#emini #spfutures #SP500 #ES

Market Summary:

Copper is testing resistance. Gold also at resistance, but looks higher. Silver consolidating, but looks higher after a pullback.

Crude oil is trying breakout of the downtrend. Natural Gas is crashing in the worst winter storm in decades; is the war over?

The US 30 Year Treasury is in a new short trade.

The US Dollar Futures are at oversold levels.

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S&P 500 Futures_

Monthly – Big neutral engulfing bar for December. Trade pressures are down but rising. Volumes closed the month of December as neutral. The next target down remains 3008. A close above 4188 would confirm any weekly move higher.

Weekly – In the move down from the 3981 short entry in the week ending 12/16/22. Trade pressures are up but declining. Volumes are bearish. The next target down is 3768. A close above 3957 would confirm any daily move higher.

Daily – Short.  In the move down from the 3969 short entry on 12-15-22. Trade pressures are down. Volumes are bearish. The next target down is 3758. 3740 is the next oversold level. A close above 3941 would signal higher. 3901 is the next overbought level.

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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 2023 year.

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

This week’s market traded in a 100 point range up and down all week. The portfolio value moved up 2% to approximately $65,000. Again, the concentration in energy stocks following the crude futures. The Year-to-Date portfolio performance is now down 35%; a disaster compared to the S&P down 20%, the Russell down 22%, the Nasdaq down 33% and Gold up 3%.

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