Author: ChasW

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXU22

Weekly – In the March 2021 up trend. Trade pressures are down into the neutral zone. Volumes are now neutral.

Daily – In the move down from the 103.86 short entry on May 17th. Trade pressures are up but showing some divergence. Volumes are neutral.

The next target down is 100.90.

A close above 102.17 would signal higher and a SL for the move down.

 

US 30YR T-BOND_ USU22

Weekly – In the January 2022 downtrend. Trade pressures are down but rising. Volumes are now neutral.

Daily – Long. In the move up off the 138-12 long entry. Trade pressures are down. Volumes are bearish.

The next target down is a retest of the 137-13 prior low pivot.

Waiting for the bullish reversal of the trade pressures to re-enter the long trade.at 138-28.

 

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLU22

Weekly – In the Fed 2022 uptrend. Trade pressures are up. Volumes are bullish.

Daily – Flat. Near the end of the move up from the March 21 long entry at 97.66. Trade pressures are up and trending. volumes are bullish.

The next target up is 115.75.

A close below 113.04 would signal lower and should be used as a SL.

 

NAT GAS_ NGN22

Weekly – In the June 2021 uptrend. Trade pressures are up but declining. Volumes are bullish.

Daily – Short. In the move down from the May 30th short entry at 8.68. Trade pressures are down. Volumes are b earish.

The next target down is 7.51.

A close above 8.61 would signal higher.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN22

Weekly – In the May 2022 downtrend. Trade pressures aer up into the neutral zone. Volumes are neutral.

Daily – Long . Bullish reversal on 5-27 of the Trade pressures; which are now up. Volumes are now neutral.

Two day rally June 1st and 2nd moved price above the 4.49 target. The next target up is 4.60.

Now in pullback. The close below 4.48 starts the retracement. The next target down is 4.40.

 

GOLD_ GCQ22

Weekly – Testing the support of the May 2021 uptrend. Trade pressures are down but rising. Volumes are bearish.

Daily – Flat. Testing the new long entry at 1872, but not yet. Trade pressures are up. Volumes are bullish.

The next target up is 1952.

Support at the 1846 level. short if this gives way.

 

SILVER_ SIN22

Weekly – In the May 2022 downtrend. Trade pressures are down but rising. Volumes are bearish.

Daily – Flat. In the consolidation around the 21.93 long entry price. Trade pressures are up. Volumes are bullish.

The next target up is 23.40.

A close below21.74 would signal lower and a stop to any long position.

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Pressures:

Copper is in a long trade but immediately against resistance. Gold is consolidating below a new long entry. Silver also consolidating which stopped out a new long.

Crude oil moved higher and is trending. Nat gas is flirting with a new short entry.

The US 30 year Treasury is a long trade but needs weekly confirmation.

The US Dollar futures are selling down but near a downside target.

________________________

S&P 500 Futures_

Monthly – Well above the monthly lows. Trade pressures are down into the neutral zone. Volumes closed the month of April as bearish. The next target down is 3695. A close above 4444 would confirm any weekly move higher.

Weekly – In a retracement up of the move down to the 3807 low. Trade pressures are down. Volumes are neutral. the next target down is 3858. A close above 4482 would confirm any Daily move higher.

Daily – In a retracement up inside the downward channel. Trade pressures are up. Volumes are bullish. Testing the upper boundary of the channel now. The next target up is the 4216 resistance. A close below 4103 would signal lower.

____________________

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 2022 year.

The portfolio stocks closed up 39% for the 2021 Year.

This last week was up sharply and the value moved up to approximately $88,000. The Year-to-Date portfolio performance is now down 12%.

At the open tomorrow May 30th, Israel Chemical (IGL) and  Nutrien LTD (NTR) will be replaced by PetroBras (PBR) and Targa Resources (TRGP)

 

 

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

 

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXU22

Weekly – In the March 2021 uptrend. Trade pressures are turning down. Volumes are bearish.

Daily – In the  move down from the May 17th short entry. Trade pressures are down. Volumes are bearish.

The next target down is 101.11. A close above 102.07 would signal higher.

 

US 30 YR T-BOND_ USU22

Weekly – In the January 2021 downtrend. Trade pressures are rising into the neutral zone. Volumes are now nitryl.

Daily – In the move up from the 136-06 on May 10. Trade pressures are up into the neutral zone. Volumes are bullish.

The next target up is 142-26.

