Category: S&P

S&P 500 Futures

Market Summary:

The 10yr yields rally. Copper bull flag fails, looking lower.  Gold turns down at the trendline resistance.  Silver breaks support.

Crude continues lower.  Natural gas continues the move down.

The US 30yr Treasury Bond retesting the breakout.

The US Dollar futures rally off the 200 day MA.

_________________

S&P 500 Futures   #ESU24

Monthly –The 5700 level has provided resistance. Trade pressures remain up. Volumes closed the month of June as bullish.  The next target up remains 5958.  A close below 5419 would confirm any weekly move lower.

Weekly – The weekly close below the UML which is now providing resistance.  Trade pressures remain up.  Volumes have changed to bearish..  Trade down thru the 5588 short entry. The next target down is 5440.  A close above 5618 would confirm any daily move higher.

Daily – Short.  In the move down from 5628 on 7/18. The market was ready for a correction and just needed a trigger; CrowdStrike provided that. Trade pressures are down.  Volumes are bearish.  The expected overbought level has risen to 5674.  The next target down is 5492.  The expected oversold level rises to 5528 which corresponds to the lower channel band. Might have a rally 5492 and 5530.

Need a close above 5596 to restart the rally.

[Trend is at 5634. Support is at 5530]

___________________

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 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio moved down to $129,000. The Year-to-Date portfolio performance is now up 29%.

[The author may be long or short any of these issues mentioned]

S&P 500 Futures

Market Summary:

The 10yr yields decline. Copper in a small bull flag, looking for the breakout.  Gold moves up sharply on interest rate cut expectations.  Silver selling off; support rises to the low 30’s.

Crude makes lower high, turning down.  Natural gas continues the move down.

The US 30yr Treasury Bond breaks above the upper median line at 118-30. The 10yr yield turns down.

The US Dollar futures  continues lower, now at the 200 day MA.

_________________

S&P 500 Futures   #ESU24

Monthly –Consolidation at 5500 was short lived, still pushing higher. Trade pressures remain up. Volumes closed the month of June as bullish.  The next target up remains 5958.  A close below 5397 would confirm any weekly move lower.

Weekly – The weekly close above the UML signals upside strength.  Trade pressures remain up.  Volumes remain bullish.  Touched the 5704 upside target and pulled back.  A close below 5575 would confirm any daily move lower.

Daily – Flat.  At 5667, which is the third touch of the upper channel resistance. A break above this upside resistance would be a sign of strength of the bullish trend (fuel / dollar inflows), but a correction would be more healthy. Trade pressures are up.  Volumes are bullish.  Met the 5704 target. The expected overbought level has risen to 5662.  A close below the 5622 target would signal lower.  The expected oversold level rises to 5464.

GDP growth is expected to decline marginally. So, looking for companies with growth to counter the slowdown. Defensive sectors will benefit.

[Trend is at 5622. Support is at 5513]

A look at he other indices show the Russell 2000 rising, the S&P 500 selling, the Nasdaq selling, and the DOW 30 rising. This is more indicative of $’s moving to beneficiaries of interest rate cuts.  Don’t expect a large general market decline, but a reallocation out of the companies/sectors that have had huge moves 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 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio moved up to $133,000. The Year-to-Date portfolio performance is now up 33%.

[The author may be long or short any of these issues mentioned]

S&P 500 Futures

Market Summary:

The 10yr yields rise. Copper makes a move up off the oversold levels, now near overbought.  Gold moves up late in the week after reaching oversold.  Silver moving up again; support rises to the low 29’s.

Crude turning down.  Natural gas continues the move down.

The US 30yr Treasury Bond turned up mid week. The 10yr yield turns down.

The US Dollar futures lower high signaled lower and quickly at the downside target.

_________________

S&P 500 Futures   #ESU24

Monthly –Price showing signs of consolidation above 5500, however, still pushing higher. Trade pressures remain up. Volumes closed the month of June as bullish.  The next target up is 5958.  A close below 5315 would confirm any weekly move lower.

Weekly – The weekly now has a higher high for the weekly close.  Trade pressures remain up.  Volumes remain bullish.  Closed on the highs of the week at 5621.  A close below 5488 would confirm any daily move lower.

Daily – Flat.  At 5615, and the upper parallel, so some resistance is likely. Trade pressures are up.  Volumes are bullish.  The next target up is 5704. The expected overbought level has risen to 5559; again below the actual highs.  A close below the 5584 target would signal lower.  The expected oversold level rises to 5430,

[Support is at 5584.]

___________________

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 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio moved up to $131,000. The Year-to-Date portfolio performance is now up 31%.

