Author: ChasW

US$$

#usdollarfutures #ustreasurybondfutures

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

Daily – Long. In the move up from the 102.17 long entry. Trade pressures are up. Volumes are now bullish.

The next target up is 105.56. Overbought is now 104.97.

A close below 104.13 would signal lower. Oversold is expected at 102.90.

 

US30YR T-BOND_ USM23

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

Daily  – Flat. The move down has broken the support levels and triggered a short trade at 127-23 on 2/10. Trade pressures are down, but rising. Volumes are vacillating between bearish and bullish.

The next target down is 124-12.

A close above 127-22 will signal higher.

[too many conflicting signals, wait.]

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper is in a sharp move down to near oversold levels. .  Both gold and silver continue to be in oversold territory. Watching  the 10yr and the dollar.

Crude oil looks lower. Natural gas looks higher on the July contract.

The US 30yr Treasury Bond June contract is a short, but near oversold levels.

The US Dollar futures continue moving up, but in a tight range. 104.97 is the overbought level.

_________________

S&P 500 Futures

Monthly – Holding near the December highs. Trade pressures are rising but still in the neutral zone. Volumes closed the month of January as neutral. The next target down is 3008. A close above 4169 would confirm any weekly move higher.

Weekly – The weekly has reversed to a short after closing below 3997. Trade pressures are up but rolling over. Volumes remain bullish. The next target down is 3787. A close above 4106 would confirm any daily move higher.

Daily – Flat. The close below 4137 triggered the short and it is still active. Trade pressures have moved from neutral to down. Volumes are now bearish. Met the 4012 target and 3793 is the next target down. 3949 is the oversold level. A close above 4106 would signal higher.  4095 is an expected overbought level.

___________________

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 ended with a successful close below the 4000 level. The energy related portfolio value moves down another 1% to approximately $102,000. The Year-to-Date portfolio performance is now 2%.

Occidental (OXY) and Valero (VLO) will be replaced by Cadence (CDNS) and Novo Nordisk (NVO) at the next market opening.

 

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

 

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM23

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

Daily –Flat. The close below 79.19 triggered a new short entry on 2/17.. Trade pressures are down but rising. Volumes are now bullish.

The next target down is 70.80. The oversold level is now 73.16.

A close above 76.88 would signal higher. The expected overbought level is then 78.61.

 

NAT GAS_ NGN23

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

Daily – Long. Now in a retracement up from the 2.90 long entry on 2/23. Trade pressures are up. Volumes are now bullish.

The next target up is 3.14. Overbought is expected at 3.62.

A close below 2.96 would signal lower. The oversold level is 2.07.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGK23

Weekly – In the November 2022 uptrend. Trade pressures are still neutral. Volumes are now bearish.

Daily – Flat. In the move down from the 4.10 on Feb 22th. Trade pressures are down. Volumes are now bearish.

Below the 4.12 25×5 MA resistance. The next target down is 3.77. Oversold is expected at 3.98.

A close above 4.02 would signal higher.  Overbought levels will be near 4.25.

 

GOLD_ GCJ23

Weekly – In the December 2022 uptrend. Trade pressures are testing support. Volumes remain bearish.

Daily – Flat, Still in the February 13th short entry from 1852. Trade pressures are down. Volumes remain bearish.

The next target down is 1730. Oversold levels are 1821.

A close above 1833 would signal higher. Overbought target is 1908.

 

SILVER_ SIK23

Weekly – In the November 2022 uptrend. Trade pressures are testing the uptrend support level. Volumes remain bearish.

Daily – Flat. The close below 21.22 signaled profit taking. Trade pressures are down. Volumes are now bearish.

The next target down is 19.90, the oversold level.

A close above 21.35 will signal higher. The expected price target is still 22.20.

Navelier Top 5 Stocks for March

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

Cadence Design Systems, Inc.

