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.

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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.]

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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 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%.

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.

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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.

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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 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%.

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.

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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.

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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 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.

Market Summary:

Copper breaks much higher above recent high.  Gold continues the prior week rally.  Silver has dramatic second leg up.

Crude remains in consolidation; volumes turning bullish..  Natural gas continues the rally, but approaching resistances.

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

The US Dollar futures continue the move down down; but nearing support levels.

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S&P 500 Futures   #ESM24

Monthly – May moving up to erase 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 5464.  A close below 5038 would confirm daily move lower.

Daily – Flat.  The rally started on 5/3 continues. Trade pressures are up.  Volumes remain bullish.  The close above 5271 started a second leg up in the uptrend.  The expected overbought level has risen to 5324.  The expected oversold level rises to 5133.  A close below 5284 would signal lower.

At resistance now. Watching the 10 yr yield. NVDA earnings are announced May 21st and could provide the catalyst for a market move either way.

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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 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 to approximately $134,000. The Year-to-Date portfolio performance is now up 34%.

Market Summary:

Copper breaks higher after a small pullback.  Gold breaks resistance for a late week rally.  Silver, similarly, breaks the trendline resistance and moves higher.

Crude remains in consolidation, still looking weaker.  Natural gas continues the rally, but now at trendline support.

The US 30yr Treasury Bond move higher meets resistance. The 10yr yields have dropped to support levels.

The US Dollar futures continue the move down from the 106 resistance levels.

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S&P 500 Futures   #ESM24

Monthly – May still retracing the April lows. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5022 would confirm any weekly move lower.

Weekly – The weekly closes up off the October median line.  Trade pressures remain up, but declining.  Volumes remain bullish.  The 4986 downside target was touched at that median line. The next target up is the prior high at 5333. Closed again higher at 5246, which continues the confirmation of the daily move higher.

Daily – Long.  The lower median line at 5039 provided support for the ensuing rally starting on 5/3 which is now at 5246. Trade pressures are up.  Volumes remains bullish.  The close above 5237 new long entry provided additional confirmation.  The expected overbought level has risen to 5266.  The expected oversold level rises to 5025.

Again, near the overbought levels. Look for another dip to close the 5145 LML.

[5-6-24: Closed above the 5166 downtrend line and above the 5195 resistance for a new long entry.]

[5-8-24: Overbought levels are now 5215. Set SL at 5166.]

[5-10-24: Raise SL to 5222.]

[5-14-24: Stopped out in the AM PPI spike down; with a gain.]

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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 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 move up for the week to approximately $135,000. The Year-to-Date portfolio performance is now up 35%.

Market Summary:

Copper remains strong with a new long entry.  Gold correction continues, still at support.  Silver hit the profit stop and is now in correction remains near support.

Crude remains in consolidation looking weaker.  Natural gas finally rallies, but still in downtrend.

The US 30yr Treasury Bond moves slightly higher. The 10yr yields off the highs.

The US Dollar futures move down from the 106 resistance levels.

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S&P 500 Futures   #ESM24

Monthly – May begins up off the April lows. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5022 would confirm any weekly move lower.

Weekly – The weekly closes up off the October median line.  Trade pressures remain up, but declining.  Volumes remain bullish.  The 4986 downside target was touched at that median line. The next target down is 4771. Closed above the prior week’s high at 5146 confirms the daily move higher.

Daily – Flat.  After moving down to oversold levels started a move up and closed above the 4/29 prior pivot high and now near overbought levels. Trade pressures are up.  Volumes are bullish.  The next target up is a test of the 5195 resistance.  The overbought level is 5125.  The expected oversold level is rising to 4975.

At overbought levels. Look for another dip to close the 5092 gap to enter any new long.

[5-6-24: Closed above the 5166 downtrend line and above the aforementioned 5195 resistance for a new long entry.]

[5-8-24: Overbought levels are now 5215. Set SL at 5166.]

[5-10-24: Raise SL to 5222.]

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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 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, portfolio hold steady to remain unchanged, at approximately $130,000. The Year-to-Date portfolio performance closes up 30%.

Market Summary:

Copper remains strong.  Gold correction continues, but at support.  Silver hit the profit stop and is now in correction but also near support.

Crude remains in consolidation near 80.00.  Natural gas continues the move down breaking support and showing lower targets.

The US 30yr Treasury Bond moves slightly higher. The 10yr yields near upper channel resistance.

The US Dollar futures tests the 106 resistance levels once again. A small bull flag is forming

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S&P 500 Futures   #ESM24

Monthly – April tests March lows. Trade pressures remain up. Volumes closed the month of March as bullish.  The next target up is 5439.  A close below 5022 would confirm any weekly move lower.

