Author: ChasW

Oil & Gas

CRUDE_ CLK24  (May Contract)

Weekly – Still in the December 2023 downtrend. Trade pressures are up. Volumes remain bullish.

Daily – Flat. The move up from the bull flag break out at 77.75 on 3/13 is correcting.  Trade pressures are down.  Volumes are now neutral.

The next target down is the LML at 77.88. The expected oversold level is 78.89.

A close above 81.28 would signal higher. The expected overbought levels are 83.91.

Look for a re-entry long at the oversold levels.

 

NAT GAS_ NGK24

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

Daily – Flat. At the 1.78 short entry..  Trade pressures are down.  Volumes are bearish.

The next target down is the 1.36 downside ML.  The expected oversold level are1.60.

A close above 2.01 would signal higher.   The expected overbought level is 1.88.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGK24

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

Daily – Flat. Reached the 4.16 target and now retracement down.   Trade pressures are down.  Volumes are bearish.

The next target down is 3.96.  The expected oversold levels are 3.94.

Need a close above the 4.05 level to re-start a move up..  The expected overbought levels are 4.21.

 

GOLD_ GCJ24

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

Daily – Flat. The move up spiked to 2225 and then turned down hard thru the short entry of 2181.  Trade pressures are up but declining.  Volumes remain neutral.

The next target down 2137. The expected oversold level is 2141.

A close above 2186 would signal higher.  The expected overbought level is 2199.

 

SILVER_ SIK24

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

Daily – Flat. As with gold, the spike up to 25.97 was met with selling at the resistance line.  Trade pressures are down.  Volumes are bearish.

The next target down is the short entry at 24.88.  Oversold levels are 24.08.

A close above 25.27 would signal higher, but need to break above the resistance line at 25.97.    Overbought levels are 26.47.

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper moves on thru the upside target.  Gold correcting. Silver continues the move up.

The Crude stopped out then moves up again.  Natural gas breaks down from the LML.

The US 30yr Treasury Bond in correction. The 10yr yields rise with inflation numbers.

The US Dollar futures trading down the bull flag channel.

_________________

S&P 500 Futures   #ESM24

Monthly – March continues the new highs. Trade pressures are up just out of the neutral zone. Volumes closed the month of February as bullish.  At the 5233 upside target.  The next target up is 5578.  A close below 4945 would confirm any weekly move lower.

Weekly – The weekly closes again above the prior week high, but forms a spinning top.  Trade pressures remain up.  Volumes remain bullish.  The next target up is 5839.  A close below 5116 would confirm any daily move lower.

Daily – Flat.  Trade pressures are down.  Volumes are now bearish.  The next target up is 5432.  The overbought level rises to 5198; still below the next target up.  The next target down is 5136. A close below 5116 would signal lower. The expected oversold level rises to 5073.

___________________

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 2023 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 closed the week lower due to SMCI, at approximately $138,000. The Year-to-Date portfolio performance closed up 38%.

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the new December downtrend.  Trade pressures are up but turning down. Volumes are now bearish.

Daily – Flat.  Down through bottom band of the channel at 102.91.  Trade pressures are now up.  Volumes remain bullish.

The next target down is 101.32.  The expected oversold levels are 102.25.

Trading down in a bull flag. A break out would be at 103.26. The next target up would be 104.41.  103.90 is the over-bot level.

[3-19-24: Long at 103.48.]

 

US30YR T-BOND_ USM24

Weekly – In the new December 2023 uptrend but at support.  Trade pressures are just up.  Volumes are now neutral.

Daily  – Flat. Stopped out of the Long trade and back in the move down.  Trade pressures are down. Volumes are now bearish.

The next target down is the prior low at 117-12.  Oversold levels remain 115-14.

The next long entry is 119-17. Overbought levels are 121-18.

 

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLK24  (May Contract)

Weekly – Still in the December 2023 downtrend. Trade pressures are up. Volumes remain bullish.

Daily – Flat. In the move up from 77.75 on 3/13.  Trade pressures are up.  Volumes are now bullish.

The next target is 82.74. The expected over-bot level is 81.97.

A close below 80.11 would signal lower.  Set this 80.00 as the SL. The expected oversold levels are 77.74.

Look for a re-entry at the oversold levels.

 

 

NAT GAS_ NGJ24

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

Daily – Flat. The attempted rally fails.  Trade pressures are down but turning up.  Volumes are bearish.

The next target down is the 1.60 downside LML.  The expected oversold level would be 1.60.

A close above 1.77 would signal higher.   The expected overbought level is 2.03.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGK24

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

Daily – Long from the 3.92 breakout on 3/12. Reached the 4.08 target and kept moving up.  Trade pressures are up.  Volumes are bullish.

The next target up is 4.33.  The expected overbought levels are 4.08.

Set the SL at 4.08. The next target down is 4.05.  The expected oversold levels are 3.88.

[3-19-24: stopped out for a gain.]

 

GOLD_ GCJ24

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

Daily – Flat. The break out of the top band of the channel at 2053 on 3/1 has carried price to 2203.  Trade pressures are up but declining.  Volumes are neutral.