Cadence Design Systems, Inc. (CDNS) offers electronic design automation (EDA) software and hardware, which play an integral role in the electronics design chain. Last year turned out to be a record year for the company: Full-year 2022 revenue came in at $3.56 billion, while earnings were $1.17 billion, or $4.27 per share, which represented 19.2% annual revenue growth and 27.8% annual earnings growth.

CDNS is a Conservative buy below $214.

SOM Technicals:

2-24-23: Closed at 193.74. Trade pressures are down into the neutral zone. Volumes are now neutral. the next target down is 188.91.

3-4-23: Closed at 196.50. Trade pressures are up. Volumes are now bullish. The next target up is 201.39.

3-11-23: Closed at 195.71. Trade pressures are down. Volumes are bullish. The next target down is the 188.91 short entry.

3-17-23: Closed at 206.88. Trade pressures are up. Volumes are bullish. The next target up is the 209.50 prior high.

3-24-23: Closed at 204.48. Trade pressures are down. Volumes are  bullish. The next target down is 195.45.

 

Lamb Weston Holdings, Inc.

Lamb Weston Holdings, Inc. (LW) is a leading supplier of frozen potatoes, sweet potatoes and vegetable products. When it comes to frozen potatoes, Lamb Weston is the top supplier in the United States and the second largest in the world. During its second quarter in fiscal year 2023, sales rose 27% year-over-year to $1.28 billion, and adjusted earnings soared 171% year-over-year to $185.4 million, or $1.28 per share. The consensus estimate called for earnings of $0.74 per share on $1.15 billion in sales.

LW is a Conservative buy below $107.

SOM Technicals:

1/28/23: Closed at 98.31. Trade pressures are up. Volumes are bullish. The next target up is 100.77, the prior high.

2-3-23: Closed at 98.12. Trade pressures are down but rising. Volumes are now neutral. The next target up is 100.77. Support is at 95.40.

2-18-23: Closed at 100.48. Trade pressures are up. Volumes are bullish. The next target up is 108.44.

2-24-23: Closed at 99.98. Trade pressures are down. Volumes are now neutral. The next target down is 87.01.

3-4-23: Closed at 101.98. Trade pressures are up. Volumes are bullish. The next target up is a breakout above the prior high at 102.77.

3-11-23: Closed at 97.63. Trade pressures are down. Volumes are bearish. The next target down is the short entry at 97.30.

3-17-23: Closed at 97.62. Trade pressures are down but rising. Volumes are bearish. the next target down is 91.83.

3-24-23: Closed at 100.18. Trade pressures are down but rising into the neutral zone. Volumes are bullish. The next target up is 102.70.

 

Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) operates the biggest refining system in the U.S., with 13 refineries capable of refining about 2.9 million barrels per day. Fourth-quarter adjusted earnings soared 290.4% year-over-year to $3.1 billion, or $6.65 per share. Analysts expected adjusted earnings of $5.67 per share, so MPC posted a 17.3% earnings surprise.

MPC is a Conservative buy below $137.

SOM Technicals:

12-31-22: Closed at 116.39. Trade pressures are up. Volumes are bullish. In the move down. Need to clear 123 to become bullish.

1-7-23: Closed at 116.82. Trade pressures are up. Volumes are bearish. The next target is 109.26.

1-14-23: Closed at 121.93. Trade pressures are up. Volumes are bullish. The next target up is 131.52.

1-20-23: Closed at 125.72. Trade pressures are up. Volumes are bullish. The next target up is 134.52.

1-29-23: Closed at 133.25. Trade pressures are up. Volumes are now bearish. The next target down is 128.25.

2-3-23: Closed at 118.25. Trade pressures are down. Volumes are bearish. The next target down is 115.36.

2-11-23: Closed at 127.07. Trade pressures are up. Volumes are now bullish. The next target up is the 131 resistance.

2-18-23: Closed at 122.50. Trade pressures are down. Volumes are down. The next target down is 115.36

2-24-23: Closed at 124.92. Trade pressures are up but declining. Volumes are now bullish. The next target down is 115.36.

