Author: ChasW

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper is a long trade.  Gold at resistance, did not move with silver. Silver has a big move up.

The Crude met resistance at the 200 day MA. Natural gas falls further.

The US 30yr Treasury Bond long restarts.

The US Dollar futures are short, but now at targets so expect some retracement.

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S&P 500 Futures (Sept contract)

Monthly – A close at new highs at 4536. Trade pressures remain up. Volumes closed the month of June as bullish. The next target up is 4961. A close below 4249 would confirm any weekly move lower.

Weekly – The weekly has turned to a long as the 4512 entry is triggered. Trade pressures are still up. Volumes remain bullish. The next target up is 4673. A close below 4378 is needed to confirm any daily move lower.

Daily – Long, from the 4428 long signal off the march lows on 7/11.  Trade pressures are up. Volumes are now bearish at the end of the week. A break above 4441 did confirm the 4428 signal higher with the next target up at 4700. In overbought territory at 4561 but the breakout continues.

A new short entry is nearby at 4532. A retracement target down is 4473 could afford a buy of the dip. The expected oversold level is 4365. Tight stops.

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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 $118,000 with the move in the SuperMicro (SMCI). The Year-to-Date portfolio performance is now up 18%.

 

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXU23

Weekly –  In the November 2022 downtrend and testing the upside resistance. Trade pressures are now down. Volumes are now bearish.

Daily – Short. At the 99.15 downside target In the move down from the 102.77 break down on 7/7.  Trade pressures remain down. Volumes remain bearish.

The next target down is 96.02. The expected oversold levels are higher, now at 99.40, so expect some consolidation or retracement.

A close above 99.63 would signal higher. The expected overbought levels are now 104.01.

 

US30YR T-BOND_ USU23

Weekly – In the October 2021 downtrend and still testing the upside resistance. Trade pressures are down. Volumes are now bullish.

Daily  – Flat. In the new move up from 125.28. Buy the pullback to 125. Trade pressures are up. Volumes are bullish.

The next target up is 128.81. Expected overbought levels are 133.48.

A close below 123.68 would signal lower.  Expected oversold levels are 124.68.

 

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLU23

Weekly – Remains in the July 2022 downtrend. Trade pressures are now up. Volumes are now bullish.

Daily – Short at 75.79. Breaks above the 200 day MA. Trade pressures are up. Volumes are now bearish with profit taking.

The  next target down is 73.80.  The expected oversold levels are now 68.24.

A close above 76.16 would signal higher. The next overbought level is 77.24.

 

NAT GAS_ NGQ23

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

Daily – Flat. In then move down from the 2.66 short entry.  Trade pressures are down. Volumes are bearish.

The next target down is 2.40. The expected oversold level is 2.50.

A close above 2.58 would signal higher. The expected overbought level is 2.86.

The average daily range is higher then the distance to next target.

Still too much volatility, Stay Away.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGU23

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

Daily – Long. New long trade at the 3.76 on 7/7 was stopped out at BE.  Trade pressures are up. Volumes are bullish.

The next target up is 4.11. Overbought levels are now 3.96.

A new close below 3.91 would signal lower. The expected oversold levels are now 3.66.

 

GOLD_ GCQ23

Weekly – In the December 2022 uptrend. Testing the support levels. Trade pressures remain down. Volumes remain bearish.

Daily – Flat. at resistance and still trending down. Trade pressures are up. Volumes remain bullish.

Need a breakout above resistance. The next target up is the nearby 1965. The next overbought levels are 1968.

The next target down is 1951. The expected oversold levels are 1910.

 

SILVER_ SIU23

Weekly – In the April 2023 uptrend and moving off support. Trade pressures are now up. Volumes are bullish.

Daily – Long, The move continues after the break out above 22.98 on 7/7. Trade pressures are up. Volumes are bullish.

Took profit at 24.20 and missed the second leg up. The next target up is 25.47.  Overbought levels are 26.78.

A close below 24.85 would signal lower. Oversold levels are expected at 23.78.

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper a new long trade.  Gold appears to be basing. Silver a new long also.

The Crude is in the move up. Natural rally fails; european storage is reported to be near capacity.

The US 30yr Treasury Bond long trade fails.

The US Dollar futures are short continues to work lower.

_________________

S&P 500 Futures (Sept contract)

Monthly – A close remaining near the highs at 4434. Trade pressures remain up. Volumes closed the month of June as bullish. The next target up is 4961. A close below 4183 would confirm any weekly move lower.

Weekly – The weekly short is still active. Trade pressures are still up. Volumes remain bullish. The next target down remains at 4368. A close above 4512 is needed to confirm any daily move higher.

Daily – Flat. An irregular double top bears watching. Trade pressures are down. Volumes are bearish. A break above 4428 did signal higher with the next target up at 4700. However, the next overbought is 4466, so expect some retracement.

And now a new short entry is nearby at 4397. The expected oversold level is 4306.

___________________

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 $113,000. The Year-to-Date portfolio performance is now up 13%.

 

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXU23

Weekly –  In the November 2022 downtrend and testing the upside resistance. Trade pressures are now down. Volumes are now bearish.