The next target up is 2220. The expected overbought level is 2206.

A close below 2159 would signal lower to the 2109 support.  The expected oversold level is 2116.

 

SILVER_ SIK24

Weekly – In the December uptrend, near support.  Trade pressures are down but rising into the neutral zone.  Volumes remain neutral.

Daily – Long. The back test of the UML at 24.38 results in another move up from 24.45 on 3/13.  Trade pressures remain up.  Volumes remain bullish.

The next target up is 25.80.  Overbought levels remain 26.46.

A close below 24.365 would signal lower.  Use 24.65 as the SL.  Oversold levels are 24.08.

[3-20-24: Raise SL to 24.78.]

[3-22-24: stopped out for a gain.]

 

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper meets the upside target and pulls back.  Gold continues the moves up. Silver in the move up, but lags gold.

The Crude breaks above the resistance line but little follow thru.  Natural gas testing the LML for a possible break down.

The US 30yr Treasury Bond continues the slow uptrend. The 10yr yields still declining.

The US Dollar futures breakdown out of the channel.

_________________

S&P 500 Futures   #ESM24

Monthly – March continues the new highs. Trade pressures are up just out of the neutral zone. Volumes closed the month of February as bullish.  At the 5233 upside target.  The next target up is 5553.  A close below 4945 would confirm any weekly move lower.

Weekly – The weekly closes again above the prior week high, but forms a spinning top.  Trade pressures remain up.  Volumes remain bullish.  The next target up is 5390.  A close below 5127 would confirm any daily move lower.

Daily – Flat.  Trade pressures are up.  Volumes remain bullish.  The next target up is 5368.  The overbought level rises to 5145; still below the next target up.   A close below 5166 would signal lower. The expected oversold level rises to 5040 (rising oversold levels are bullish and can be interpreted as a “buy the dips” level.). Friday was a sell-off day with a early morning rally followed by steady selling. Semi conductors experienced the first real retracement.

___________________

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 2023 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 closed again much higher due to SMCI, at approximately $142,000. The Year-to-Date portfolio performance closed up 42%.

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXH24

Weekly –  Remains in the new December downtrend.  Trade pressures are up but turning down. Volumes are now bearish.

Daily – Short.  Down through bottom band of the channel.  Trade pressures are down.  Volumes remain bullish.

The next target down is 101.69.  The expected oversold levels are 102.52.

In a bull flag. A break out would be at 103.91. The next target up is 104.41.  104.09 is the over-bot level.

 

US30YR T-BOND_ USM24

Weekly – In the new December 2023 uptrend but at support.  Trade pressures remain down.  Volumes are now neutral.

Daily  – Long. In the new long from 120-09 on 3/6.  Trade pressures are up. Volumes are now neutral.

The next target up is 123-07. Overbought levels are 127-18.

The next target down is the prior low at 117-12.  Oversold levels remain 118-07.

Set the SL at 121-01.

[3-12-24: Stopped out for a gain.]

 

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLK24  (April Contract)

Weekly – Still in the December 2023 downtrend. Trade pressures are up. Volumes remain bullish.

Daily – Long. In the new long from 78.97 on 3/1.  Trade pressures are down.  Volumes are now bearish.

The next target is 82.74. The expected over-bot level is 80.64.

A close below 76.87 would signal lower.  Set this 76.87 as the SL. The expected oversold levels are 77.05.

{3-11-24: stopped out for the loss at 76.87.]

 

NAT GAS_ NGJ24

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

Daily – Flat. The attempted rally fails.  Trade pressures are down.  Volumes are bearish.

The next target down is the 1.65 downside target.  The expected oversold level would be 1.71.

A close above 1.99 would signal higher.   The expected overbought level is 2.01.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGK24

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

Daily – Flat. Reached the 3.92 target. Now in a pullback to the 3.86 level.  Trade pressures are up.  Volumes are bearish.

The next target down is 3.84.  The expected oversold levels are 3.84.

A close above 3.90 would signal higher. The expected overbought levels are 3.99.

 

GOLD_ GCJ24

Weekly – In the December 2023 uptrend.  Trade pressures are up.  Volumes are bullish.

Daily – Flat. The break out of the top band of the channel at 2053 has carried price to 2200.  Trade pressures are up.  Volumes remain bullish.

Thru the next target up at 2073. The expected overbought level is 2253.

A close below 2159 would signal lower.  The expected oversold level is 2103.

 

SILVER_ SIH24

Weekly – In the December uptrend, near support.  Trade pressures are down but rising into the neutral zone.  Volumes remain neutral.

Daily – Long. The break above the down trend line for a new long entry at 23.24 has now reached the 24.75 target.  Trade pressures are up.  Volumes remain bullish.

The next target up is 25.35.  Overbought levels are 26.46.

A close below 24.38 would signal lower.  Use 24.38 as the SL.  Oversold levels remain 21.82.

[3-12-24: Stopped out for a gain at 24.38.]