Market Summary:
The 10yr yields decline below 4.00%. Second copper bull flag forms, basing. Gold rallies to the upper median line. Silver is basing.
Crude continues lower. Natural gas continues the move down.
The US 30yr Treasury Bond turns higher, now at resistance.
The US Dollar futures fall below the 200 day MA to the April median line.
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S&P 500 Futures #ESU24
Monthly –The 5700 level provides resistance. Trade pressures remain up. Volumes closed the month of July as bullish. The next target up remains 5958. The close below 5393 would confirms the 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 5580 short entry. The next target down is 5159. A close above 5666 would confirm any daily move higher.
Daily – Flat. Shorted the move down from 5628 on 7/18 and closed on 7/26 at 5450. The uptrend has been broken. Trade pressures are down. Volumes are bearish. The expected overbought level has declined to 5565. The next target down is 5122, but the expected oversold level declines to 5357.
Need a close above 5432 to restart the rally.
[8-8-24: In the move off the 5120 low pivot. Expect a rally at 5400, then a test of the lower channel band at 5200. Make a new long decision there.]
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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 $123,000. The Year-to-Date portfolio performance is now up 23%.
Eli Lilly (LLY) and Emcor (EME) have been replaced by Allstate Insurance (ALL) and Coca-Cola Bottling (COKE) on the 29th of July.
[The author may be long or short any of these issues mentioned]