Daily – Short. In the move down from the 102.77 break down.  Trade pressures are down. Volumes are bearish.

After testing the 103 upside resistance, USD breaks down on 7/7. The next target down is 101.09. The expected oversold levels are higher, now at 102.61.

A close above 102.50 would signal higher. The expected overbought levels are now 103.61.

 

US30YR T-BOND_ USU23

Weekly – In the October 2021 downtrend and still testing the upside resistance. Trade pressures are down but rising. Volumes remain bearish.

Daily  – Flat. Stopped out for a loss at 125-10 on 7/5 . Trade pressures are down. Volumes are bearish.

The next target down is 123-09 . Oversold levels are 122.23.

A close above 124-10 would signal higher.  Expected overbought levels are 128-00.

The expected oversold level is 123.50.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLU23

Weekly – Remains in the July 2022 downtrend. Trade pressures are now up. Volumes are now bullish.

Daily – Flat. At 73.77.  Breaks above the downtrend on 7/7 but still below the 200 day MA Trade pressures are up. Volumes remain bullish.

The  next target up is 74.62.  The expected overbought levels are now 72.52.

A close below 71.87would signal lower. The next oversold level is 67.21.

 

NAT GAS_ NGQ23

Weekly – In the December 2022 downtrend; holding at long term support. Trade pressures are now down into the neutral zone. Volumes are now neutral.

Daily – Flat. Closed below the 2.69 signal.  Trade pressures are down. Volumes are bearish.

The next target up is 2.58. The expected overbought level is 2.91.

A close below 2.53 would signal lower. The expected oversold level is 2.45.

Still too much volatility, Stay Away.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGU23

Weekly – In the May 2023 downtrend. Trade pressures are now neutral. Volumes remain neutral.

Daily – Long. New long trade at the 3.76 on 7/7.  Trade pressures are neutral and turning up. Volumes are bullish.

The next target up is 3.80. Overbought levels are now 3.90.

A new close below 3.74 would signal lower. The expected oversold levels are now 3.60. SL at 3.74.

[7-10-23: Raise SL to BE at 3.76.]

[7-11-23: Stopped out at BE.]

 

GOLD_ GCQ23

Weekly – In the December 2022 uptrend. Testing the support levels. Trade pressures remain down. Volumes remain bearish.

Daily – Flat. Still trending down. Trade pressures are neutral. Volumes are are now bullish.

The next target up is 1965. The next overbought levels are 1969.

The next target down is 1921. The expected oversold levels are 1911.

 

SILVER_ SIU23

Weekly – In the April 2023 uptrend but testing support. Trade pressures are now down. Volumes remain bearish.

Daily – Long, in a short term break out above 22.98 on 7/7. Trade pressures are now up into the neutral zone. Volumes are Neutral.

The next target up is 23.90.  Overbought levels are 23.86.

A close below 23.00 would signal lower. Oversold levels are expected at 21.69.

SL at 23.00.

[7-12-23: Take Profit at 24.20.]

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper testing support.  Gold stopped out, looking for new long. Silver near support, probably one more move down.

The Crude is in the move up. Natural gas rallies again after correction.

The US 30yr Treasury Bond long trade is still testing the upper median line.

The US Dollar futures are short for the second time.

_________________

S&P 500 Futures (Sept contract)

Monthly – A close on the highs at 4488. Trade pressures remain up. Volumes closed the month of June as bullish. The next target up is 4961. A close below 4183 would confirm any weekly move lower.

Weekly – The weekly short is in jeopardy with a closing high above the two prior weeks. Trade pressures are still up. Volumes remain bullish. The next target down is 4368. A close above 4512 would confirm any daily move higher.

Daily – Flat. The move up after the BE on the short trade has met the 4473 target. Trade pressures are neutral. Volumes are bullish. A break above 4428 did signal higher. The next target up is 4700.  The next overbought is 4425.

The ramp up into the Quarter end may see some profit taking. A close below 4466 would signal lower. Oversold is now expected at 4307.

___________________

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 remained at approximately $114,000. The Year-to-Date portfolio performance is now up 14%.

On Monday, First Solar (FLSR) and Novo-Nordisk (NVO) will be replaced with Builders First Source (BLDR) and SuperMicro (SMCI).

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXU23

Weekly –  In the November 2022 downtrend and testing the upside resistance. Trade pressures are now down. Volumes are now bearish.

Daily – Short. In the move down from the 102.77 break down.  Trade pressures are in the neutral zone. Volumes are neutral.

The next target down is 101.99. The expected oversold levels are 101.77.

A close above 103.40 would signal higher. The expected overbought levels are now 103.80.

 

US30YR T-BOND_ USU23

Weekly – In the October 2021 downtrend and still testing the upside resistance. Trade pressures are down but rising. Volumes remain bearish.

Daily  – Long. From the close above 128-08 on 6/20. Trade pressures are down. Volumes are bullish.

The next target up is 128.24. Overbought levels are 128.26.

A close below 125-13 would signal lower.  USE 125-10 as the SL.

The expected oversold level is 125.26.