Author: ChasW

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the April 2024 uptrend.  Trade pressures remain down. Volumes remain bearish.

Daily – Short.  Still in the move down from 105.73 on on 5/1.  Trade pressures are up but declining.  Volumes are bullish.

The next target down is 103.67.  The expected oversold levels rise to 104.26.

A close above 104.93 would signal higher. 105.21 is the lower expected overbought level.

 

US30YR T-BOND_ USM24

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

Daily  – Flat . Attempting to rally after breaking support at 116-12.  Trade pressures have risen into the neutral zone. Volumes are now bullish.

The next target down is 112-29.  Oversold levels are 112-11.

A close above 116-18 would signal higher. Overbought levels are 118-31.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM24

Weekly – In the March 2024 uptrend . Trade pressures are down. Volumes remain bearish.

Daily – Flat. Tests Below the 200 day MA and testing the December trendline.  Need a close above 78.36 to break out of the Bull Flag. Trade pressures are down.  Volumes are back to bullish.

The next target down is 73.57. The expected oversold level rises to 76.85.

The close above 77.78 signals higher. The expected overbought levels are now higher at 80.56.

Rising over bought and oversold levels alert and reinforce the buy signal. As always, use stops.

 

NAT GAS_ NGN24

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

Daily – Flat.  In the move down from the 2.75 level. Trade pressures are down.  Volumes remain bearish.

Near the support levels at 2.53 and 2.38. The expected oversold level rises to 2.40.

A close above 2.60 would signal higher.  The expected overbought level declines to 3.05.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up, but declining. Volumes remain neutral.

Daily – Flat. Attempted a long in the move down, but stopped out for a loss.  Trade pressures are down. Volumes remain bearish.

At the 4.56 target. The expected oversold levels have declined to 4.55.

Need a close above 4.70 for a new long entry. The expected overbought levels have risen to 5.19.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are up, but turning down and near the neutral zone.  Volumes remain bearish.

Daily – Flat. Stopped out at the 2374 SL for a small gain.  Trade pressures remain down.  Volumes remain bearish.

The next target down is the 2313 target. The expected oversold level has declined to 2310.

A close above 2375 would signal higher. The expected overbought level has declined to 2457.

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are just up.  Volumes have returned to bearish.

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

Thurs and Friday sold off after the lower high. The next target down is 28.82.  Oversold levels are 28.61.

A close above 31.32 would signal higher.  Overbought levels are 31.89.

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper retraces the spike of the prior week.  Gold starts higher then turns down.  Silver continues the second leg up but turns down late in the week.

Crude still in consolidation; volumes turning bullish..  Natural gas finds resistances at 200 day MA and turns lower.

The US 30yr Treasury Bond still showing resistance. The 10yr yields still near 4.50% support levels.

The US Dollar futures continue the move down down; but forming a bear flag.

_________________

S&P 500 Futures   #ESM24

Monthly – May moving up to engulf the April 2024 move down. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5030 would confirm any weekly move lower.

Weekly – The weekly closes up for the fourth week.  Trade pressures remain up; and still declining.  Volumes remain bullish.  The move up has reached the prior high. The next target up is the upper median line at 5468.  A close below 5057 would confirm daily move lower.

Daily – Flat.  The rally started on 5/3 continues. Trade pressures are up but declining.  Volumes are neutral.  The close above 5271 started a second leg up in the uptrend.  The expected overbought level has risen to 5360.    A close below 5225 would signal lower. First support at 5235. The Lower Median Line (LML) is at 5139. and is the projected target. The expected oversold level rises to 5210.

But, generally speaking, this is a bull market and dips should be bought.

___________________

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 up for the week to approximately $140,000. The Year-to-Date portfolio performance is now up 40%.

Eli Lilly (LLY) and Royal Caribbean (RCL) will be replaced by Nutanix (NTNX) and Targa Resources (TRGP) at the next open.

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the April 2024 uptrend.  Trade pressures are down. Volumes remain bearish.

