Author: ChasW

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper is a new long.  Gold is consolidating.  Silver is consolidating near a new short entry. Interest rate moves should dictate the next move in the metals.

The Crude has turned down. Natural gas is in the chop mode.

The US 30yr Treasury Bond remains a cautious long.

The US Dollar futures have turned down with a sharp move late in the week.

_________________

S&P 500 Futures #ESZ23

Monthly – November rallies off the 4100 lows. Trade pressures remain down into the neutral zone. Volumes closed the month of October as bearish. The next target down remains 4025. The September close below 4373 had confirmed the weekly move lower.

Weekly – The weekly moved sharply up off the 4122 low. Trade pressures remain down. Volumes have closed the week as slightly bullish. This close above 4364 has confirmed the Daily move higher. The next target up is 4634

Daily – Long from the 4184 open on 10/30, the prior Monday; which has now closed above the 200 day MA at 4338. Trade pressures are up. Volumes are bullish. Now well above the expected overbought at 4278 which would suggest some retracement here. A close below 4333 would signal lower.

SL 4350.

[11-7-23: Raise SL to 4378.]

[11-8-23: Stopped out at 4378.]

___________________

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.

Portfolio values closed at approximately $100,000. The Year-to-Date portfolio performance is now down 0%.

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXZ23

Weekly –  In the new September 2023 uptrend. Trade pressures remain up. Volumes are now bearish.

Daily – Short. In the second break down thru the 105.27 short entry.  Trade pressures are down. Volumes are bearish.

The next target down is 104.54. Expect support at the 104.62 level. The oversold levels are 105.56.

A close above 105.09 would signal a retracement higher. The expected overbought levels are then 106.87.

 

US30YR T-BOND_ USZ23

Weekly – In the October 2021 downtrend well below the prior week. Trade pressures are down. Volumes are  bearish.

Daily  – Long. The new long was signaled at 110-02 on 10-27 . Trade pressures are now up. Volumes remain bearish.

The trend is now up. The next target up is 114-12.  Expected overbought levels are 116-12.

A close below 112-08 would signal lower. The expected oversold levels are 109-15.

SL at 113-12.

[11-5-23: stopped out at 113-07.]

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLZ23

Weekly – In a new August 2023 uptrend. Trade pressures are down. Volumes are now bearish.

Daily – Flat.  Missed the short entry at the break down of the up move at 85.39 on 10/23.  Trade pressures are down.  Volumes are bearish.

The next target down is 75.39. The expected oversold levels are now 80.04 and the 200 day MA support is at 76.26.

A close above 84.67 would signal higher. The expected overbought levels are 86.99.

 

 

NAT GAS_ NGZ23

Weekly – In the December 2022 downtrend; holding at long term resistance. Trade pressures are still down. Volumes remain bullish.

Daily – Flat. Back into an uptrend on 11/3 from 3.52.  Trade pressures are down but rising. Volumes are now neutral.

The next target up is 3.59. The expected overbought level is 3.77.

A close below 3.43 would signal lower. The expected oversold level is 3.12.

[11-5-23: Opened Sun nite session at 3.40.]

[11-8-23: Lower SL to 3.18.]

[11-9-23: Take profits at 3.10.]

 

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGZ23

Weekly – In the May 2023 downtrend. Trade pressures are down but rising. Volumes remain neutral.

Daily – Long. In the move up from 3.64 on 10/27.  Trade pressures are up. Volumes are bullish.

The expected overbought levels are 3.70 and overhead resistance is the same. Tight stops.

A close below 3.56 would signal lower. Expected oversold levels are now 3.54.

[11-5-23: SL 3.63]

[11-6-23: Raise stop to BE at 3.64.]

[11-8-23: Stopped out for a BE.]

 

GOLD_ GCZ23

Weekly – In the new August 2023 downtrend, breaking the support levels. Trade pressures remain up. Volumes remain bullish.

Daily – Flat. Profit stop triggered at 1983. Trade pressures down into the neutral zone. Volumes remain bullish.

A new long entry would be signaled with a close above 2008 which has been tested three times and failed. The next target up is 2081 with median line resistance at 2010. The expected overbought levels are now 2015.

