Market Summary:

Copper remains strong with a new long entry.  Gold correction continues, still at support.  Silver hit the profit stop and is now in correction remains near support.

Crude remains in consolidation looking weaker.  Natural gas finally rallies, but still in downtrend.

The US 30yr Treasury Bond moves slightly higher. The 10yr yields off the highs.

The US Dollar futures move down from the 106 resistance levels.

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S&P 500 Futures   #ESM24

Monthly – May begins up off the April lows. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5022 would confirm any weekly move lower.

Weekly – The weekly closes up off the October median line.  Trade pressures remain up, but declining.  Volumes remain bullish.  The 4986 downside target was touched at that median line. The next target down is 4771. Closed above the prior week’s high at 5146 confirms the daily move higher.

Daily – Flat.  After moving down to oversold levels started a move up and closed above the 4/29 prior pivot high and now near overbought levels. Trade pressures are up.  Volumes are bullish.  The next target up is a test of the 5195 resistance.  The overbought level is 5125.  The expected oversold level is rising to 4975.

At overbought levels. Look for another dip to close the 5092 gap to enter any new long.

[5-6-24: Closed above the 5166 downtrend line and above the aforementioned 5195 resistance for a new long entry.]

[5-8-24: Overbought levels are now 5215. Set SL at 5166.]

[5-10-24: Raise SL to 5222.]

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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, portfolio hold steady to remain unchanged, at approximately $130,000. The Year-to-Date portfolio performance closes up 30%.