Daily – Short.  Still in the move down from 105.73 on on 5/1.  Trade pressures are up but declining.  Volumes are bullish.

The next target down is 103.96.  The expected oversold levels rise to 104.21.

A close above 105.07 would signal higher. 105.24 is the lower expected overbought level.

 

US30YR T-BOND_ USM24

Weekly – In the April 2024 downtrend.  Trade pressures are now up.  Volumes are bullish.

Daily  – Flat . Resistance held at the Median line and the 200 day MA.  Trade pressures are down. Volumes are bearish.

The next target down is 116-10 and is the new short entry.  Oversold levels are 115-12.

A close above 117-048 would signal higher. Overbought levels are 118-19.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM24

Weekly – In the March 2024 uptrend . Trade pressures are down. Volumes remain bearish.

Daily – Flat. Tests the lower range of the consolidation area and returns to the 200 day MA.  Need a close above 78.32 to break out of the Bull Flag. Trade pressures are down.  Volumes are back to bullish.

The next target down is 74.89. The expected oversold level is lower to 76.25.

The close above 77.46 signals higher. The expected overbought levels are now lower to 80.24.

[5-27-24: Long from 78.10.]   [5-28-24: SL at 78.50.]
[5-29-24: Raise SL to 28.64]

[5-30-24: stopped out in the AM for a small gain.]

 

NAT GAS_ NGN24

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

Daily – Flat.  The new uptrend takes price to the 3.16 high midweek, then turns down. Trade pressures are up but declining.  Volumes are now bearish.

A close below 2.75 would signal lower.   The expected oversold level rises to 2.30.

A close above 2.94 would signal higher.  The expected overbought level rises to 3.11.

 

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes are now neutral.

Daily – Flat. Now a 44 cent move down after the spike to 5.19 on Monday.  Trade pressures are down. Volumes are bearish.

The next target down is 4.56. The expected oversold levels have risen to 4.66.

Got the pullback to 4.80, Need a close above 4.84 for a new long entry. The expected overbought levels have risen to 5.18.

[5-28-24: Long from 4.84.]    [SL at 4.80 and stopped out 5-29-24 am for a loss.]

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are up, but turning down.  Volumes are bearish.

Daily – Short. the break below the 2388 LML started the short trade.  Trade pressures are down.  Volumes are bearish.

The next target down is the 2290 target. The expected oversold level has risen to 2315.

A close above 2355 would signal higher. The expected overbought level has risen to 2546.

[5-29-24: Lower SL to 5388.]

[5-30-24: Lower SL to 2374.]

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are just up.  Volumes have returned to bearish.

Daily –Flat. Moved up to the 32.75 high and turned down.  Trade pressures are down.  Volumes are neutral.

Moved down thru supports just as easily. The next target down is 28.82.  Oversold levels are 29.76.

A close above 31.37 would signal higher.  Overbought levels are 31.60.

[5-28-24: Long from 31.40.]   [5-29-24: Raised SL to 31.88, then stopped out in the AM.]

Navellier Top 5 Stocks for June

High-Growth Investments

EMCOR Group, Inc.

EMCOR Group, Inc. (EME) is one of our AI infrastructure plays. The company provides electrical and mechanical construction, energy and industrial infrastructure and building services. With power demand increasing to support new technology, AI and data centers, demand for EMCOR Group’s solutions is also growing exponentially – and that’s adding to its top and bottom lines.

In the first quarter, earnings soared 76.8% year-over-year to $197.1 million, or $4.71 per share, and revenue rose 18.7% year-over-year to $3.43 billion. The analyst community expected earnings of $2.83 per share and revenue of $3.22 billion, so EMCOR Group posted a 47.3% earnings surprise and a slight revenue surprise.

Given the strong first-quarter results, EMCOR Group increased its outlook for fiscal year 2024. The company now expects full-year revenue between $14.0 billion and $14.5 billion and earnings per share between $15.50 and $16.50. In turn, analysts have upped earnings estimates for the next several quarters and fiscal year 2024. EME is a Moderately Aggressive buy below $444.