A close below 1968 would signal lower. The expected oversold levels are 1970.

 

SILVER_ SIZ23

Weekly – In the September 2023 downtrend. Trade pressures remain up. Volumes remain bullish.

Daily – Flat. Still in the move up from the 21.63 signal. Trade pressures are now up. Volumes are now bullish.

In consolidation. The next target up remains 23.99. Overbought levels are still 24.74.

A close below 22.70 signals lower which has been tested three time also.  Oversold levels are expected at 21.23.

[11-7-23: New short at 22.70.  SL @ 22.70.]]

[11-7-23: Stopped out immediately for a BE.]

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper attempted another rally but not quite a new long yet.  Gold was stopped out with a profit, (watch the movement for signs that the hedgers have new info on the Middle East events).  Silver near a new short entry.

The Crude has turned up. Natural gas is in another retracement after reaching overbought.

The US 30yr Treasury Bond is again a cautious long.

The US Dollar futures have turned up once again, still a safe haven trade.

_________________

S&P 500 Futures #ESZ23

Monthly – The third month down. Trade pressures remain down into the neutral zone. Volumes closed the month of September as bullish, October, while not quite finished, looks bearish. The next target down remains 4025. The close below 4373 had confirmed the weekly move lower.

Weekly – The weekly moved sharply down after breaching the downside target of 4280. Trade pressures are down. Volumes have closed the week as bearish.  The next target down is still 4030. A close above 4364 would confirm any Daily move higher.

Daily – Flat. Made a third touch on the downward sloping median line and closed up off that line setting the stage for a possible rally.  Trade pressures are down. Volumes remain bearish. At the 4124 downside target. The next target down is 4030. The expected oversold level is 4099. A close above 4177 would signal higher.  In the event of a rally, the expected overbought is 4298.

[10-31-23 long at the 4184 open. ]

[11-2-23: SL at 4254.]

[11-3-23: SL 4350.]

___________________

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.

Portfolio values closed at approximately $95,000. The Year-to-Date portfolio performance is now down 5%.

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXZ23

Weekly –  In the new September 2023 uptrend. Trade pressures remain up. Volumes are now bullish.

Daily – Long. In the new move up off the 106.22 long entry.  Trade pressures are up. Volumes are bullish.

The next target up is 107.42. Expect resistance at the 106.78 level. The overbought levels are 106.94.

A close below 104.90 signals lower. The expected oversold levels are now 105.50.

 

US30YR T-BOND_ USZ23

Weekly – In the October 2021 downtrend well below the prior week. Trade pressures are down. Volumes are  bearish.

Daily  – Long. A new long is signaled at 110-02 on 10-27 . Trade pressures are now up. Volumes remain bearish.

The trend is still down. Need a close above 114 to change the trend to up. So any long trade here is a counter trade. Follow the trade with tight stops.  Expected overbought levels are 116-10.

A close below 109-02 would signal lower. The expected oversold levels are 106-03.

SL at 109-02.

[11-2-23: Raise SL to 110-31.]

[11-3-23: Raise SL to 113-01.]

 

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLZ23

Weekly – In a new August 2023 uptrend. Trade pressures are down into the neutral zone. Volumes remain bullish.

Daily – Flat.  The long entry at 87.19 failed. Trade pressures are up.  Volumes are bearish.

Look for a bullish volumes on the open to enter long above 86. The expected overbought levels are 89.55.

A close below 83.66 would signal lower.  The expected oversold levels are now 82.94. 200 day MA support is at 76.18, so don’t expect to get there.

 

NAT GAS_ NGZ23

Weekly – In the December 2022 downtrend; holding at long term resistance. Trade pressures are now down. Volumes remain bullish.

Daily – Flat. Broke down into a new downtrend at 3.48 on 10/27.  Trade pressures are up. Volumes are now bearish.

The next target down is 3.33. The expected oversold level is 2.90.

A close above 3.62 would signal higher. The expected overbought level is 3.57.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGZ23

Weekly – In the May 2023 downtrend. Trade pressures have broken down. Volumes is now neutral.

