Author: ChasW

S&P 500 Futures

Market Summary:

The 10yr yields decline. Copper continues lower.  Gold consolidating at the median line.  Silver in a channel down; support remains in the low 28’s.

Crude rallies; now looking for a breakout.  Natural gas makes a lower high with pressures down.

The US 30yr Treasury Bond rises after FED says “rate cut”. The 10yr yield support levels remain at 4.19%.

The US Dollar futures break out of the bull flag is looking higher; OB and OS levels both trend higher.

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S&P 500 Futures   #ESU24

Monthly – June zips thru the 5439 upside target. Trade pressures remain up. Volumes closed the month of May as bullish.  The next target up is 5958.  A close below 5208 would confirm any weekly move lower.

Weekly – The weekly continues with higher weekly closes.  Trade pressures remain up.  Volumes remain bullish.  The next target up is now the upper median line at 5593.  A close below 5208 would confirm daily move lower.

Daily – Flat.  The 5/3 rally corrected down to the lower parallel line, then resumed the move up and is now at the 5511 upside target. Trade pressures are up.  Volumes are bullish.  The next target up is 5575. The expected overbought level has risen to 5462; but below the actual highs and below the upside target.    A close below 5378 would signal lower.  The expected oversold level rises to 5296.

[Watch the 5450 MA level, for signs of weakness.]

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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 slightly again for the week, as the data center stocks hold around  $127,000. The Year-to-Date portfolio performance is now up 27%.

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXU24

Weekly –  Remains in the April 2024 uptrend.  Trade pressures have risen into the neutral zone. Volumes remain bullish.

Daily – Long.  Rallied sharply after the FED day drop.  Trade pressures are up into the neutral zone.  Volumes are bullish.

The close above 104.93 did signal higher. 105.82 is the next target up. 106.01 is the higher expected overbought level.

Touched the 103.75 downside target then rallied.  The expected oversold levels rise to 104.11.

[European political issues may have international flows coming to the US.]

 

US30YR T-BOND_ USU24

Weekly – In the April 2024 downtrend.  Trade pressures are now up out of the neutral zone.  Volumes remain bullish.

Daily  – Long. Now the decline in 10yr rates turn price up sharply.  Trade pressures are now up. Volumes remain bullish.

A close above 118-21 did signal higher. The next target up is 121-02. Overbought levels are 120-313.

A close below 119-30 would signal lower.  Oversold levels are 116-05.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLQ24

Weekly – In the March 2024 uptrend and at support. Trade pressures are down. Volumes have turned neutral.

Daily – Flat. In a rally back above the 200 day MA at 77.87.   Trade pressures are up.  Volumes are bullish.

At the April 2024 downward trendline resistance. The next target down is 75.58. The expected oversold level roses to 73.15.

The close above 78.78 signals higher. The expected overbought levels are now lower at 79.98.

 

NAT GAS_ NGN24

Weekly – In a new May 2024 uptrend.  Trade pressures remain up.  Volumes are now bearish.

Daily – Flat.  The move up failed at the 200 day MA. Trade pressures are down.  Volumes are now neutral.

The next target down is 2.83. The expected oversold level rises to 2.59.

A close above 3.02 would signal higher.  The expected overbought level rises to 3.20.

[counter trend short , tight stops.]

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Still in the December 2023 uptrend. Trade pressures are down. Volumes remain bearish.

Daily – Flat. In the move down from the third break lower below 4.6.  Trade pressures risen into the neutral zone. Volumes remain bearish.

The next target down is 4.36. The expected oversold levels have declined to 4.39.

Need a close above 4.52 for a new long entry. The expected overbought levels have declined to 4.72.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are now down.  Volumes remain bearish.

Daily – Flat. After selling down to 2310, a decent rally to 2340.  Trade pressures vacillate in the neutral zone.  Volumes remain bearish to neutral.

Consolidating around the December 2023 Median line. The expected oversold level has declined to 2298.

The close above 2333 on the two hour chart did signal higher for a counter trend trade.  Tight stops. The expected overbought level has declined to 2398.

 

SILVER_ SIN24

Weekly – Still in the December 2023 uptrend.  Trade pressures are down into the neutral zone.  Volumes are now bullish.

Daily –Flat. In the downward parallel channel.  Trade pressures are down once again.  Volumes remain bearish.

The next target down is 28.38.  Oversold levels are 28.03.