SOM Technicals:

10–07-23: Closed at 206.72. Trade pressures are down but rising. Volumes are now bullish. The next target up is 211.58.

10-14-23: Closed at 202.02. Trade pressures are down. Volumes are bearish. The next target down is 192.91.

10-27-23: Closed at 205.12. Trade pressures are up. Volumes are bullish. The next target up is 212.90.

11-2-23: Closed at 210.22. Trade pressures are up. Volumes are bullish. The next target up is 212.90.

11-10-23: Closed at 210.68. Trade pressures are rising in the neutral zone. Volumes are bullish. The next target up is 229.49.

3-29-24: Closed at 350.20. Trade pressure are up but turning down. Volumes are neutral. The next target up is 354.73. A close below 347.00 signals correction.

4-6-24: Closed at 365.02. Trade pressures are up. Volumes are bullish. The next target up is 369.53, the prior high.

4-14-24: Closed at 351.88. Trade pressures are down but rising. Volumes are neutral. the next target down is 349.26.

4-27-24: Closed at 354.02. Trade pressures are up. Volumes are bullish. The next target up is 367.44.

5-4-24: Closed at 363.77. Trade pressures are down but rising. Volumes are bullish. The next target up is 367.44.

5-10-24: Closed at 380.28. Trade pressures are up. Volumes are bullish. The next target up is 401.49.

5-18-24: Closed at 378.37. Trade pressures are in the neutral zone. Volumes are neural. The next target down is 367.90.

5-25-24: Closed at 398.69. Trade pressures are up. Volumes are bullish. The next target up is 407.49.

6-2-24: Closed at 388.66.. Trade pressures are down. Volumes are bearish. The next target down is 365.98.

6-8-24: Closed at 376.00. Trade pressures are up. Volumes are neutral. The next target up is resistance at 382.37.

6-15-24: Closed at 377.20. Trade pressures are down. Volumes are bullish. The next target down is 365.90.

6-23-24: Closed at 381.27. Trade pressures are  down. Volumes are bullish. The next target down is 365.90.

 

Nutanix, Inc.

Nutanix, Inc. (NTNX) is another AI play, given that its cloud platform provides security for cloud computing. Nutanix’s Cloud Platform accesses, manages and secures the cloud, data centers and edge locations from a single platform that helps secure and unify operations.

And its services and solutions are in top demand, as it has more than 25,000 top companies and organizations as customers. This includes The Home Depot, Vodafone, Hershey, JetBlue Airways and Micron Technology – just to name a few.

So, I’m looking forward to the company’s upcoming earnings announcement. Nutanix is scheduled to release results for its third quarter in fiscal year 2024 after the market closes on Wednesday, May 29.

Third-quarter earnings are forecast to surge 300% year-over-year to $0.16 per share, compared to $0.04 per share in the same quarter a year ago. Analysts have upped earnings estimates over the past three months, so a fifth-straight quarterly earnings surprise is likely. Third-quarter revenue is expected to come in at $516.18 million. NTNX is a Conservative buy below $79.

SOM Technicals:

5-25-23: Closed at 72.85. Trade pressures are up but declining. Volumes are bullish. The next target down is 68.20.

6-2-24: Closed at 55.32. Trade pressures are down hard. Volumes are bullish at the Friday close. The next target down is 49.82, the 200 day MA.

6-8-24: Closed at 64.74. Trade pressures are down hard. Volumes are bearish. The next target down ism the 200 day MA at 50.48.

6-15-24: Closed at 54.01. Trade pressures are up. Volumes are bearish. The next target up is 55.23.

6-23-24: Closed at 53.40. Trade pressures are in the neutral zone. Volumes are bearish. the next target up is 55.73.

 

The Progressive Corporation

The Progressive Corporation (PGR) is a well-known insurance provider. It offers everything from car, boat, and motorcycle insurance to homeowners, renters, and commercial insurance. The company also offers popular insurance bundles, in which folks can bundle their auto and property insurance for lower rates.