3-4-23: Closed at 133.50. Trade pressures are up. Volumes are bullish. The next target up is 136.46, the prior high.

3-11-23: Closed at 129.81. Trade pressures are down but rising. Volumes are bearish. The next target up is the breakout above 136.46.

3-17-23: Closed at 123.68. Trade pressures are up into the neutral zone. Volumes are now bearish. The next target up is 125.78.

3-24-23: Closed at 124.70. Trade pressures are down. Volumes are bullish. The next target up is 130.75.

 

Novo Nordisk AS

Novo Nordisk AS (NVO) develops treatments to combat diabetes, obesity and other chronic illnesses, as well as rare blood and rare endocrine diseases. For the fourth quarter, Novo Nordisk reported earnings jumped 26% year-over-year to DKK 6.02 per share. In U.S. dollar terms, the company achieved fourth-quarter earnings of $0.86 per share, which beat analysts’ estimates for $0.84 per share.

NVO is a Conservative buy below $152.

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.

 

Quanta Services, Inc.

Quanta Services, Inc. (PWR) offers infrastructure solutions for electric power, wireless and fiber optic installation, underground utilities and pipelines. For the fourth quarter, Quanta Services reported adjusted earnings of $1.68 per share and revenue of $4.42 billion. That topped analysts’ estimates for fourth-quarter earnings of $1.60 per share on $4.28 billion in revenue.

PWR is a Conservative buy below $176.

SOM Technicals:

7-30-22: Closed at 138.73. Trade pressures are up. but showing divergence. Volumes are bearish. The  next target down is 133.65.

8-6-22: Closed at 136.91. Trade pressures are down but rising. Volumes are bullish. The next target up is 138.44.

8-12-22: Closed at 143.46. Trade pressures are up. Volumes are bullish. The next target up is 145.03.

8-21-22: Closed at 142.02. Trade pressures are down into the neutral zone. Volumes are now neutral. The next target down is 138.78.

1-29-23: Closed at 150.00. Trade pressures are up. Volumes are bullish. The next target up is 154.23.

2-3-23: Closed at 152.43. Trade pressures are up. Volumes are neutral. The next target up is 154.23.

2-11-23: Closed at 151.34. Trade pressures are down. Volumes are now bearish. The next target down is 148.46.

2-18-23: Closed at 154.90. Trade pressures are up. Volumes are up. The next target up is 158.55. A close below 153.45 would signal lower.

2-24-23: Closed at 160.64. Trade pressures are up. Volumes are neutral. The next target up is 163.65.

3-4-23: Closed at 163.12. Trade pressures are rising into the neutral zone. Volumes are bullish. The next target up is 168.75.

3.11.23: Closed at 157.35. Trade pressures are down. Volumes are bearish. The next target down is 148.96.

3-17-23: Closed at 155.10. Trade pressures are in the neutral zone. Volumes are bearish. The next target down is 148.96.

3-24-23: Closed at 160.78. Trade pressures are down. Volumes are bullish. The next target down is 156.74.

US$$

#usdollarfutures #ustreasurybondfutures

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

Daily – Long. In the move up from the 102.17 long entry. Trade pressures are up. Volumes are now bullish.

The next target up is 105.83. Overbought is now 104.51.

A close below 102.92 would signal lower. Oversold is expected at 102.32.

 

US30YR T-BOND_ USH23

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

Daily  – Flat. The move down has broken the support levels and triggered a short trade at 126-00. Trade pressures are down. But volumes are now bullish.

The next target down is 22.18.

A close above 125-23 has signaled higher.

[too many conflicting signals, wait.]

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper is in a rally to the overbought level.  Both gold and silver have moved to oversold, look for new long entries.

Crude oil breaks support. Natural gas remains near the downside targets and is over sold, but trade pressures failed after consolidation.

The US 30yr Treasury Bond now a new short with ten year yields rising, but 30yr is showing bullish volumes.

The US Dollar futures continue moving up, but in a tight range. 104.81 is the overbought level.