A close blow 140-06 would signal lower. Use this level as a SL.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLU22

Weekly – This new September contract in the January 2022 uptrend. Trade pressures are up. Volumes are bullish.

Daily – Long. In the March 22 long trade from 97.66. Trade pressures are up. Volumes are bullish.

The next target up is 115.75.

A close below107.13 would signal lower. Use this level as the SL.

 

NAT GAS_ NGN22

Weekly – In the June 2021 uptrend. Trade pressures are up but declining. Volumes are bullish.

Daily – Flat. In the move up even now, after closing above a test of the 8.66 short entry. Trade pressures are down. Volumes are bearish.

The next target up is 9.85.

Any close below the 8.66 would signal lower. (Putin asking for new talks?) Use the prior high at 9.44 as the SL

Metals

#copperfutures #goldfutures #silverfutures

COPPER+ HGN22

Weekly – In the new May 2022 downtrend. Trade pressures are down but rising. Volumes are neutral.

Daily – Flat. In the move up from the 4.26 long entry; prior attempts have been stopped out at break evens. Trade pressures are up. Volumes are bullish.

The next target up is 4.49.

SA close below 4.25 would signal lower. Use theis level as the SL.

 

GOLD_ GCQ22

Weekly – This August contract is in the May 2021 uptrend. Trade pressures are down but rising. Volumes are bearish.

Daily – Flat. In the move up after breaking the downward trend line. Trade pressures are still down. Volumes are bullish.

The next target up is the long entry at 1872.

A close below 1816 would signal lower. Use this as a SL.

 

SILVER_ SIN22

Weekly – In the new May 2022 downtrend. Trade pressures are down but rising. Volumes are bearish.

The long trade at 21.93 was stopped out at breakeven; it was fighting the weekly downtrend. A pullback below 21 could be another buy opportunity if the weekly improves.

A close below 20.80 would signal lower once again.

Navellier Top 5 Stocks for June

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

(For this 2022 year, SOM will track the Top 5 Hi-Growth Investments.)

https://navelliergrowth.investorplace.com/

High-Growth Investments

ConocoPhillips

ConocoPhillips (COP) is one of the biggest independent exploration and production companies in the world – and it is profiting immensely from the rise in crude oil and natural gas prices. In fact, the company’s first-quarter earnings surged 480% year-over-yar to $5.8 billion, or $4.39 per share, while adjusted earnings jumped 373.9% year-over-year to $3.27 per share. That topped analysts’ estimates for $3.03 per share by 7.9%.

ConocoPhillips noted that it produced 1.75 million barrels of oil equivalent per day in the first quarter. For the second quarter, the company expects production to be between 1.67 million and 1.73 million barrels of oil equivalent per day.

The analyst community is also optimistic, as it has increased second-quarter earnings estimates by 53.7% in the past three months. Second-quarter earnings are now forecast to rise 179.5% year-over-year to $3.55 per share, up from $1.27 per share in the same quarter a year ago. As you know, positive analyst revisions typically precede future earnings surprises. COP is a Conservative buy below $125.

SOM Technicals:

5-1-22: Closed at 95.52. Trade pressures are up. Volumes are bullish. The next target up is 100.57.

5-6-22: Closed at 107.69. Trade pressures are up. Volumes are bullish. The next target up is 108.75.

5-14-22: Closed at 103.78. Trade pressures are up. Volumes are neutral. The next target up is 104.

5-21-22: Closed at 105.02. Trade pressures are down into the neutral zone. Volumes are bullish. The next target down is 100.93.

5-29-22: Closed at 14.85. Trade pressures are up. Volumes are bullish. The next target up is 121.40.

6-05-22: Closed at 118.12 . Trade pressures are up but turning down. Volumes are bullish. The next target up is 122.59.

6-11-22: Closed at 116.40. Trade pressures are down. Volumes are bearish. The next target down is 112.16.

6-18-22: Closed at 93.74. Trade pressures are down. Volumes are bearish. The next target down is 85.88.

 

Devon Energy Corporation

Devon Energy Corporation (DVN) is a leading oil and natural gas production company in the U.S., with a focus on the Anadarko Basin, the Delaware Basin, Eagle Ford, the Powder River Basin and the Williston Basin. The bulk of the company’s production comes from the Delaware Basin, which is located in southeast New Mexico and West Texas, as it has about 400,000 net acres there.