Progressive reported $6.18 billion in premiums written in April and $5.58 billion in premiums earned. The company also had 31.35 million policies in force at the end of April, which represented a 7% year-over-year increase. April earnings totaled $420.3 million, or $0.72 per share.

Given the strength of its business so far this year, the analyst community has continued to up second-quarter earnings forecasts. Second-quarter earnings are now expected to jump 547.5% year-over-year to $2.59 per share, compared to previous estimates for $1.96 per share just three months ago. So, Progressive is likely gearing up for its fourth-straight earnings surprise. PGR is a Conservative buy below $218.

SOM Technicals:

4/27/24: Closed at 205.03. Trade pressures are down. Volumes are bearish. The next target down is 199.79.

5-4-24: Closed at 208.72. Trade pressures are down. Volumes are bullish. The next target down is 206.06.

5-10-24: Closed at 210.17. Trade pressures are neutral. Volumes are bullish. The next target down is 211.49.

5-18-24: Closed at 209.22. Trade pressures are down but rising. Volumes are bearish. The next target down is 201.34.

5-25-24: Closed at 203.91. Trade pressures are down. Volumes are bearish. The next target down is 191.19.

6-2-24: Closed at 211.18. Trade pressures are up. Volumes are bullish. The next target up is 214.90.

6-8-24: Closed at 212.53. Trade pressures are up. Volumes are bullish. The next target up is 219.12.

6-15-24: Closed at 203.92. Trade pressures are down but rising. Volumes are bearish. The next target up is 218.20.  

6-23-24: Closed at 209.19. Trade pressures are down. Volumes are bullish. The next target down is 206.

 

Targa Resources Corporation

Targa Resources Corporation (TRGP) is primarily a midstream energy company with gathering and processing systems and logistics and transportation systems. The company operates more than 31,000 miles of natural gas pipelines and 53 processing plants, which service top natural gas and crude oil producing basins in the U.S. Targa Resources also utilizes the Grand Prix NGL Pipeline to transport mixed natural gas liquids (NGLs), as well as 34 storage wells and terminals.

During the first quarter, Targa Resources achieved record Permian and liquefied petroleum gas (LPG) export volumes. As a result, the company also reported total revenue of $4.56 billion and earnings of $275.2 million, representing 0.9% year-over-year revenue growth and 4,268.3% year-over-year earnings growth.

Looking ahead to the second quarter, analysts expect earnings to dip 13.2% year-over-year to $1.25 per share, compared to $1.44 per share in the same quarter a year ago. Revenue is forecast to grow 3.2% year-over-year to $4.5 billion.

Despite the negative forecasted earnings growth, Targa Resources is a Top Stock this month, as I expect it to benefit immensely from higher energy prices this summer. Plus, earnings momentum is set to reaccelerate in the third quarter, with estimates calling for 39.2% year-over-year earnings growth. TRGP is a Conservative buy below $123.

SOM Technicals:

5-25-24: Closed at 114.28. Trade pressures are down. Volumes are bearish. The next target down is 111.90.

6-2-24: Closed at 118.23. Trade pressures are up. Volumes are bullish. The next target up is 119.68.

6-8-24: Closed at 118.01. Trade pressures are up. Volumes are bullish. The next target up is 119.68.

6-15-24: Closed at 119.00. Trade pressures are down. Volumes are neutral. The next target down is 117.63.

6-23-24: Closed at 125.10. Trade pressures are up. Volumes are bearish. The next target down is 123.65.

 

Vertiv Holdings

Vertiv Holdings (VRT), another AI play, rounds out the High-Growth Investments Top Stocks this month. The company primarily provides digital infrastructure, with a portfolio of power, cooling and IT infrastructure solutions that are vital to commercial and industrial facilities, communication networks and data centers.

During the first quarter, the company’s orders increased 60% year over year, and its backlog jumped to a new record of $6.3 billion. Total first-quarter sales rose 8% year over year to $1.64 billion, while adjusted earnings grew 41.7% year over year to $248.6 million, or $0.43 per share. Analysts expected earnings of $0.36 per share and revenue of $1.62 billion.