Daily – Flat. Pulled back to just above the 3.51 downside target.  Trade pressures are down. Volumes are bearish.

Need a close above the 3.65 level to enter a new long trade. The expected overbought levels are 3.75.

A close below  3.55 would signal lower. Expected oversold levels are now 3.45.

 

GOLD_ GCZ23

Weekly – In the new August 2023 downtrend, breaking the support levels. Trade pressures are now up. Volumes remain bullish.

Daily – Flat. Profit stop triggered at 1983. Trade pressures remain up. Volumes remain bullish.

A new long entry would be signaled with a close above 2008. The next target up is 2081 with median line resistance at 2019 and 2033; and the expected overbought levels are now 2025.

A close below 1944 would signal lower. The expected oversold levels are 1937.

 

SILVER_ SIZ23

Weekly – In the September 2023 downtrend. Trade pressures are now up. Volumes are bullish.

Daily – Flat. Still in the move up from the 21.63 signal. Trade pressures are down. Volumes are now neutral.

The expected resistance at 23.88, the median line, and the 200 day MA did turn price down. The next target up remains 23.99 and could signal a new long entry. Overbought levels are still 24.74.

A close below 22.70 signals lower.  Oversold levels are expected at 22.01.

 

Navellier Top 5 Stocks for November

The following is provided by Navellier with technical comment from South Ocean Management – pls do your own due diligence.

https://navelliergrowth.investorplace.com/

High-Growth Investments

Eli Lilly & Company

Eli Lilly & Company (LLY) is a well-known drug manufacturer that develops medicines and treatments to meet the needs of patients around the world. The company has been making headlines recently, as its treatment, Mounjaro, has been approved by the FDA to treat Type 2 diabetes – and it’s also expected to receive approval as a weight management treatment.

Interestingly, prior to the latter approval, Eli Lilly has achieved sales of more than $1.5 billion for Mounjaro in the first six months of 2023. And it’s important to note that Mounjaro has only been approved by the FDA as a treatment for Type 2 diabetes for a year. So, as demand continues to ramp up, Mounjaro sales should skyrocket.

Next week, we’ll see firsthand how persistent demand for its treatments continues to add to the company’s top line. Eli Lilly is scheduled to announce third-quarter results before the stock market opens on Thursday, November 2. Third-quarter sales are expected to increase 29% year-over-year to $8.95 billion. LLY is a Conservative buy below $610.

SOM Technicals: 

10-07-23: Closed at 567.87. Trade pressures are up. Volumes are now bullish. The next target up is 575.41.

10-14-23: closed at 609.20. Trade pressures are up and trending. Volumes are now bearish. The next target up is 636.00. There is the large gap near 460 to fill.

10-27-23: Closed at 560.23. Trade pressures are down. Volumes are bearish. The next target down is 559.00.

11-3-23: Closed at 567.81. Trade pressures are up but turning down. Volumes are neutral. The next target down is 535.00.

11-10-23: Closed at 597.50. Trade pressures are down. Volumes are neutral. Rolling over after the rally, the next target down is 544.70.

 

EMCOR Group, Inc.

EMCOR Group, Inc. (EME) is a leading provider of electrical and mechanical construction, energy and industrial infrastructure and building services. Though its headquarters are located in Connecticut, EMCOR Group has more than 80 operating companies, and it has more than 180 locations throughout the U.S. And its systems – lighting, HVAC, fire protection, electrical, etc. – are utilized in practically every sector of the U.S. economy.

Strong demand for its services added handsomely to EMCOR Group’s top and bottom lines in the first two quarters of 2023, and the third quarter was no different.

Third-quarter revenue rose 13.5% year-over-year to $3.21 billion, which was a new record for the company and topped expectations for $3.15 billion. Third-quarter earnings jumped 67.1% year-over-year to $3.61 per share, up from $2.16 per share in the same quarter a year ago. Analysts expected earnings of $2.72 per share, so EMCOR Group posted a 32.7% earnings surprise.

