Market Summary:
The 10yr yields rising toward 4.00%. Copper is consolidating. Gold is a short. Silver is a short.
Crude long failed, now a short. Natural gas rising.
The US 30yr Treasury Bond looking lower.
The US Dollar futures now long.
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S&P 500 Futures #ESU24
Monthly –Wide ranging bar closes on it’s high. Trade pressures remain up. Volumes closed the month of August as bullish. The next target up remains 5958. A close below 5412 would confirm any weekly move lower. The next target down would be 5067.
Weekly – The weekly closes just above the prior highs. Trade pressures remain up but showing lower highs. Volumes remain bullish. Closed above the new long entry at 5454 on 8/23. The next target up is 5829 (new highs). A close below 5381 would confirm any daily move lower.
Daily – Flat. Reverses the two day move down and rallies to test the downtrend line at 5665. Trade pressures are up but declining. Volumes remain bullish. The next target up is the 5721 prior high; then 5813. The expected overbought level has declined to 5647. A close below 5527 would signal lower. The expected oversold level rises to 5506.
Both NVDA and the Inflation reports were benign. The market was quiet except for the rally at the close to square up positions into the 3 day, Labor Day weekend.
[9-4-24: Short entry triggered at 5527. Wait for a back-test at 5600 to enter if resistance holds.]
[9-5-24: Rallied back to broken support at 2555, short. Set SL at 5557. Take profits at 5485 ]
[9-6-24: Profit stop hit for a gain.]
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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 2024 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. The portfolio value moves up to $141,000. The Year-to-Date portfolio performance is now up 41%.
[The author may be long or short any of these issues mentioned]
At the open on September 3rd, WingStop (WING) and Costco (COST) will replace Targa Resources (TRGP) and Vertiv (VRT).