bearish. The next target down is 5052. The overbought level drops to to 5278 (lower highs on the OS/OB). The expected oversold level is declining to 5128.
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Navellier Top 5 Stocks – This Top 5 model portfolio begins each year at $100,000. The Top 5 Growth stocks are tracked throughout each year. This portfolio is marked to the market and is restarted at $100,000 for the 2023 year.
The Navellier portfolio stocks closed down 35% for the 2022 Year. The Navellier portfolio stocks closed up 17% for the 2023 Year.
Portfolio stock values for 2024, moved to close the week lower, at approximately $131,000. The Year-to-Date portfolio performance closes up 31%.
[The author may have long or short positions in any of the securities mentioned.]
US$$
#usdollarfutures #ustreasurybondfutures
USD_ DXM24
Weekly – Remains in the new April uptrend. Trade pressures are up. Volumes are now bullish.
Daily – Flat. In the move up from 103.48 on 3/19 and now near the 106.48 target. Trade pressures are up. Volumes are bullish.
The next target up is 106.48. The expected overbought levels remain 105.57.
A close below 104.25 would signal lower. 103.745 is the expected oversold level.
US30YR T-BOND_ USM24
Weekly – Breaking support, now in a new April 2024 downtrend. Trade pressures are down. Volumes are bearish.
Daily – Flat. Sold down thru the 114-31 support, moving to the lower median line channel. Trade pressures are down. Volumes are now neutral.
The next target down is the LML at 113-07. Oversold levels are 112-16.
A close above 115-31 would signal higher. Overbought levels are 117-15.
Oil & Gas
#crudeoilfutures #naturalgasfutures
CRUDE_ CLK24 (May Contract)
Weekly – In a New uptrend from March 29. Trade pressures are up. Volumes remain bullish.
Daily – Flat. The move up thru the 86.05 target has stalled and is now consolidating. Trade pressures are down into the neutral zone. . Volumes are now bearish..
Still expecting a back-test of the breakout to the 84 level. The next target up is 89.00. The expected over-bot level is 87.97.
A close below 84.51 would signal lower. The expected oversold levels are 82.90.
NAT GAS_ NGK24
Weekly – In the February 2024 downtrend. Trade pressures remain down. Volumes remain bearish.
Daily – Flat. Remains at the 1.78 short entry. Trade pressures are down. Volumes are bearish..
The next target down remains the 1.36 downside ML. The expected oversold level rises to 1.72.
A close above 1.78 would signal higher. The expected overbought level remains 1.94.
[higher lows in the OS/OB levels; signals a change.]
Metals
#copperfutures #goldfutures #silverfutures
COPPER_ HGK24
Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes are now bearish.
Daily – Flat. The long trade profit stop above the OB levels was triggered at 4.30. Trade pressures remain up. Volumes are bearish.
The next target up is 4.33. The expected overbought levels are 4.41.
A close below 4.23 would signal lower. The expected oversold levels are 4.02.
GOLD_ GCM24
Weekly – In the December 2023 uptrend. Trade pressures are up. Volumes are bearish.
Daily – Flat. The move up from the 2095 long entry on 3/1 spiked to a 2448 high and pulled back below the 2409 short entry. Trade pressures are up but declining. Volumes closed bearish.
The next target down is 2280. The expected oversold level is 2229.
A close above 2418 would signal higher. BUT: The expected overbought level is 2391.
SILVER_ SIK24
Weekly – In the December 2023 uptrend. Trade pressures are up. Volumes are bearish.
Daily –Long. The break out at 25.10 on 4-1-24 has carried the move to a spike above the 28.23 target. Trade pressures up but declining. Volumes are now bearish.
The next target up is 30.57 and is well above the OB level. Overbought levels are 28.87.
A close below 27.72 would signal lower. Oversold levels are 26.04.
[4-14-24: Take profits at 28.87. Set the SL at 27.20.]
[4-15-24: Profit stop triggered at 28.87. Flat.]
S&P 500 Futures
Market Summary:
Copper turned higher after a pause. Gold breaks multi year highs. Silver retracement starts a new move up but now at resistance.
Crude breaks above the upsloping channel boundary. Natural gas continues the move down to the 1.30’s.
The US 30yr Treasury Bond turns down. The 10yr yields rally.
The US Dollar futures tests the 105 levels.
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S&P 500 Futures #ESM24
Monthly – March fractionally higher. Trade pressures are up. Volumes closed the month of February as bullish. The next target up is 5439. A close below 5022 would confirm any weekly move lower.
Weekly – The weekly closes below the 4/1 intra week pivot high; lower closing lows. Trade pressures remain up. Volumes are now bearish. The next target up remains 5893. A close below the prior week’s low at 5200 would confirm any daily move lower.
Daily – Flat. Touched the 5193 short entry, but next day closed 50 pts higher. Trade pressures are now down. Volumes are now neutral. The next target down is 5052. The overbought level drops to to 5284 (lower highs on the OS/OB). A close below 5193 would signal lower. The expected oversold level declines to 5125.
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Navellier Top 5 Stocks – This Top 5 model portfolio begins each year at $100,000. The Top 5 Growth stocks are tracked throughout each year. This portfolio is marked to the market and is restarted at $100,000 for the 2023 year.
The Navellier portfolio stocks closed down 35% for the 2022 Year. The Navellier portfolio stocks closed up 17% for the 2023 Year.