_________________

S&P 500 Futures

Monthly – Holding near the December highs. Trade pressures are rising but still in the neutral zone. Volumes closed the month of January as neutral. The next target down is 3008. A close above 4169 would confirm any weekly move higher.

Weekly – In the weekly move up from the 3941 long entry. Trade pressures are up. Volumes remain bullish. Met the 4188 target up and is retracing. A close below 4009 would confirm any daily move lower.

Daily – Flat. The close below 4137 triggered the short and it is still active. Trade pressures have moved from neutral to down. Volumes are now bearish. The next target down is still 4012 and 3981 is the oversold level. The back-test of the broken downtrend line, now around 4057, is complete. Expect some consolidation and retracement. Looking for a new entry. A close above 4110 would signal higher.  4172 is the expected overbought level.

 

___________________

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 ended with another attempt to close below the 4000 level. The energy related portfolio value moves down 1% to approximately $103,000. The Year-to-Date portfolio performance is now 3%.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLH23

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

Daily –Flat. The close below 77.49 triggered the profit stop. Trade pressures are down. Volumes are now bearish.

The next target down is 71.11. The oversold level is now 73.48.

A close above 77.40 would signal higher. The expected overbought level is then 80.38.

 

NAT GAS_ NGH23

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

Daily – Flat. Now in the the third leg down from the break down at the  2.51 consolidation area on 2/16/23. Trade pressures are down. Volumes are now bearish.

Below the 2.51 target. The oversold level is 2.29.

A close above 2.48 target would signal higher. Overbought is expected at 2.70.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGH23

Weekly – In the January 2023 uptrend. Trade pressures are still neutral. Volumes are now bullish.

Daily – Long. In the move up from the 4.06 on Feb 17th. Trade pressures are up. Volumes are now bullish..

At the 4.12 upper median line resistance. Overbought levels are at 4.19.

A close below 4.07 would signal lower.  Oversold is expected at 3.98.

 

GOLD_ GCJ23

Weekly – In the January 2023 uptrend. Trade pressures have turned down to test support. Volumes are now bearish.

Daily – Flat, Still in the February 13th short entry from 1852. Trade pressures are down. Volumes are now bearish.

The next target down is 1730. Oversold levels are 1831.

A close above 1823 would signal higher. Overbought target is 1920.

 

SILVER_ SIH23

Weekly – In the December 2022 uptrend. Trade pressures are testing the uptrend support level. Volumes remain bearish.

Daily – Long. The close below 21.22 signaled profit taking. Trade pressures are down. Volumes are now bullish.

The next target down is 19.65, the oversold level.

A close above 21.70 has signaled higher. The expected price target is then 22.20.

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper is holding at the oversold level. Both gold and silver pressured by the rise in rates.

Crude oil breaks short term resistance and rallies to resistance. Natural gas remains near the downside targets and is over sold, but trade pressures are rising.

The US 30yr Treasury Bond resistance held at the 200 day, near a new short entry.

The US Dollar futures continue moving up. 104.26 is the overbought level.

_________________

S&P 500 Futures

Monthly – Holding near the December highs. Trade pressures are rising but still in the neutral zone. Volumes closed the month of January as neutral. The next target down is 3008. A close above 4169 would confirm any weekly move higher.

Weekly – In the weekly move up from the 3941 long entry. Trade pressures are up. Volumes remain bullish. The next target up is 4188. A close below 4009 would confirm any daily move lower.

Daily – Short. the close below 4137 triggered the short. Trade pressures have moved from up back to neutral. Volumes are now bearish. The next target down is 4012 and 3961 is the oversold level. Still expecting a back-test of the broken downtrend line around 4001. A close above 4111 would signal higher. (Use this as the SL). 4178 is the expected overbought level.

[2/13/23: AM. Stopped out at the 4111 level]

___________________

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 ended with an attempt to close below the 4000 level. The energy related portfolio value move up 4% to approximately $104,000. The Year-to-Date portfolio performance is now 4%.

 

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