[The author may be long or short any of these issues mentioned]

S&P 500 Futures

Market Summary:

The 10yr yields rise. Copper oversold.  Gold moves up late in the week after reaching oversold.  Silver moving up again; support rises to the low 29’s.

Crude meeting resistance.  Natural continues the move down.

The US 30yr Treasury Bond turned down mid week. The 10yr yield support levels moving up slowly.

The US Dollar futures now at price target; but other currencies under stress.

_________________

S&P 500 Futures   #ESU24

Monthly –Price showing signs of consolidation above 5500. Trade pressures remain up. Volumes closed the month of June as bullish.  The next target up is 5958.  A close below 5277 would confirm any weekly move lower.

Weekly – The weekly has lower high for the weekly close.  Trade pressures remain up.  Volumes remain bullish.  Touched the 5585 target up but closed lower.  A close below 5277 would confirm daily move lower.

Daily – Flat.  The 5575 area finds resistance. Trade pressures are up but turning down.  Volumes remain bearish.  The expected overbought level has declined to 5509; again below the actual highs. The next target down is 5447. A close below the 5447 target also signals lower.  The expected oversold level rises to 5421,

Expect support of the lower bound of the parallel channel from the April low near 5437 .

[7-1-24: Short ESU24 at 5527.] [Set SL at entry price.] [Stopped out of the short intra day.]

___________________

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 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio held values around  $129,000. The Year-to-Date portfolio performance is now up 29%.

Nutanix (NTNX) is replaced by Eli Lilly (LLY) at the next open.

S&P 500 Futures

Market Summary:

The 10yr yields flat. All metals lower. Copper down to lower median line.  Gold down sharply after breaking the lower median line.  Silver back in the channel down after an attempt to break out; support remains in the low 28’s.

Crude got the breakout.  Natural gas lower high signaled the move down.

The US 30yr Treasury Bond continues the move up; but showing resistance. The 10yr yield support levels now steady.

The US Dollar futures continue higher; OB and OS levels continue to trend higher.

_________________

S&P 500 Futures   #ESU24

Monthly – June zips thru the 5504 upside target. Trade pressures remain up. Volumes closed the month of May as bullish.  The next target up is 5958.  A close below 5277 would confirm any weekly move lower.

Weekly – The weekly continues with higher weekly closes.  Trade pressures remain up.  Volumes remain bullish.  Touched the 5575 target up.  A close below 5277 would confirm daily move lower.

Daily – Flat.  The 5/3 rally corrected down to the lower parallel line, then resumed the move up and is now at the confluence of the 5576 upside target and the upper channel boundary. Trade pressures are up.  Volumes are now bearish..  The next target up is 5705. The expected overbought level has risen to 5524; again below the actual highs and below the upside target.    A close below 5447 would signal lower.  The expected oversold level rises to 5336.

[Watch the 5495 MA level, for signs of weakness and possible short]

___________________

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 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio recovered slightly for the week, to around  $129,000. The Year-to-Date portfolio performance is now up 29%.

S&P 500 Futures

Market Summary:

The 10yr yields decline. Copper continues lower.  Gold consolidating at the median line.  Silver in a channel down; support remains in the low 28’s.

Crude rallies; now looking for a breakout.  Natural gas makes a lower high with pressures down.

The US 30yr Treasury Bond rises after FED says “rate cut”. The 10yr yield support levels remain at 4.19%.

The US Dollar futures break out of the bull flag is looking higher; OB and OS levels both trend higher.

_________________

S&P 500 Futures   #ESU24

Monthly – June zips thru the 5439 upside target. Trade pressures remain up. Volumes closed the month of May as bullish.  The next target up is 5958.  A close below 5208 would confirm any weekly move lower.

Weekly – The weekly continues with higher weekly closes.  Trade pressures remain up.  Volumes remain bullish.  The next target up is now the upper median line at 5593.  A close below 5208 would confirm daily move lower.

Daily – Flat.  The 5/3 rally corrected down to the lower parallel line, then resumed the move up and is now at the 5511 upside target. Trade pressures are up.  Volumes are bullish.  The next target up is 5575. The expected overbought level has risen to 5462; but below the actual highs and below the upside target.    A close below 5378 would signal lower.  The expected oversold level rises to 5296.

[Watch the 5450 MA level, for signs of weakness.]

___________________

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 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio moved down slightly again for the week, as the data center stocks hold around  $127,000. The Year-to-Date portfolio performance is now up 27%.