With business momentum expected to accelerate throughout 2024, Vertiv increased its outlook for fiscal year 2024. The company now expects full-year sales between $7.54 billion and $7.69 billion and adjusted earnings per share between $2.29 and $2.35.

Given the positive outlook, analysts have increased earnings estimates for the second quarter over the past three months – and that bodes well for a fifth-straight quarterly earnings surprise. Second-quarter earnings are now expected to grow 23.9% year-over-year to $0.57 per share. VRT is a Moderately Aggressive buy below $121.

SOM Technicals:

3-29-24: Closed at 81.84. Trade pressures are up but turning down. Volumes are bullish. The next target down is 77.05. A close above 83.62 signals higher.

4-6-24: Closed at 85.34. Trade pressures are up. Volumes are bullish. The next target up is the prior high at 88.70.

4-14-24: Closed at 83.89. Trade pressures are rising into the neutral zone. Volumes are neutral. The next target down is 78.14.

4-27-24: Closed at 93.49. Trade pressures are up. Volumes are neutral. The next target up is 94.76.

5-4-24: Closed at 93.01. Trade pressures are rising into the neutral zone. Volumes are bullish. The next target up is 95.70.

5-10-24: Closed at 95.40. Trade pressures are up. Volumes are bullish. The next target up is 100.01.

5-18-24: Closed at 96.81. Trade pressures are down. Volumes are neutral. The next target down is 90.96.

5-25-24: Closed at 106.17. Trade pressures are up. Volumes are bullish. The next target up is 126.68.

6-2-24: Closed at 98.07. Trade pressures are down. Volumes are bullish. The next target up is 101.57.

6-8-24: Closed at 87.68. Trade pressures are down. Volumes are bearish. The next target up is 94.31.

6-15-24: Closed at 91.48. Trade pressures are up. Volumes are neutral. The next target down is 80.34.

6-23-24: Closed at 90.62. Trade pressures are down. Volumes are now neutral. The next target down is 78.22.

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper breaks much higher above recent high.  Gold continues the prior week rally.  Silver has dramatic second leg up.

Crude remains in consolidation; volumes turning bullish..  Natural gas continues the rally, but approaching resistances.

The US 30yr Treasury Bond showing resistance. The 10yr yields still near support levels.

The US Dollar futures continue the move down down; but nearing support levels.

_________________

S&P 500 Futures   #ESM24

Monthly – May moving up to erase the April 2024 move down. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5030 would confirm any weekly move lower.

Weekly – The weekly closes up for the fourth week.  Trade pressures remain up; and still declining.  Volumes remain bullish.  The move up has reached the prior high. The next target up is the upper median line at 5464.  A close below 5038 would confirm daily move lower.

Daily – Flat.  The rally started on 5/3 continues. Trade pressures are up.  Volumes remain bullish.  The close above 5271 started a second leg up in the uptrend.  The expected overbought level has risen to 5324.  The expected oversold level rises to 5133.  A close below 5284 would signal lower.

At resistance now. Watching the 10 yr yield. NVDA earnings are announced May 21st and could provide the catalyst for a market move either way.

___________________

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 to approximately $134,000. The Year-to-Date portfolio performance is now up 34%.

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the April 2024 uptrend.  Trade pressures are down. Volumes are now bearish.

Daily – Short.  Still in the move down from 105.73 on on 5/1.  Trade pressures are down but rising.  Volumes remain bearish.

The next target down is 103.56.  The expected oversold levels decline to 104.20.

A close above 105.07 would signal higher. 105.81 is the lower expected overbought level.

 

US30YR T-BOND_ USM24

Weekly – In the April 2024 downtrend.  Trade pressures are now up.  Volumes are bullish.

Daily  – Flat . Meeting resistance at the Median line and the 200 day MA.  Trade pressures are up but have turned down. Volumes are neutral.

The next target down is 116-22.  Oversold levels are 116-02.

A close above 117-18 would signal higher. Overbought levels are 118-27.