Given the record quarterly results, EMCOR Group upped its guidance for fiscal year 2023. Full-year revenue is now expected to be about $12.5 billion and earnings per share are forecast to be between $12.25 and $12.65. That compares to previous estimates for revenue between $12.0 billion and $12.5 billion and earnings per share between $10.75 and $11.25. EME is a Conservative buy below $223.

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.

 

Novo Nordisk A/S

Novo Nordisk A/S (NVO) is our other drug manufacturer that’s benefiting from robust demand for diabetes and weight management treatments. In fact, thanks to increased sales for the company’s leading weight-loss and diabetes drugs, Wegovy and Ozempic, Novo Nordisk upped its full-year 2023 sales outlook in mid-October. It now expects 32% to 38% annual sales growth in 2023, up from previous estimates for 27% to 33% annual sales growth.

In the wake of this increased outlook, the analyst community has also upped its forecast for fiscal year 2023. Full-year sales are now expected to grow 26.8% year-over-year to $31.83 billion, and earnings are forecast to rise 28.3% year-over-year to $2.22 per share.

Analysts have also increased third-quarter earnings estimates over the past month. The current consensus estimate calls for earnings of $0.71, up from forecasts for only $0.48 per share a month ago. Third-quarter sales are anticipated to climb 21.1% year-over-year to $7.91 billion. Novo Nordisk plans to publish results for its third quarter prior to the opening bell on Thursday, November 2. NVO remains a Conservative buy below $100.

SOM Technicals: 

2-24-23: Closed at 141.60. Trade pressures are down. Volumes are now neutral. The next target down is 188.22.

3-4-23: Closed at 144.90. Trade pressures are up. Volumes are bullish. The next target up is 149.62.

3-11-23: Closed at 141.29. Trade pressures are down but rising. Volumes are bearish. The next target down  is 134.71.

3-17-23: Closed at 139.44. Trade pressures are down but rising. Volumes are neutral. The next target down is 134.74.

3-24-23: Closed at 152.76. Trade pressures are up. Volumes are bullish. The next target up is 159.89.

3-31-23: Closed at 159.14. Trade pressures are up. Volumes are bullish. The next target up is 177.85.

4-14-23: Closed at 168.60. Trade pressures are up. Volumes are bullish. The next target up is 177.65.

4-22-23: Closed at 172.65. Trade pressures are rising into the neutral zone. Volumes are bullish. The next target up is 177.65.

4-28-23: Closed at 167.09. Trade pressures are up. Volumes are now neutral. The next target down is 159.13.

5-7-23: Closed at 163.24. Trade pressures are down but rising. Volumes are neutral. The next target up is 167.92.

5-13-23: Closed at 171.27. Trade pressures are up. Volumes are bullish. The next target up is 177.65.

5-20-23: Closed at 170.54. Trade pressures are up. Volumes are bullish. The next target up is 172.97.

5-27-23: Closed at 162.23. Trade pressures are down but rising. Volumes are bearish. The next target down is 159.13.

6-3-23: Closed at 157.14. Trade pressures are down. Volumes are now bullish. The next target down is 150.57.

6-10-23: Closed at 158.05. Trade pressures are down into the  neutral zone. Volumes are neutral. The next target down is 153.05.

6-20-23: Closed at 159.698. Trade pressures are down. Volumes are bullish. The next target down is 156.49.

6-24-23: Closed at 159.07. Trade pressures are down. Volumes are bearish. The next target down is 156.49.

8-25-23: Closed at 186.43. Trade pressures are down into the neutral zone. Volumes are neutral. The next target down is 178.22.

9-1-23: Closed at 189.31. Trade pressures are down but turning  up. Volumes are bullish. The next target up is 191.19, the prior high.

9-8-23: Closed at 195.40. Trade pressures are up. Volumes are bullish. The next target up is the 197.54 prior high.

9-16-23: Closed at 190.43. Trade pressures are down/ Volumes are bearish. Made the 201.76 high, but now in pullback mode. The next target down is 188.26.

9-23-23: Closed at 91.30. 2:1 stock split on September 20. Trade pressures are down into the neutral zone. volumes are bearish. The next target down is 89.95.

