Author: ChasW

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM24

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

Daily – Flat. Still consolidating at the 200 day MA and the 100% fib move down.  Trade pressures are up.  Volumes are now bullish.

The next target down is 74.06. The expected oversold level is higher to 78.07.

A close above 79.87 would signal higher. The expected overbought levels are now lower to 80.52.

[Look for the break out, but expect it to be limited.]

 

NAT GAS_ NGM24

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

Daily – Flat.  In the new uptrend, moving higher on Friday. Trade pressures are up.  Volumes remain bullish.

At the 2.22 target and extended well above the overbought levels.  The next target up is the 200 day MA at 2.88. The expected overbought level rises to 2.54.

A close below 2.60 would signal lower.   The expected oversold level rises to 2.09.

 

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes remain bullish.

Daily – Flat. Big 30 cent move up after the break above 4.70 on Friday.  Trade pressures are up. Volumes are neutral.

The spike up took price to near the extended target of 5.17. Look for a pull back to 4.80 for a new long entry. The expected overbought levels have risen to 5.04.

A close below 4.92 would signal lower.  The expected oversold levels have risen to 4.55.

 

GOLD_ GCM24

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

Daily – Flat. Stopped out of the long trade for a gain.  Trade pressures remain up.  Volumes are bullish.

The next target up is the upper median line at 2494. The expected overbought level has risen to 2408.

A close below 2388 would signal lower. The expected oversold level has risen to 2311.

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are remain down into the neutral zone.  Volumes have turned bullish.

Daily –Flat. Moved up thru 30.00.  Trade pressures remain up.  Volumes remain bullish.

Moved thru all resistances easily. The next target up is 31.02.  Overbought levels are 28.55.

A close below 30.57 would signal lower.  Oversold levels are 26.89.

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper breaks higher after a small pullback.  Gold breaks resistance for a late week rally.  Silver, similarly, breaks the trendline resistance and moves higher.

Crude remains in consolidation, still looking weaker.  Natural gas continues the rally, but now at trendline support.

The US 30yr Treasury Bond move higher meets resistance. The 10yr yields have dropped to support levels.

The US Dollar futures continue the move down from the 106 resistance levels.

_________________

S&P 500 Futures   #ESM24

Monthly – May still retracing the April lows. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5022 would confirm any weekly move lower.

Weekly – The weekly closes up off the October median line.  Trade pressures remain up, but declining.  Volumes remain bullish.  The 4986 downside target was touched at that median line. The next target up is the prior high at 5333. Closed again higher at 5246, which continues the confirmation of the daily move higher.

Daily – Long.  The lower median line at 5039 provided support for the ensuing rally starting on 5/3 which is now at 5246. Trade pressures are up.  Volumes remains bullish.  The close above 5237 new long entry provided additional confirmation.  The expected overbought level has risen to 5266.  The expected oversold level rises to 5025.

Again, near the overbought levels. Look for another dip to close the 5145 LML.

[5-6-24: Closed above the 5166 downtrend line and above the 5195 resistance for a new long entry.]

[5-8-24: Overbought levels are now 5215. Set SL at 5166.]

[5-10-24: Raise SL to 5222.]

[5-14-24: Stopped out in the AM PPI spike down; with a gain.]

___________________

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 move up for the week to approximately $135,000. The Year-to-Date portfolio performance is now up 35%.

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the new April uptrend.  Trade pressures are up but declining. Volumes have returned to bullish.

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

The next target down is 104.61.  The expected oversold levels decline to 104.89.

A close above 105.16 would signal higher. 106.12 is the lower expected overbought level.

 

US30YR T-BOND_ USM24

Weekly – In the April 2024 downtrend.  Trade pressures are down.  Volumes remain bearish.

Daily  – Flat . The long trade was stopped out on 5/9 at 115.93 for a gain.  Trade pressures are up but have declined to near the neutral zone. Volumes are bullish.

The next target up is 117-17.  Overbought levels are 17-28.

A close below 115-25 would signal lower. Oversold levels are 114-14.

 

Oil & Gas

CRUDE_ CLM24

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

Daily – Flat. Consolidating at the 200 day MA.  Trade pressures are up into the neutral zone.  Volumes remain bearish.

The next target down is 74.06. The expected oversold level is lower to 78.02.

A close above 79.64 would signal higher. The expected overbought levels are also lower to 85.57.

 

NAT GAS_ NGM24

Weekly – In the February 2024 downtrend.  Trade pressures remain down.  Volumes remain bearish.

Daily – Long.  The break above 1.97 on 5/2 sent the market higher, now in a pull back. Trade pressures are up.  Volumes remain bullish.

At the 2.22 target.  The expected overbought level rises to 2.35.

A close below 2.23 would signal lower.   The expected oversold level rises to 1.96.

[5-10-24: Raise SL to 2.22.]

[5-12-24: Stopped out for a gain in the Sunday nite session.]

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes remain bullish.

Daily – Flat. Took profits at the 4.69 level, looking for a new long entry.  Trade pressures were down and have moved up to the neutral zone.  Volumes are bearish.

The next target up is 4.78. Look for a pull back to 4.60 to re-enter The expected overbought levels have risen to 4.75.

A close below 4.61 would signal lower.  The expected oversold levels have risen to 4.45.

 

GOLD_ GCM24

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

Daily – Long. In new the move up from the long entry at 2331 on 5/9 .  Trade pressures are up.  Volumes are bullish.