Portfolio stock values for 2024, moved to close the week lower, at approximately $136,000. The Year-to-Date portfolio performance closed up 36%.
[The author may have long or short positions in any of the securities mentioned.]
US$$
#usdollarfutures #ustreasurybondfutures
USD_ DXM24
Weekly – Remains in the new December downtrend, testing the resistance. Trade pressures are now up. Volumes are now bearish.
Daily – Flat. In the move up from 103.48 on 3/19 and now near the 105.01 target. Trade pressures are down but rising. Volumes are bearish.
At the 105.01 target. The expected overbought levels remain 104.96.
A close below 103.92 would signal lower. 103.74 is the expected oversold level.
US30YR T-BOND_ USM24
Weekly – In the new December 2023 uptrend at support. Trade pressures are down. Volumes are bearish.
Daily – Flat. Sold down thru the 119-18 SL on Monday then consolidated in the downward channel. Trade pressures are down. Volumes are now bearish.
The next target down is the LML at 116-29. Oversold levels are 116-10.
A close above 118-19 would signal higher. Overbought levels are 119-30.
Oil & Gas
#crudeoilfutures #naturalgasfutures
CRUDE_ CLK24 (May Contract)
Weekly – In a New uptrend from March 29. Trade pressures are up. Volumes remain bullish.
Daily – Flat. The move up from the bull flag break out at 78.62 on 3/13 continues thru the 86.05 target. Trade pressures are up. Volumes remain bullish.
Expect a back-test of the breakout to the 84 level. The next target up is 89.00. The expected over-bot level is 87.41.
A close below 83.22 would signal lower. The expected oversold levels are 81.27.
NAT GAS_ NGK24
Weekly – In the February 2024 downtrend. Trade pressures remain down. Volumes remain bearish.
Daily – Flat. Still at the 1.78 short entry. Trade pressures are down. Volumes are now neutral.
The next target down remains the 1.36 downside ML. The expected oversold level rises to 1.69.
A close above 1.81 would signal higher. The expected overbought level is 1.94.
[higher lows and higher highs in the OS/OB levels; signals a change.]
Metals
#copperfutures #goldfutures #silverfutures
COPPER_ HGK24
Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes are now bearish.
Daily – Long, from the 3/31 entry at 4.05. Trade pressures are up. Volumes are bullish.
The next target up is 4.30. The expected overbought levels are 4.26.
A close below 4.17 would signal lower. The expected oversold levels are 4.00.
[3-31-24: Long entry. Closed above 4.05. Set stop at 3.99.]
[4-6-24: Raise SL to 4.17. Take profits at 4.30. ]
GOLD_ GCM24
Weekly – In the December 2023 uptrend. Trade pressures are up. Volumes are bullish.
Daily – Flat. In the move up from the 2095 long entry on 3/1. Trade pressures are up. Volumes are bullish.
The next target up is 2326. The expected overbought level is 2346.
A close below 2310 would signal lower. The expected oversold level is 2185.
SILVER_ SIK24
Weekly – In the December 2023 uptrend. Trade pressures are up. Volumes are bullish.
Daily –Long. big break out at 25.10 on 4-1-24. Trade pressures up. Volumes remain bullish.
The next target up is 28.23 and is above the OB level ->. Overbought levels are 26.46.
A close below 26.39 would signal lower. Oversold levels are 25.37.
S&P 500 Futures
Market Summary:
Copper consolidating. Gold resumes the move up. Silver retracement may support a new move up.
Crude retesting the prior channel boundary. Natural gas continues the move down to the 1.30’s.
The US 30yr Treasury Bond has turned up but resistance is nearby. The 10yr yields still down.
The US Dollar futures continue the move higher.
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S&P 500 Futures #ESM24
Monthly – March holding at the highs. Trade pressures are up just out of the neutral zone. Volumes closed the month of February as bullish. At the 5297 upside target. The next target up is 5439. A close below 5012 would confirm any weekly move lower.
Weekly – The weekly closes just below the 3/8 week pivot high. Trade pressures remain up. Volumes remain bullish. The next target up is 5893. A close below the prior week’s low at 5181 would confirm any daily move lower.
Daily – Flat. Testing the all-time highs. Trade pressures are up. Volumes are now bullish. The next target up is 5432. The overbought level rises to 5299; still below the next target up. The next target down is 5284. A close below 5182 would signal lower. The expected oversold level declines to 5125.
[Tuesday 4/2: In correction to 5236 downside target.]
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Navellier Top 5 Stocks – This Top 5 model portfolio begins each year at $100,000. The Top 5 Growth stocks are tracked throughout each year. This portfolio is marked to the market and is restarted at $100,000 for the 2023 year.
The Navellier portfolio stocks closed down 35% for the 2022 Year. The Navellier portfolio stocks closed up 17% for the 2023 Year.
Portfolio stock values for 2024, moved to close the week higher, at approximately $139,000. The Year-to-Date portfolio performance closed up 39%.
On Wednesday AM: Builder’s First Source (BLDR), Coca-Cola Consolidated (COKE), Royal Caribbean Cruises (RCL) will be replaced by Emcor (EME), Parsons Corp (PSN) and Vertiv Holdings (VRT).
[The author may have long or short positions in any of the securities mentioned.]