During the first quarter, Devon Energy produced an average 575,000 barrels of oil equivalent per day, with oil accounting for about 50% of volume. The company also achieved core earnings of $1.88 per share, or 317.8% year-over-year earnings growth. Analysts expected earnings of $1.75 per share. Thanks to the strong results, analysts have upped second-quarter earnings estimates by 55% in the past three months. Second-quarter earnings are now expected to increase 280% year-over-year.

Like many of the domestic energy companies that we own, Devon Energy also plans to continue to reward its shareholders. It will pay a dividend of $1.27 per share on June 30 to all shareholders of record on June 13. The stock has a 5.3% dividend yield. DVN is a Conservative buy below $82.

SOM Technicals:

5-1-22: Closed at 58.17. Trade pressures are up. Volumes are bearish. The next target down is 55.44.

5-6-22: Closed at 69.69. Trade pressures are up. Volumes are bullish. The next target up is 70.97.

5-14-22: Closed at 68.60. Trade pressures are up. Volumes are bullish. The next target up is 69.75.

5-21-22: Closed at 68.92. Trade pressures are down into the neutral zone. Volumes are bullish. The next target up is 73.18.

5-29-22: Closed at 75.85. Trade pressures are up. Volumes are Bullish. The next target up is 79.23.

6-05-22: Closed at 77.02. Trade pressures are up. But rolling over. Volumes are bullish. The next target up is 88.63.

6-11-22: Closed at 73.75. Trade pressures are down. Volumes are neutral. The next target down is 69.38.

6-18-22: Closed at 58.02. Trade pressures are down. Volumes are bearish. The next target down is 51.12.

 

Marathon Oil Corporation

Marathon Oil Corporation (MRO) is a U.S.-based energy exploration and production company that operates in the top four oil-producing basins in the U.S.: Eagle Ford, Bakken, STACK/SCOOP and the Permian Basin. Eagle Ford and Bakken dominate the company’s production, with an average 80,000 barrels of oil equivalent per day and 118,000 barrels of oil equivalent per day, respectively, in the first quarter of 2022.

First-quarter revenue increased 63.7% year-over-year to $1.76 billion and adjusted earnings soared 385.7% year-over-year to $1.02 per share. That compares to earnings of $0.21 per share and revenue of $1.07 billion in the first quarter of 2021. Analysts expected earnings of $0.92 per share on $1.71 billion in revenue, so MRO posted a 10.9% earnings surprise and slight revenue surprise.

Analysts have doubled their second-quarter earnings estimates in the past three months, now expecting earnings to surge 463.6% year-over-year to $1.24 per share. Second-quarter revenue is forecast to grow 78% year-over-year to $2.03 billion. MRO is a Conservative buy below $34.

SOM Technicals:

3-26-22: Closed at 26.04. Trade pressures are up. Volumes are bullish. In consolidation. A close below 25.00 would signal lower.

4-2-22: Closed at 25.75. Trade pressures are up into the neutral zone, Volumes are bullish. The next target up is 26.22, the prior high.

4-10-22: Closed at 25.92. Trade pressures are up. Volumes are bullish. The next target up is 26.40 the prior high.

5-1-22: Closed at 24.92. Trade pressures are up. Volumes are neutral. The next target up is 27.27.

5-6-22: Closed at 28.15. Trade pressures are up. Volumes are bullish. The next target up is 29.00.

5-14-22: Closed at 27.00. Trade pressures are up. Volumes are bullish. The next target up is 27.35.

5-21-22: Closed at 27.26. Trade pressures are down but turning up. Volumes are bullish. The next target up is the 28.44 resistance.

5-29-22: Closed at 31.24. Trade pressures are up. Volumes are bullish. The next target up is 34.09.

6-05-22: Closed at 31.60. Trade pressures are up but rolling over. Volumes are bullish. A break below 30.58 would signal lower.

6-11-22: Closed at 30.10. Trade pressures are down. Volumes are bearish. The next target down is 27.90.

6-18-22: Closed at 24.15. Trade pressures are down. Volumes are bearish. The next target down is 20.39.

 

Petroleo Brasileiro S.A.

Petroleo Brasileiro S.A. (PBR), or Petrobras, is one of the biggest oil and gas companies in the world, producing an average 2.84 million barrels of oil equivalent per day. Its proved reserves total 8,816 billion barrels of oil equivalent. It also has its eye on alternative energy solutions with biodiesel plants, thermoelectric plants, wind energy projects and a solar energy project.

