Market Summary:
The 10yr yields rises. Copper continues lower. Gold down 79 points on Friday. Silver continues the retracement down; support in the mid 28’s.
Crude turns down early in the week; now looking for support. Natural rallies all week after finding support just above 2.40.
The US 30yr Treasury Bond fell sharply after the 10yr yield rises in response to the unexpectedly positive jobs number. The 10yr yield support levels at 4.22%.
The US Dollar futures breaks out of the bull flag and immediately reaches the overbought levels.
_________________
S&P 500 Futures #ESM24
Monthly – June continues the move up. Trade pressures remain up. Volumes closed the month of May as bullish. The next target up is 5439. A close below 5057 would confirm any weekly move lower.
Weekly – The weekly closes up above the prior two week closes. Trade pressures remain up. Volumes remain bullish. The next target up is the upper median line at 5511. A close below 5131 would confirm daily move lower.
Daily – Long. The rally that started on 5/3 has had a correction down to the lower parallel line and then resumed the move up. Trade pressures are up. Volumes are now bearish. The expected overbought level has risen to 5372. A close below 5252 would signal lower. The expected oversold level rises to 5251.
5/31: The dip on Friday to 5201 was bought at the close and rallied the market by 90 points. The long entry was triggered at 5266.
[6/8: The next target up is 5432. Set the SL at 5338.]
[6-11-24: SL met at 5338. Out. Look for dip to 5290 for re-entry.]
___________________
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 down again for the week, as the data center stocks dropped, to approximately $127,000. The Year-to-Date portfolio performance is now up 27%.