10-07-23: Closed at 92.21. Trade pressures are up. Volumes are bullish. The next target up is 93.92.

10-14-23: Closed at 102.14. Trade pressures are up. Volumes are bearish. The next target down is 100.52.

10-27-23: Closed at 93.50. Trade pressures are down. Volumes are bearish. The next target down is 86.32.

11-3-23: Closed at 98.17. Trade pressures are down into the neutral zone. Volumes are neutral. The next target down is 95.21.

11-10-23: Closed at 100.95. Trade pressures are down. volumes are neutral. The next target down is 97.79.

 

NVIDIA Corporation

NVIDIA Corporation (NVDA) remains one of my favorite artificial intelligence plays, as it has a lock on the AI chip industry. In fact, NVIDIA’s AI chips account for more than 70% of total AI chips sales. The reality is that NVIDIA has been developing AI chips for more than a decade, achieving the ability to perform tasks like facial, image and speech recognition well ahead of the competition.

Now, the company did hit a bit of a snag when the Biden administration announced its plans to limit U.S. exports of AI chips to China. In response to the new restrictions, NVIDIA management stated that it doesn’t anticipate any “near-term meaningful impact” on its business, and it will continue to comply with all applicable regulations.

Right now, NVIDIA still has impressive forecasted earnings growth, thanks primarily to the strong demand for its AI chips. Third-quarter earnings are expected to soar 444.8% year-over-year to $3.16 per share, compared to $0.58 per share in the same quarter a year ago. Analysts have also increased earnings estimates by 53.3% over the past three months. So, a fourth-straight quarterly earnings surprise is likely.

NVIDIA will report results for its third quarter in fiscal year 2024 on November 21. NVDA is a Moderately Aggressive buy below $464.

SOM Technicals: 

5-22-20: Closed at 361.05. Trade pressures are up.  Volumes are bullish. The next target up is 364.40.

5-30-20: Closed at 353.67. Trade pressures are rising in to the neutral zone. Volumes are bearish. 333 is a support level.

6-6-20: Closed at 356.80. Trade pressure are up. Volumes are bullish. The next target up is 364.

6-12-20: Closed at 357.30. Trade pressures are down. Volumes are neutral. The next target down is 332.00.

6-20-20: Closed at 370.45. Trade pressures are up. volumes are bullish. At the 364 target: consolidating.

6-26-20: Closed at 366.20. Trade pressures are down. Volumes are bearish. A close below 351.00 would signal lower.

7-4-20: Closed at 384.59. Trade pressures are up. Volumes are bullish. The next target up is 406.07.

7-10-20: Closed at 419.17. Trade pressures are up. Volumes are bearish. a close blow 396 would signal lower.

7-18-20: Closed at 408.10. Trade pressures are down. Volumes are bullish. The next target down is 363.00.

7-24-20: Closed at 407.00. Trade pressures are down. Volumes are bullish. The next target down is 363.00.

May 2021: management announces a 4-for-1 stock split.

10-07-23: Closed at 457.62. Trade pressures are up. Volumes are bullish. The next target up is 460.19, then 491.33.

10-14-23: Closed at 454.61. Trade pressure are up but turning down. Volumes are bearish. The next target down is 431.36.

10-27-23: Closed at 405.00. Trade pressures are down. Volumes are bearish. The next target down is 365.76.

11-3-23: Closed at 450.05. Trade pressures are up. Volumes are bullish. The next target up is 490.93.

11-10-23: Closed at 483.25. Trade pressures are up and trending. Volumes are bullish. The next target up is 491.85.

 

Super Micro Computer, Inc.

Super Micro Computer, Inc. (SMCI) is a global leader in high-performance server technology solutions, and it is also benefiting from the AI trend. But it doesn’t focus on chips like NVIDIA. Rather, it develops computer servers, as well as infrastructure for data centers and the cloud. And it has a strategic partnership with NVIDIA, as NVIDIA uses SMCI’s solutions in its data center chips.

