#emini #spfutures #SP500 #ES

Market Pressures:

Copper is testing last summer’s lows. Gold and silver have broken support, but seem oversold.

Crude oil is forming a bearish flag. Natural gas broke back into the upward sloping channel.

The US 30 year Treasury is a new long.

The US Dollar futures are at resistance.

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S&P 500 futures_

Monthly – within 100 pts of a 38% retracement of the move from the March 2020 lows to the November 2021 highs. Trade pressures are down into the neutral zone.  Volumes closed as bearish for the month of April. The next target down is 3695. A close above 4509 would confirm any weekly move higher.

Weekly – In the move down from the 4496 short entry on Jan 22nd. Trade pressures are down. Volumes are now bullish. The next target down is 3587. A close above 4238 would confirm any daily move higher.

Daily –  Long. In the move up from the 3983 long entry on May 13th. Trade pressures are down. Volumes are neutral. The next target up is 4124. A close below 3938 would signal lower. Use 3938 as a SL.

[5-16-22: Raise the stop to 3978 support level.]
[5-17-22: Raise stop to 4017. Take profits at 4123]

[5-18-22: stopped out at 4017]

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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 2022 year.

The portfolio stocks closed up 39% for the 2021 Year.

This last week was up and the value was approximately $83,000. The Year-to-Date portfolio performance is now down 17%.

 

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