Weekly – The weekly closed below the new short entry at 5193.  Trade pressures remain up, but declining.  Volumes are now bullish.  The 4986 downside target was touched.  A close above the prior week’s open at 5166 would confirm any daily move higher.

Daily – Flat.  The close below 5193 signaled lower and the move down to 4986 validated the trade . Trade pressures are now up.  Volumes are now neutral.  The next target up is a test of the 5195 resistance.  The overbought level drops again now to 5125 (more lower highs on the OS/OB).  The expected oversold level is declining to 4951.

A  break above 5195 would signal new highs. Look for another dip near oversold levels to enter any new long.

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

Portfolio stock values for 2024, moved 8% lower in the last two weeks but rallied to close one percent lower, at approximately $130,000. The Year-to-Date portfolio performance closes up 30%.

Progressive Insurance (PGR) and Royal Caribbean (RCL) replace Super Micro (SMCI) and Parsons (PSN) at the next open.

Market Summary:

Copper 4.30 profit stop met.  Gold spikes higher and then begins a correction.  Silver in the new move up, but now at 28.90 resistance (also the profit stop).

Crude in consolidation at 88.00.  Natural gas continues the move down breaking support and testing recent lows.

The US 30yr Treasury Bond continues down. The 10yr yields rally to upper channel resistance.

The US Dollar futures tests the 106 levels.

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S&P 500 Futures   #ESM24

Monthly – April month’s high was fractionally higher. Trade pressures are up. Volumes closed the month of March as bullish.  The next target up is 5439.  A close below 5022 would confirm any weekly move lower.

Weekly – The weekly closes below the 4/1 intra week pivot high and the new short entry at 5193.  Trade pressures remain up, but declining.  Volumes are now bearish.  The next target down is 5052.  A close above the prior week’s open at 5263 would confirm any daily move higher.

Daily – Flat.  The close below 5193 has signaled lower. Trade pressures are now down.  Volumes are now bearish.  The next target down is 5052.  The overbought level drops to to 5278 (lower highs on the OS/OB).  The expected oversold level is declining to 5128.

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

Portfolio stock values for 2024, moved to close the week lower, at approximately $131,000. The Year-to-Date portfolio performance closes up 31%.

Market Summary:

Copper turned higher after a pause.  Gold breaks multi year highs.  Silver retracement starts a new move up but now at resistance.

Crude breaks above the upsloping channel boundary.  Natural gas continues the move down to the 1.30’s.

The US 30yr Treasury Bond turns down. The 10yr yields rally.

The US Dollar futures tests the 105 levels.

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S&P 500 Futures   #ESM24

Monthly – March fractionally higher. Trade pressures are up. Volumes closed the month of February as bullish.  The next target up is 5439.  A close below 5022 would confirm any weekly move lower.

Weekly – The weekly closes below the 4/1 intra week pivot high; lower closing lows.  Trade pressures remain up.  Volumes are now bearish.  The next target up remains 5893.  A close below the prior week’s low at 5200 would confirm any daily move lower.

Daily – Flat.  Touched the 5193 short entry, but next day closed 50 pts higher. Trade pressures are now down.  Volumes are now neutral.  The next target down is 5052.  The overbought level drops to to 5284 (lower highs on the OS/OB).  A close below 5193 would signal lower. The expected oversold level declines to 5125.

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

Portfolio stock values for 2024, moved to close the week lower, at approximately $136,000. The Year-to-Date portfolio performance closed up 36%.

Market Summary:

Copper consolidating.  Gold resumes the move up.  Silver retracement may support a new move up.

Crude retesting the prior channel boundary.  Natural gas continues the move down to the 1.30’s.

The US 30yr Treasury Bond has turned up but resistance is nearby. The 10yr yields still down.

The US Dollar futures continue the move higher.

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S&P 500 Futures   #ESM24

Monthly – March holding at the highs. Trade pressures are up just out of the neutral zone. Volumes closed the month of February as bullish.  At the 5297 upside target.  The next target up is 5439.  A close below 5012 would confirm any weekly move lower.

Weekly – The weekly closes just below the 3/8 week pivot high.  Trade pressures remain up.  Volumes remain bullish.  The next target up is 5893.  A close below the prior week’s low at 5181 would confirm any daily move lower.

Daily – Flat.  Testing the all-time highs. Trade pressures are up.  Volumes are now bullish.  The next target up is 5432.  The overbought level rises to 5299; still below the next target up.  The next target down is 5284. A close below 5182 would signal lower. The expected oversold level declines to 5125.

[Tuesday 4/2: In correction to 5236 downside target.]

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

Portfolio stock values for 2024, moved to close the week higher, at approximately $139,000. The Year-to-Date portfolio performance closed up 39%.

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