S&P 500 Futures

Market Summary:

The 10yr yields rises. Copper continues lower.  Gold down 79 points on Friday.  Silver continues the retracement down; support in the mid 28’s.

Crude turns down early in the week; now looking for support.  Natural rallies all week after finding support just above 2.40.

The US 30yr Treasury Bond fell sharply after the 10yr yield rises in response to the unexpectedly positive jobs number. The 10yr yield support levels at 4.22%.

The US Dollar futures breaks out of the bull flag and immediately reaches the overbought levels.

_________________

S&P 500 Futures   #ESM24

Monthly – June continues the move up. Trade pressures remain up. Volumes closed the month of May as bullish.  The next target up is 5439.  A close below 5057 would confirm any weekly move lower.

Weekly – The weekly closes up above the prior two week closes.  Trade pressures remain up.  Volumes remain bullish.  The next target up is the upper median line at 5511.  A close below 5131 would confirm daily move lower.

Daily – Long.  The rally that started on 5/3 has had a correction down to the lower parallel line and then resumed the move up. Trade pressures are up.  Volumes are now bearish.  The expected overbought level has risen to 5372.    A close below 5252 would signal lower.  The expected oversold level rises to 5251.

5/31: The dip on Friday to 5201 was bought at the close and rallied the market by 90 points. The long entry was triggered at 5266.

[6/8: The next target up is 5432. Set the SL at 5338.]

[6-11-24: SL met at 5338. Out.  Look for dip to 5290 for re-entry.]

___________________

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 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio moved down again for the week, as the data center stocks dropped, to approximately $127,000. The Year-to-Date portfolio performance is now up 27%.

S&P 500 Futures

Market Summary:

Copper gives back all the May move up.  Gold retraces the May move also.  Silver continues the retracement down but appears to find support in the mid 29’s.

Crude still in consolidation, turns down again looking for support.  Natural gas turns lower; may find support at 2.40 oversold area.

The US 30yr Treasury Bond needs a move above the upper median line resistance. The 10yr yields still near 4.50% support levels.

The US Dollar futures continues the move down down; has formed a bull flag.

_________________

S&P 500 Futures   #ESM24

Monthly – May closed just off the highs for the month. Trade pressures remain up. Volumes closed the month of May as bullish.  The next target up is 5439.  A close below 5057 would confirm any weekly move lower.

Weekly – The weekly closes down for the second week.  Trade pressures remain up; but still declining.  Volumes remain bullish.  The next target up is the upper median line at 5494.  A close below 5087 would confirm daily move lower.

Daily – Flat.  The rally started on 5/3 has had a correction down to the lower parallel line. Trade pressures are  down into the neutral zone.  Volumes are bullish.  The retracement back down to 5227 erased the prior move up from 5271.  The expected overbought level has declined to 5354.    A close below 5235 would signal lower.  The expected oversold level rises to 5221.

The dip on Friday to 5201 was bought at the close and rallied the market by 90 points. A long entry was triggered at 5266. The next target up is 5329.

___________________

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 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio moved down for the week, as Nutanix dropped, to approximately $131,000. The Year-to-Date portfolio performance is now up 31%.

 

S&P 500 Futures

Market Summary:

Copper retraces the spike of the prior week.  Gold starts higher then turns down.  Silver continues the second leg up but turns down late in the week.

Crude still in consolidation; volumes turning bullish..  Natural gas finds resistances at 200 day MA and turns lower.

The US 30yr Treasury Bond still showing resistance. The 10yr yields still near 4.50% support levels.

The US Dollar futures continue the move down down; but forming a bear flag.

_________________

S&P 500 Futures   #ESM24

Monthly – May moving up to engulf the April 2024 move down. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5030 would confirm any weekly move lower.

Weekly – The weekly closes up for the fourth week.  Trade pressures remain up; and still declining.  Volumes remain bullish.  The move up has reached the prior high. The next target up is the upper median line at 5468.  A close below 5057 would confirm daily move lower.

Daily – Flat.  The rally started on 5/3 continues. Trade pressures are up but declining.  Volumes are neutral.  The close above 5271 started a second leg up in the uptrend.  The expected overbought level has risen to 5360.    A close below 5225 would signal lower. First support at 5235. The Lower Median Line (LML) is at 5139. and is the projected target. The expected oversold level rises to 5210.

But, generally speaking, this is a bull market and dips should be bought.

___________________

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 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio moved up for the week to approximately $140,000. The Year-to-Date portfolio performance is now up 40%.

Eli Lilly (LLY) and Royal Caribbean (RCL) will be replaced by Nutanix (NTNX) and Targa Resources (TRGP) at the next open.