Author: ChasW

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM23

Weekly – In the September 2022 downtrend. Trade pressures are up. Volumes are now bullish.

Daily –Long. Trading up off the 63.64 lows, long at 68.16. Trade pressures are down. Volumes are now bearish.

The next target up is 75.49. The next overbought level is 74.77.

A close  below 68.89 would signal lower. The expected oversold levels are now 67.13.

Set the SL at the BE; 68.18.

[5-16-23: Close the long at 70.98. looking for a reversal to a short.]

 

NAT GAS_ NGN23

Weekly – In the December 2022 downtrend. Trade pressures are down. Volumes remain bullish.

Daily – Flat. In the continued move down from the 2.82 level on 3/20.  Trade pressures are up. Volumes are now bullish.

The next target down is 2.078. The expected oversold level is 2.04.

A close above 2.35 would signal higher. The expected overbought level is 2.38; so no long trade.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN23

Weekly – In the November 2022 uptrend. Trade pressures are down. Volumes are bearish.

Daily – Flat. Breaks down below the consolidation level. Trade pressures are down. Volumes are bearish.

A the 3.66 target down. Oversold levels are 3.70. Looking for a move higher at these oversold levels.

Now a close above 3.75 would signal higher. The expected oversold levels are now 3.92.

 

GOLD_ GCM23

Weekly – In the December 2022 uptrend. Trade pressures are up and still rolling over. Volumes remain bearish.

Daily – Short. in the move down from the 2044, the 5/5 short entry. Trade pressures are down. Volumes remain bearish.

The next target down is 1983 and the expected oversold levels are 1994.

A close above 2028 is now upside resistance. The next overbought levels are 2046.

Set the SL at 2028.

[5-16-23: Close the short at 2007.50. looking for a move up.]

 

SILVER_ SIN23

Weekly – In the April 2023 uptrend. Trade pressures are up but have turned down into the neutral zone.. Volumes are now bearish.

Daily – Short. A lower high presaged a move lower which came on Thursday 5/11 with a selloff from the 25.20 short signal.  Trade pressures are down and trending. Volumes are bearish.

At the 23.96 target down. Oversold levels are at 23.49.

A close above 25.36 would signal higher. Overbought levels are expected at 26.99.

Set the SL at 24.80.

[5-16-23: Close the short at 24.02.]

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper is attempting to rally.  Gold had a huge rally then triggered a new short. Silver ignored any correction talk and has broken above the resistance line.

The Crude is bouncing off the second oversold level. Natural gas July contract stopped out a t BE.

The US 30yr Treasury Bond is consolidating but with the trade pressures showing some movement  up.

The US Dollar futures still near a new long entry, but very little  movement.

_________________

S&P 500 Futures

Monthly – Still looking for the break above the 4200 level. Trade pressures are now up. Volumes closed the month of April as bullish. The next target down is 3084. A close above 4204 would confirm any weekly move higher.

Weekly – The weekly long at 3998 continues to move higher; a second attempt to move down also recovered quickly. Trade pressures are up. Volumes are bullish. The next target up remains 4256. A close below 4032 would confirm any daily move lower.

Daily – Flat. In the move up off the 4068 retest of the prior week lows on 5/5. Trade pressures are up. Volumes are now neutral. The next target up is 4246.  Overbought is now 4158. A break below 4068 would signal lower. The next oversold level is 4027.

___________________

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.

This week’s market dropped then rallied higher on Friday. Portfolio values moved up a fraction to approximately $110,000. The Year-to-Date portfolio performance is now up 10%.

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM23

Weekly –  In the November 2022 downtrend. Trade pressures are down. Volumes are bearish.

Daily – Flat. Still looking for a new move up. Trade pressures are down but turning up. Volumes are now bearish.

The next target down is 100.53. Oversold is now 100.73.

A close above 101.31 would signal higher. The expected overbought levels are 101.98.

 

US30YR T-BOND_ USM23

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

Daily  – Flat. Signaled a new short trade from 131-22 on 4-14 –  wait. Trade pressures are down. Volumes are now neutral.

The next target down is 128-23. Oversold levels are 123-14.

The next target up is a breakout above 132-00. Had a move above the breakout on 5/4,  but then immediately moved back into the downtrend channel. The overbought level is 133-92.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM23

Weekly – In the September 2022 downtrend. Trade pressures are up. Volumes are now bullish.

Daily –Long. Trading up off the 63.64 lows, long at 68.16. Trade pressures are down but rising into the neutral zone.. Volumes are now neutral.

The next target up is 75.49. The next overbought level is 75.63.

A close  below 69.10 would signal lower. The expected oversold levels are now 67.01.

 

NAT GAS_ NGN23 (July Contract)

Weekly – In the December 2022 downtrend. Trade pressures are down. Volumes remain bullish.

Daily – Flat. In the continued move down from the 2.82 level on3/20. Out of the the long trade with a 2.46 BE stop.  Trade pressures are down but turning up. Volumes are bearish.

The next target down is 2.078. The expected oversold level is 2.01.

A close above 2.35 would signal higher. The expected overbought level is 2.51.

 

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN23

Weekly – In the November 2022 uptrend. Trade pressures are down. Volumes are bearish.

Daily – Flat. Still consolidating at the 3.86 downside target. Trade pressures are up. Volumes are now bearish.

The next target down is still 3.56. Oversold levels are 3.79.

The close above 3.88 signal higher is still in effect, but waiting for better trade lower time frame setup; looking for a bullish reversal on the 2-hr chart. Now below the expected oversold levels of 3.96.

