Author: ChasW

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.

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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.]

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper remains strong.  Gold correction continues, but at support.  Silver hit the profit stop and is now in correction but also near support.

Crude remains in consolidation near 80.00.  Natural gas continues the move down breaking support and showing lower targets.

The US 30yr Treasury Bond moves slightly higher. The 10yr yields near upper channel resistance.

The US Dollar futures tests the 106 resistance levels once again. A small bull flag is forming

_________________

S&P 500 Futures   #ESM24

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

Weekly – The weekly closed below the new short entry at 5193.  Trade pressures remain up, but declining.  Volumes are now bullish.  The 4986 downside target was touched.  A close above the prior week’s open at 5166 would confirm any daily move higher.

Daily – Flat.  The close below 5193 signaled lower and the move down to 4986 validated the trade . Trade pressures are now up.  Volumes are now neutral.  The next target up is a test of the 5195 resistance.  The overbought level drops again now to 5125 (more lower highs on the OS/OB).  The expected oversold level is declining to 4951.

A  break above 5195 would signal new highs. Look for another dip near oversold levels to enter any new long.

___________________

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, moved 8% lower in the last two weeks but rallied to close one percent lower, at approximately $130,000. The Year-to-Date portfolio performance closes up 30%.

Progressive Insurance (PGR) and Royal Caribbean (RCL) replace Super Micro (SMCI) and Parsons (PSN) at the next open.

 

[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. Volumes remain bullish.

Daily – Flat.  In the move up from 103.48 on 3/19. The 106.46 target is offering resistance.  Trade pressures are down but rising.  Volumes are bullish.

The next target up is that 106.48.  The expected overbought levels are 106.26.

A close below 104.73 would signal lower. 105.25 is the expected oversold level.

 

US30YR T-BOND_ USM24

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

Daily  – Long. Sold down to the LML at 112-27 and now in a move up from 113-25.  Trade pressures are down. Volumes remain bearish.

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

A close below 113-10 would signal lower. Oversold levels are 112-11.

Counter trend trade. Use tight stops.

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

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM24

Weekly – In the March uptrend from. Trade pressures are up, but declining. Volumes are now neutral.

Daily – Flat. In consolidation; moved down below the short entry at 84.51 on 4/17 and further to the 80.00 support.  Trade pressures up.  Volumes are now bullish.

The next target down is 80.57. The expected oversold level is 80.90.

A close above 85.51 would signal higher. The expected overbought levels are 85.99.

 

NAT GAS_ NGM24

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

Daily – Flat. New contract short entry was 2.09.  Trade pressures are down.  Volumes remain bearish.

The next target down is the 1.64 downside ML.  The expected oversold level declines to 1.54.

A close above 1.94 would signal higher.   The expected overbought level rises to 2.02.

 

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

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

Daily – Flat. Remains in the move up from the 4.10 level on 4/3.  Trade pressures remain up.  Volumes are bullish.

The next target up is 4.78.  The expected overbought levels are 4.61.

A close below 4.46 would signal lower.  The expected oversold levels are 4.28.

 

GOLD_ GCM24

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

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

The next target down is 2274. The expected oversold level is 2305.

A close above 2360 would signal higher. The expected overbought level is 2435.

 

SILVER_ SIN24

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

Daily –Flat. The move to a spike above the 28.23 target failed with a short entry at 29.09 on 4/16.  Trade pressures are down but rising.  Volumes are bearish.

The next target down is 25.82.  Oversold levels are 26.78.

A close above 27.75 would signal higher.  Overbought levels are 28.35.