S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Pressures_

Copper in a new move up. Gold and Silver in a rally on the Venezuela worries.

Crude oil also reacting to possible sanctions on Venezuela. Natural gas is in a new short trade.

The US 30 year Treasury Bond is in a move down, but watch carefully for a possible move up.

The US Dollar futures are in the move down as the FED slows the asset sales.

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S&P 500 Futures_

Monthly – The monthly bar appears to recover fifty percent of the December move down, but still in the move down. Trade pressures are down. Volumes Closed the month of December as bearish. The next target down is 2368. A close above the 2900 level would confirm any weekly move higher.

Weekly – Five weeks into this retracement move up. Trade pressures are still down but rising. Volumes are now neutral. the next target up is 2721. A close blow the 2528 level would confirm a new daily move lower.

Daily – Flat. In the move up from the 2412 long entry level and thru the 2566 target. Trade pressures are up but declining. Volumes are bullish. The break above the downtrend resistance at 2642 has resulted in consolidation. The next target up is 2721. A close below 2558 would signal lower.

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Navellier Top 8 – Lamb Weston (LW) will replaced with Veeva Systems (VEEV). Arbor Realty Trust (ABR) and Capital Southwest Bank (CSWC) will be replaced by BG Staffing (BGSF) and Medifast (MED) on Monday at the open. Performances of the Virtual portfolio are in line with the market.

[The author may have long or short positions in any of the securities mentioned.]

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