The next target up is the prior high pivot at 2385. The expected overbought level has risen to 2386.

A close below 2350 would signal lower. The expected oversold level has declined to 2299.

[Set the SL at the Friday low, 2352.]

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are remain down into the neutral zone.  Volumes have turned bullish.

Daily –Flat. The 27.01 long entry on 5/5 was rewarded with the move up to 27.32.  Trade pressures are up.  Volumes are bullish.

Now at the 28.87 upside resistance. The next target up is 29.46.  Overbought levels are 28.55.

A close below 28.07 would signal lower.  Oversold levels are 27.64.

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper remains strong with a new long entry.  Gold correction continues, still at support.  Silver hit the profit stop and is now in correction remains near support.

Crude remains in consolidation looking weaker.  Natural gas finally rallies, but still in downtrend.

The US 30yr Treasury Bond moves slightly higher. The 10yr yields off the highs.

The US Dollar futures move down from the 106 resistance levels.

_________________

S&P 500 Futures   #ESM24

Monthly – May begins up off the April lows. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5022 would confirm any weekly move lower.

Weekly – The weekly closes up off the October median line.  Trade pressures remain up, but declining.  Volumes remain bullish.  The 4986 downside target was touched at that median line. The next target down is 4771. Closed above the prior week’s high at 5146 confirms the daily move higher.

Daily – Flat.  After moving down to oversold levels started a move up and closed above the 4/29 prior pivot high and now near overbought levels. Trade pressures are up.  Volumes are bullish.  The next target up is a test of the 5195 resistance.  The overbought level is 5125.  The expected oversold level is rising to 4975.

At overbought levels. Look for another dip to close the 5092 gap to enter any new long.

[5-6-24: Closed above the 5166 downtrend line and above the aforementioned 5195 resistance for a new long entry.]

[5-8-24: Overbought levels are now 5215. Set SL at 5166.]

[5-10-24: Raise SL to 5222.]

___________________

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, portfolio hold steady to remain unchanged, at approximately $130,000. The Year-to-Date portfolio performance closes up 30%.

 

 

[The author may have long or short positions in any of the securities mentioned.]

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the new April uptrend.  Trade pressures are up but declining. Volumes are now bearish.

Daily – Short.  In the move down from 104.79 on 5/3. The 106.46 target did offer resistance.  Trade pressures are down.  Volumes remain bullish.

The next target down is 103.20.  The expected oversold levels decline to 105.01.

A close above 105.16 would signal higher. 106.21 is the lower expected overbought level.

 

US30YR T-BOND_ USM24

Weekly – In the April 2024 downtrend.  Trade pressures are down.  Volumes remain bearish.

Daily  – Long. In a move up from 113-25 on 4/26.  Trade pressures are up. Volumes are bullish.

The next target up is 117-17.  Overbought levels are 122-15.

A close below 115-02 would signal lower. Oversold levels are 113-31.

Counter trend trade. Use tight stops.

[5-3-24: Raise sell stops to 115-16.]

[5-7-24: Raise SL to 115-30.]

[5-9-24: Stopped out for a gain.]

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM24

Weekly – In the March uptrend from 3/29/24. Trade pressures are down. Volumes are now bearish.

Daily – Flat. Now lower, having moved down below the short entry at 84.51 on 4/17 and further below the 200 day MA.  Trade pressures are down.  Volumes are bearish.

The next target down is 74.01. The expected oversold level is lower to 78.41.

A close above 80.51 would signal higher. The expected overbought levels are lower to 85.67.

 

NAT GAS_ NGM24

Weekly – In the February 2024 downtrend.  Trade pressures remain down.  Volumes remain bearish.

Daily – Long.   The break above 1.97 on 5/2 send the market higher. Trade pressures are now up.  Volumes are bullish.

The next target up is 2.22.  The expected overbought level rises to 2.01.

A close below 2.11 would signal lower.   The expected oversold level rises to 1.75.

[5/6/24: Set SL at 2.11.]

[5-7-24: Raise SL to 2.14.]

5-10-24: Raise SL to 2.22.]

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes remain bullish.

Daily – Long. In the move up from the 4.54 level on 5/3.  Trade pressures remain up.  Volumes are bullish.

The next target up is 4.67.  The expected overbought levels are 4.69.

A close below 4.46 would signal lower.  The expected oversold levels are 4.36.

[5/6/24: Raise SL to 4.58. Set a profit stop at 4.69: OCO]

[5/7/24: Stopped out for a gain.]

 

GOLD_ GCM24

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

Daily – Flat. In the move down from the 2405 short entry on 4/12.  Trade pressures are down.  Volumes is bearish.

Touched 2274. The next target down is 2244. The expected oversold level is 2276.

A close above 2323 would signal higher. The expected overbought level is 2390.

 

SILVER_ SIN24

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

Daily –Flat. The short entry at 29.09 on 4/16 was rewarded with the move down to 26.53.  Trade pressures are down.  Volumes remain bearish.

The next target down remains 25.82.  Oversold levels are 24.81.

A close above 27.02 would signal higher.  Overbought levels are 27.44.

[5/5/24: Long at 27.01 Sunday nite. SL at 27.02.]

[5/7/24: Raise SL to 27.32.]

[5-8-24: Stopped out at 27.32 for a 30 cent gain.]