S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Pressures_

Copper prices rallied and stopped out at the rising level. Gold and silver rallied as interest rates declined and tensions rose.

Crude oil prices signaled a new long entry. Natural Gas also triggered a new retracement long entry.

The US 30 T-Bonds signaled a new short entry.

The US Dollar futures declined for the entire week but seems to have found some support.

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S&P 500 Futures_

Monthly – Closed on the highs. Trade pressures are up. Volumes closed the month of June bullish. Volumes were lower than the prior month’s selling volumes. The next target up is 3408. A close below 2735 would confirm any weekly move lower.

Weekly – In the move up from the 2875 new long entry. Trade pressures are up. Volumes are bullish. The next target up is 3048. A close below 2810 would confirm any daily move lower.

Daily – Flat. Touched the 2914 level intraday, but no close. Trade pressures are up but in the decline. Volumes are bullish.

The next target up would be a retest of the 2969 highs. The hourly is already in the move up from the 2928 level with a 2968 target.

And, as of the writing, the weekend news from the G-20 suggests the two protagonists have reached some form of a tariff truce. But Trump can’t avoid tweeting it worse and Xi can wait the 18 months or so til the next election; so, the relief rally is not to be trusted.

A close below the 2913 level would signal lower.

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Navellier Top 8 StocksĀ  -These tech stocks are exposed to the China tariff issues, so expect a nice move early in the week. The $100,000 Model Portfolio remains at approx $114,000 YTD. On Monday, Xilink (XLNX) will be replaced by Next Era Energy (NEE).

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

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