Market Summary:
The 10yr yields hold below 4.00%. Looking for Copper to break out above the bull flag. Gold rallies to the upper median line and is now consolidating. Silver breaks above the downtrend, but no follow thru.
Crude now a long. Natural gas signals higher.
The US 30yr Treasury Bond turned lower.
The US Dollar futures rising to test the 200 day MA .
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S&P 500 Futures #ESU24
Monthly –Drops to a 62% target. Trade pressures remain up. Volumes closed the month of July as bullish. The next target up remains 5958. The close below 5393 did confirm the weekly move lower. The next target down is 4804.
Weekly – The weekly close just above the October Median line which is now providing support. Trade pressures remain up but are declining. Volumes have changed back to bullish. Traded down to the 5159 target the rallied sharply. The next target down is still 5159. A close above 5454 would confirm any daily move higher.
Daily – Flat. At the top of the uptrend channel. Need a pullback to the lower channel to enter a long. The downtrend has been broken, but a back test is likely. Trade pressures remain down. Volumes remain bearish. The expected overbought level has declined to 5408. The next target down is 5229, but the expected oversold level declines to 5108.
Need a close above 5454 to confirm the rally.
[8-8-24: In the move off the 5120 low pivot. Expect a rally to 5491, then a test of the lower channel band at 5229. Make a new long decision there.]
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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 to $128,000. The Year-to-Date portfolio performance is now up 28%.
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