During the first quarter, Petrobras produced 2.796 million barrels of oil equivalent per day, or a 1.1% year-over-year increase. The company also achieved earnings of $1.27 per share, up from $0.04 per share in the same quarter a year ago. Analysts expected first-quarter earnings of $1.11 per share, so Petrobras posted a 14.4% earnings surprise.

Elevated energy prices should continue to drive strong results going forward. For the second quarter, analysts have increased earnings estimates by 63.6% in the past three months. Second-quarter earnings are now forecast to come in at $1.08 per share. PBR is a Conservative buy below $16.

SOM Technicals:

5-29-22: Closed at 14.29. Trade pressures are are down. Volumes are bearish. The next target down is 13.95.

6-05-22: Closed at 14.20. Trade pressures are rising into the neutral zone. Volumes are bearish. The next target down is 13.34.

6-11-22: Closed at 13.27. Trade pressures are down. Volumes are neutral. the next target down is 12.14.

6-18-22: Closed at 11.61. Trade pressures are down. Volumes are bearish. The next target down is 10.07.

 

Targa Resources Corporation

Targa Resources Corporation (TRGP) provides natural gas and natural gas liquids (NGLS) to the U.S. and overseas, with operations focused in the most lucrative natural gas basins in the U.S. This includes the Anadarko Basin, the Bakken Shale, the Barnett Shale, Eagle Ford Shale, the Permian Basin and Three Forks. It also has operations on the Gulf Coast of Louisiana and the Gulf of Mexico.

For its first quarter, Targa Resources reported revenue of $4.2 billion and earnings of $88.0 million, which compared to revenue of $3.63 billion and earnings of $146.4 million in the first quarter of 2021. Earnings estimates fell short of analysts’ expectations, but that hasn’t stopped the analyst community from increasing second-quarter estimates over the past three months. Second-quarter earnings are anticipated to soar 506.7% year-over-year to $0.91 per share. TRGP is a Conservative buy below $78.

SOM Technicals:

5-29-22: Closed at 72.82. Trade pressures are up. Volumes are bullish. The next target up is 74.70.

6-05-22: Closed at 77.35. Trade pressures are up. Volumes are bullish. The next target up is the 81.50 prior high.

6-11-22: Closed at 72.43. Trade pressures are down. Volumes are bearish. The next target down is 70.00.

6-18-22: Closed at 60.65. Trade pressures are down. Volumes are bearish. The  next target down is 59.04.

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Pressures:

Copper is a new long. Gold is near a new long entry. Silver is already in the new move up.

Crude oIl in a second move up thru the 106.51 September contract entry. Natural gas is in a second leg up also.

The US 30YR Treasury bond is in a long trade.

The US Dollar futures are in a move down.

_________________

S&P 500 Futures_

Monthly – In the move down. Trade pressures are down into the neutral zone. Volumes closed the month of April as Bearish. The next target down is 3695. A close above 4444 would confirm any weekly move up.

Weekly – In the move down from 4496. Trade pressures are down. Volumes are Bearish. The next target  down is 3587. A close above 4191 would confirm any daily move higher.

Daily – Long. In the move up from 3867 off the lower parallel boundary. Trade pressures are down. Volumes are bullish. The next target up is 3933. A close below 3859 would signal lower.

[5-22-22: raise SL to breakeven at the 3867 entry.]

[5-23-22: Take profits at the 3962 upper median line.]

____________________

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 2022 year.

The portfolio stocks closed up 39% for the 2021 Year.

This last week was down then up and the value was unchanged at approximately $83,000. The Year-to-Date portfolio performance is now down 17%.

 

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM22

Weekly – In the June 2021 uptrend. Trade pressures are up. Volumes are now bearish.

Daily – In the move down from the 104.07 short entry on 5-17-22. Trade pressures are down. Volumes are bearish.

The next target down is 101.11.

A close above 103.61 would restart the move up.

 

US 30YR T-BONDS_ USM22

Weekly – In the January 2022 downtrend. Trade pressures are down but rising. Volumes are bullish.

Daily – Long. In the move up from the 138-29 entry on 5-11-22. Trade pressures are up. Volumes are bullish.

The prior trade was stopped out. Use any pull back to the 139-00 level to reenter. the next target up is 143-28.

A close below 139-12 would signal lower. Use as the SL.