A close above 29.96 would signal higher.  Overbought levels are 30.41.

S&P 500 Futures

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.

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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.]

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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 again for the week, as the data center stocks dropped, to approximately $127,000. The Year-to-Date portfolio performance is now up 27%.

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the April 2024 uptrend.  Trade pressures remain down. Volumes have turned bullish.

Daily – Short.  At the upside resistance at 104.69.  Trade pressures are up.  Volumes are bullish.

Touched the 103.67 downside target then rallied.  The expected oversold levels decline to 103.81.

A close above 104.93 would signal higher. 105.11 is the lower expected overbought level.

 

US30YR T-BOND_ USU24

Weekly – In the April 2024 downtrend.  Trade pressures are now up out of the neutral zone.  Volumes remain bullish.

Daily  – Flat. The rise in 10yr rates turn price down sharply.  Trade pressures have declined into the neutral zone. Volumes remain bullish.

The late May rally from 114 to 119-31 is stopped. The next target down is 117-04.  Oversold levels are 117-25.

A close above 118-21 would signal higher. Overbought levels are 120-13.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLN24

Weekly – In the March 2024 uptrend and at resistance. Trade pressures are down. Volumes have turned bullish.

Daily – Flat. In the move down after breaking the 200 day MA at 78.14.   Trade pressures are up.  Volumes are bearish.

The next target down is 74.21. The expected oversold level declines to 72.45.

The close above 76.90 signals higher. The expected overbought levels are now lower at 80.21.

[6/11/24: closed above the 76.90, look for a retest and then buy after the CPI report.]

 

NAT GAS_ NGN24

Weekly – In a new May 2024 uptrend.  Trade pressures are up.  Volumes are now bullish.

Daily – Flat.  In the move up from the 2.76 level. Trade pressures are up.  Volumes are now bullish.

The next target up is 3.04.The expected overbought level remains 3.05.

A close below 2.68 would signal lower.  The expected oversold level rises to 2.42.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures declining into the neutral zone. Volumes are bearish.

Daily – Flat. In the move down from the third break lower below 4.6.  Trade pressures risen into the neutral zone. Volumes remain bearish.

The next target down is 4.40. The expected oversold levels have declined to 4.46.

Need a close above 4.51 for a new long entry. The expected overbought levels have declined to 4.97.

10yr interest rates rise sharply.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are in the neutral zone.  Volumes remain bearish.

Daily – Flat. After a short rally the move down resumed at 2393.  Trade pressures turn back down and are in the neutral zone.  Volumes remain bearish.

At the the 2313 target. The expected oversold level has risen to 2323.

A close above 2344 would signal higher. The expected overbought level has declined to 2415.

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are just up.  Volumes remain bearish.

Daily –Flat. Moved up to the 32.53 lower high and turned down.  Trade pressures are up but turning down once again.  Volumes are bearish.

Thurs rallied and Friday sold off with the strong jobs announcement. The next target down remains 28.82.  Oversold levels are 28.91.

A close above 29.96 would signal higher.  Overbought levels are 31.36.

S&P 500 Futures

Market Summary:

Copper gives back all the May move up.  Gold retraces the May move also.  Silver continues the retracement down but appears to find support in the mid 29’s.

Crude still in consolidation, turns down again looking for support.  Natural gas turns lower; may find support at 2.40 oversold area.

The US 30yr Treasury Bond needs a move above the upper median line resistance. The 10yr yields still near 4.50% support levels.

The US Dollar futures continues the move down down; has formed a bull flag.

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S&P 500 Futures   #ESM24

Monthly – May closed just off the highs for the month. 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 down for the second week.  Trade pressures remain up; but still declining.  Volumes remain bullish.  The next target up is the upper median line at 5494.  A close below 5087 would confirm daily move lower.

Daily – Flat.  The rally started on 5/3 has had a correction down to the lower parallel line. Trade pressures are  down into the neutral zone.  Volumes are bullish.  The retracement back down to 5227 erased the prior move up from 5271.  The expected overbought level has declined to 5354.    A close below 5235 would signal lower.  The expected oversold level rises to 5221.

The dip on Friday to 5201 was bought at the close and rallied the market by 90 points. A long entry was triggered at 5266. The next target up is 5329.

___________________

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 for the week, as Nutanix dropped, to approximately $131,000. The Year-to-Date portfolio performance is now up 31%.