Market Summary:

The 10yr yields rally. Copper bull flag fails, looking lower.  Gold turns down at the trendline resistance.  Silver breaks support.

Crude continues lower.  Natural gas continues the move down.

The US 30yr Treasury Bond retesting the breakout.

The US Dollar futures rally off the 200 day MA.

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S&P 500 Futures   #ESU24

Monthly –The 5700 level has provided resistance. Trade pressures remain up. Volumes closed the month of June as bullish.  The next target up remains 5958.  A close below 5419 would confirm any weekly move lower.

Weekly – The weekly close below the UML which is now providing resistance.  Trade pressures remain up.  Volumes have changed to bearish..  Trade down thru the 5588 short entry. The next target down is 5440.  A close above 5618 would confirm any daily move higher.

Daily – Short.  In the move down from 5628 on 7/18. The market was ready for a correction and just needed a trigger; CrowdStrike provided that. Trade pressures are down.  Volumes are bearish.  The expected overbought level has risen to 5674.  The next target down is 5492.  The expected oversold level rises to 5528 which corresponds to the lower channel band. Might have a rally 5492 and 5530.

Need a close above 5596 to restart the rally.

[Trend is at 5634. Support is at 5530]

[7-30-24: close the short at 5450.]

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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 down to $129,000. The Year-to-Date portfolio performance is now up 29%.

[The author may be long or short any of these issues mentioned]