Market Summary:
Copper retraces the spike of the prior week. Gold starts higher then turns down. Silver continues the second leg up but turns down late in the week.
Crude still in consolidation; volumes turning bullish.. Natural gas finds resistances at 200 day MA and turns lower.
The US 30yr Treasury Bond still showing resistance. The 10yr yields still near 4.50% support levels.
The US Dollar futures continue the move down down; but forming a bear flag.
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S&P 500 Futures #ESM24
Monthly – May moving up to engulf the April 2024 move down. Trade pressures remain up. Volumes closed the month of April as bearish. The next target up is 5439. A close below 5030 would confirm any weekly move lower.
Weekly – The weekly closes up for the fourth week. Trade pressures remain up; and still declining. Volumes remain bullish. The move up has reached the prior high. The next target up is the upper median line at 5468. A close below 5057 would confirm daily move lower.
Daily – Flat. The rally started on 5/3 continues. Trade pressures are up but declining. Volumes are neutral. The close above 5271 started a second leg up in the uptrend. The expected overbought level has risen to 5360. A close below 5225 would signal lower. First support at 5235. The Lower Median Line (LML) is at 5139. and is the projected target. The expected oversold level rises to 5210.
But, generally speaking, this is a bull market and dips should be bought.
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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 moved up for the week to approximately $140,000. The Year-to-Date portfolio performance is now up 40%.
Eli Lilly (LLY) and Royal Caribbean (RCL) will be replaced by Nutanix (NTNX) and Targa Resources (TRGP) at the next open.