 

GOLD_ GCM23

Weekly – In the December 2022 uptrend. Trade pressures are up and still rolling over. Volumes are now bearish.

Daily – Flat. Rallied above the 2005 long entry to a high of 2085 and then turned down on Friday to close below 2044, the new short entry. Trade pressures are now down. Volumes are bearish.

The next target down is 1983 and the expected oversold levels are 1999.

A close above 2078 is upside resistance. The next overbought levels are 2063.

 

SILVER_ SIN23

Weekly – In the April 2023 uptrend. Trade pressures are up but turning down. Volumes are now bullish.

Daily – Flat. Traded above the 26.03 resistance levels.  Trade pressures are down but rising. Volumes remain bullish.

The next target down is 23.96. Oversold levels are at 24.85.

A close above 25.09 would signal higher. The overbought levels remain at 26.28.

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper is oversold.  Gold is in a short trade but not following thru. Silver is also extended and still looking for a correction.

The Crude is bouncing off the oversold level. Natural gas July contract still long. Tight stops.

The US 30yr Treasury Bond stopped out of the long trade.

The US Dollar futures still near a new long entry.

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S&P 500 Futures (June contract)

Monthly – A break above the 4200 level would be of some monthly significance. Trade pressures are now up. Volumes closed the month of April as bullish. The next target down is 3084. A close above 4204 would confirm any weekly move higher.

Weekly – The weekly long at 3998 continues to move higher; attempted a move down but recovered quickly. Trade pressures are up thru the neutral zone. Volumes are bullish. The next target up remains 4256. A close below lower median line at 4160 would confirm any daily move lower.

Daily – Flat. In the move up from 4153 on 4/27. Trade pressures are up. Volumes remain bullish. The next target up is 4259. The close below 4102 took the market down to support below 4100 and then turned higher. Oversold is now 4136. The break above 4153 has signaled a new long with the next target up at 4248. Overbought levels are now 4152.

[5-2-23: The short trade down below 4173 at 9am CST down below the oversold levels at 4126. The next target down is 4076. A close back above 4157 would restart the move up.]

___________________

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.

This week’s market dropped below the 4100 level but quickly recovered. Portfolio values moved down a fraction to approximately $109,000. The Year-to-Date portfolio performance is now up 9%.

Cadence Design Systems (CDNS), Marathon Petroleum (MPC), and Genuine Parts Corp (GPC) will be replaced buy First Solar  (FSLR), Coca Cola FEMSA (KOF), and the return of Quanta Services (PWR) on Monday at the open.

 

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM23

Weekly –  In the November 2022 downtrend. Trade pressures are down. Volumes are bearish.

Daily – Flat. Looking for a new move up. Trade pressures are up. Volumes are now bearish.

The next target down is 100.84. Oversold is now 100.99.

A close above 101.71 would signal higher. The expected overbought levels are 102.15.

 

US30YR T-BOND_ USM23

Weekly – In the October 2020 downtrend and still testing the upside resistance. Trade pressures are down. Volumes are still bullish.

Daily  – Flat. Signaled a new short trade from 131-22 on 4-14 but with conflicting signals – wait. Trade pressures are down, but rising. Volumes are now bullish.

The next target down is 128-23. Oversold levels are 123-14.

The next target up is a breakout above 132-00. The overbought level is 133-12.

 

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM23

Weekly – In the September 2022 downtrend. Trade pressures are up. Volumes are now bullish.

Daily –Flat. Trading up off the oversold levels. Trade pressures are down but rising. Volumes are bearish.

Traded down to 74.17. The next target down is 71.86.The oversold level is 73.38.

The close above 75.45 has signaled higher. The overbought level is now 78.90.

[5-2-23: Closed at the 71.96 downside target. The next target down is 64.02. A close above 75.94 would signal higher.]

 

NAT GAS_ NGN23 (July Contract)

Weekly – In the December 2022 downtrend. Trade pressures are down. Volumes remain bullish.

Daily – Long. In the move up from the 2.46 long entry on 4/14 . Trade pressures are up. Volumes are bearish.

The next target up is 2.86. Overbought level is 2.53.

Downside support at the lower median line at 2.38.  The expected oversold level is 2.14.

Again, this is a counter trend trade so be cautious. Stops are at the 2.46 BE.

[5-2-23: Stops at 2.46 triggered; now out at BE.]

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN23

Weekly – In the November 2022 uptrend. Trade pressures are down. Volumes are bearish.

Daily – Flat. At the 3.86 downside target. Trade pressures are down and turning up. Volumes are now neutral.

The next target down is 3.56. Oversold levels are 3.792.

The close above 3.88 has signaled higher, but waiting for better trade pressures. The expected oversold levels are 4.00.

 

GOLD_ GCM23

Weekly – In the December 2022 uptrend. Trade pressures are up and still rolling over. Volumes remain neutral.

Daily – Flat. Still in the short trade below 2022. Trade pressures are down. Volumes are bearish.

The next target down is 1961 and the expected oversold levels are 1984.

A close above 2005 would signal higher. The next overbought levels are 2048.

[5-2-23: Rallied off the oversold levels. The move thru the 2005 level has set a new long trade. The next target up is a test of the 2046 resistance. A break blow the 1989 level would signal lower.]

 

SILVER_ SIN23

Weekly – In the April 2023 uptrend. Trade pressures are up but turning down. Volumes are now neutral.

Daily – Flat. In the July contract. Have traded down thru the 25.00 short entry, but now back above.. Trade pressures are down but rising. Volumes are now bullish.

The next target down is 23.96. Oversold levels are at 21.40.

A close above 25.43 would signal higher. The overbought levels remain at 23.75.