#emini #spfutures #SP500 #ES

Market Pressures:

Copper is overbought. Gold is oversold. Silver is trying to rally.

Crude oil is near a new long entry. Natural Gas is in retracement.

The US 30 year is a short trade.

The US Dollar futures are in a small retracement .

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S&P 500 Futures_

Monthly – tested both the May 2022 high and the new monthly long entry and failed. Trade pressures are down but rising. Volumes closed the Month of July as bearish. The next target down remains the 3008 level. A close above the 4275 level would confirm any weekly move higher.

Weekly – In the retracement up of the April move down. Trade pressures are up. Volumes are bearish. The next target down is the prior low at 3639. A close above 4313 would confirm any daily move higher.

Daily – Short. In the new move down from the 4093 short entry on 8/26, triggered by the Jackson Hole FED meeting. Trade pressures are down, but rising. Volumes are bearish. The next target down is 3832. A close above 4205 would signal higher. The market is currently oversold. This selloff was a very newsy event, which often is stabilized shortly thereafter.

[9-01-22: Oversold. Close short at 3911.]

Patience. It is summer and the week before labor day.

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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’s market continued the move down with the Jackson Hole meeting news. But the values moved up to approximately $79,000. The Year-to-Date portfolio performance is now down 21%.

Quanta Svcs (PWR) and Sociedad de Quimica ( SQM) will be replaced by CF Industries (CF) and Occidental Petroleum (OXY) at the open on Monday.

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