Market Summary:
Copper consolidating. Gold resumes the move up. Silver retracement may support a new move up.
Crude retesting the prior channel boundary. Natural gas continues the move down to the 1.30’s.
The US 30yr Treasury Bond has turned up but resistance is nearby. The 10yr yields still down.
The US Dollar futures continue the move higher.
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S&P 500 Futures #ESM24
Monthly – March holding at the highs. Trade pressures are up just out of the neutral zone. Volumes closed the month of February as bullish. At the 5297 upside target. The next target up is 5439. A close below 5012 would confirm any weekly move lower.
Weekly – The weekly closes just below the 3/8 week pivot high. Trade pressures remain up. Volumes remain bullish. The next target up is 5893. A close below the prior week’s low at 5181 would confirm any daily move lower.
Daily – Flat. Testing the all-time highs. Trade pressures are up. Volumes are now bullish. The next target up is 5432. The overbought level rises to 5299; still below the next target up. The next target down is 5284. A close below 5182 would signal lower. The expected oversold level declines to 5125.
[Tuesday 4/2: In correction to 5236 downside target.]
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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 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, moved to close the week higher, at approximately $139,000. The Year-to-Date portfolio performance closed up 39%.
On Wednesday AM: Builder’s First Source (BLDR), Coca-Cola Consolidated (COKE), Royal Caribbean Cruises (RCL) will be replaced by Emcor (EME), Parsons Corp (PSN) and Vertiv Holdings (VRT).
[The author may have long or short positions in any of the securities mentioned.]