Market Summary:

Copper breaks higher after a small pullback.  Gold breaks resistance for a late week rally.  Silver, similarly, breaks the trendline resistance and moves higher.

Crude remains in consolidation, still looking weaker.  Natural gas continues the rally, but now at trendline support.

The US 30yr Treasury Bond move higher meets resistance. The 10yr yields have dropped to support levels.

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

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S&P 500 Futures   #ESM24

Monthly – May still retracing 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 up is the prior high at 5333. Closed again higher at 5246, which continues the confirmation of the daily move higher.

Daily – Long.  The lower median line at 5039 provided support for the ensuing rally starting on 5/3 which is now at 5246. Trade pressures are up.  Volumes remains bullish.  The close above 5237 new long entry provided additional confirmation.  The expected overbought level has risen to 5266.  The expected oversold level rises to 5025.

Again, near the overbought levels. Look for another dip to close the 5145 LML.

[5-6-24: Closed above the 5166 downtrend line and above the 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.]

[5-14-24: Stopped out in the AM PPI spike down; with a gain.]

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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.  The portfolio move up for the week to approximately $135,000. The Year-to-Date portfolio performance is now up 35%.