Recently, Super Micro Computer announced that it started to ship a server platform that utilizes NVIDIA’s GH200 Grade Hopper and Grace CPU Superchip. AI servers are anticipated to be a hot item, with the market expected to grow at a nearly 50% compound annual growth rate (CAGR) over the next four years. So, AI servers should continue to be a big business for SMCI going forward.

The company already has solid fundamentals, which will be apparent when it reviews third-quarter earnings and sales after the stock market closes on Wednesday, November 1. Analysts expect earnings of $3.20 per share and revenue of $2.06 billion, which compares to earnings of $3.42 per share and revenue of $1.65 billion in the third quarter of 2022.

Analysts have increased earnings estimates by more than 8% over the past three months, so a quarterly earnings surprise is likely. SMCI is an Aggressive buy below $322.

SOM Technicals:

7-1-23: Closed at 250.40. Trade pressures are up. Volumes are bullish. The next target up is 253.96.

7-9-23: Closed at 260.89. Trade pressures are up but declining. Volumes are bullish. The next target up is 270.18.

7-15-23: Closed at 296.94. Trade pressures are up. Volumes are bearish. The next target up is 306.85, the prior high.

7-21-23: Closed at 303.15. Trade pressures are up but down near the neutral zone. Volumes are bullish. The next target down is 271.97.

7-29-23: Closed at 334.50. Trade pressures are up. Volumes are bullish. The next target up is 412 but support is 325.00.

8-4-23: Closed at 338.10. Trade pressures are down but rising. Volumes are bullish. The next target up is 412.40.

8-11-23: Closed at 254.43. Trade pressures are down hard. Volumes are bearish. The next target down is 231.88.

8-18-23: Closed at 243.55. Trade pressures are down. Volumes are bearish. The next target down is 215.81. A close above 254 would signal higher.

8-25-23: Closed at 253.96. Trade pressures are down. Volumes are neutral. The next target is 237.43.

9-1-23: Closed at 282.16. Trade pressures are up. Volumes are bullish. The next target up is 312.74.

9-8-23: Closed at 280.66. Trade pressures are down but rising. Volumes are bullish. The next target up is 288.19.

9-16-23: Closed at 249.26. Trade pressures are down. Volumes are bearish. The next target down is 237.74.

9-23-23: Closed at 236.25. Trade pressures are down. Volumes are neutral. The next target down is the prior low at 213.00.

10-07-23: Closed at 290.50. Trade pressures are up. Volumes are  bullish. The next target up is 300.25.

10-14-23: Closed at 285.20. Trade pressures are down. Volumes are bearish., The next target down is 253.00.

10-27-23: Closed at 240.99. Trade pressures are down. Volumes are bearish. The next target down is 237.94.

11-3-23: Closed at 255.00. Trade pressures are up. Volumes are bearish. The next target up is 271.21.

11-10-23: Closed at 266.00. Trade pressures are up. Volumes are bullish. The next target up is 281.74.

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper attempted a rally but none.  Gold and Silver breakout with the middle east fighting

The Crude has turned up. Natural is in a retracement after overbought.

The US 30yr Treasury Bond is now a cautious long.

The US Dollar futures has turned up once again, perhaps a safe haven trade.

_________________

S&P 500 Futures #ESZ23

Monthly – Monthly in the move down but with a “spinning top”. Trade pressures remain down into the neutral zone. Volumes closed the month of September as bullish. The next target down remains 4025. The close below 4373 had confirmed the weekly move lower.

Weekly – The weekly has reached the downside target of 4280 and for the moment it is holding. Trade pressures are down. Volumes have closed the week as bullish. The close below 4583 confirmed the daily move lower. The next target down is 4030. A close above 4476 would confirm any Daily move higher.

Daily – Flat. Rallied to test the prior resistance at 4320 and failed.  Trade pressures are down. Volumes remain bullish. The next target down is still 4124. The expected oversold level is 4201. A close above 4423 would signal higher.  Watching to see what the 4304 level offers as support. There is confluence at the 4304 , the 200 day MA and the lower median line around 10/23. The expected overbought level is 4396.

___________________

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.

Portfolio values closed at approximately $105,000. The Year-to-Date portfolio performance is now up 5%.

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