Market Pressures_

Copper has triggered a new long entry. Gold is in consolidation and the trade is cancelled. Silver parallels gold, no trade.

Crude and natural gas are  pressing upward near a new long entry.

The 30 year Treasuries are in a short trade and near a profit target.

The US Dollar futures are consolidating after the April rally.

_______________

S&P 500 Futures_

Monthly – The monthly is in a rally and now near a MACD crossover. Trade pressures are up but still in still in decline. Volumes closed the month of July as bullish from the neutral June close. The next target up is 3379. 2674 would confirm a weekly move lower.

Weekly – Continues the move up off the 2576 lows. Trade pressures are now up. Volumes are bullish. The next target up is the 2887 prior high. A close below 2767 would confirm a daily move lower.

Daily – Long. In the move up from the 2740 level. Trade pressures are up. Volumes closed the week as bearish. The Facebook earnings caused a sell off in the FAANG stocks.

The next target up is 2894.

A close below 2789 would signal a new move lower.

[7-31-18: raise the stop to this new short entry level – 2789.]

The Navellier Top 5 took a dip as the Abiomed earnings disappointed.

Market Pressures_

Copper is up near the new retracement long entry. Gold has triggered a new move. Silver also.

Crude oil had a pull back to moving averages and has moved up off those levels. Natural gas is still in the slow decline.

The US 30 year Treasury Bonds are in a new move down.

The US Dollar futures pulled back Friday, but are still in the weekly move up.

_______________________

S&P Futures_

Monthly – Four months up inside the February signaled move down. Trade pressures are up but still in decline. Volumes closed the June month as bullish. The next target down is 2304. A close above the old high of 2883 would confirm any weekly move up.

Weekly – This April to July rally continues, but is now approaching the downtrend resistance line at 2833. Trade pressures are down into the neutral zone. Volumes are bullish for two weeks in a row. In a new confirmation of the Daily move up after the close above 2800 last week. The next target up is 3226.

Daily – In the move up from the 2740 entry level. Trade pressures are up but just turning down. Volumes are neutral at the end of the week.

The next targets up are 2817 and 2823; which is also the level at which the February 2nd market sell off began.

Resistance is also at those upper targets and 2887 is the old high, so be alert for a pullback here. The long trade stops have been raised to 2780.

The Navellier Top 5 prices are recovering nicely from the two week pullback. Most will report earnings in these last two weeks of July which may give these individual stocks some new energy.

Market Pressures_

Copper is down with the rise in the tariffs, but watch for a retracement up. Gold and silver tried to rally last week but failed. Their downtrend continues.

Crude Oil turned lower into a new short position. Natural Gas is not tradeable.

The Us 30 Year Treasury Bonds are in a move up. But, watch for a retracement into earnings.

The US Dollar Futures are consolidating.

_________________

S&P 500 Futures_

Monthly – Fourth month up after the February selloff. Trade pressures are up but trending down. Volumes closed the month of June as bullish. The next target down is 2304. A close above 2883 would confirm any weekly move higher.

Weekly – A steady mover higher after the April lows. Trade pressures are down into the neutral zone. Volumes are now bullish. The next target down is 2580. This week;s close above 2800 has changed the move to an up move with the confirmation of the daily move higher.

Daily – Long. This move up started at the 2740 level. Trade pressure are up. Volume are bullish.

The next target up is 2817.

A close below the 25×5 moving average at 2757 would signal lower.

The Navellier Top 5 improved by about 3% for the week. Earnings reports begin this next week, and Navellier expects positive earnings surprises in his buy list.

[7-19-18: Raise ESU18 stops to 2780.]

Market Presssurs_

Copper is in free-fall, perhaps the tariffs? Gold and Silver are showing some signs of a retracement up.

Crude oil is in consolidation at the the upside targets and near a trigger to start a downward retracement. Natural Gas has moved down to the 100% target and the uptrend support line.

The US Treasury Bond prices are rising as money flows come into the US.

The US Dollar futures are testing a new short entry.

_________________

S&P 500 Futures_

Monthly – In the move down from the 2662 level. Trade pressures are up but declining. Volumes closed the moth of June as bullish. The next target down is 2304. A close above 2883 would confirm any weekly move up.

Weekly – Still in the move down from the 2803 short confirmation level. Trade pressures are down into the neutral zone. Volumes are bearish to neutral. The next target down is 2589. A close above 2802 would confirm any daily mover higher.

Daily – Long. A new long entry at the 2740 level. Trade pressures are up into the neutral zone. Volumes are bullish.

The next target up is, first the prior high pivot at 2796, then 2817.

A close below 2693 would stop the trade, and signal lower.

[7-9-18: Raise stops to the entry price of 2740.]

The Navellier Top 5 stocks begin reporting earnings in the third week of July. The $18,000 profit has dropped to $12,000 in this correction; but still above the averages.

 

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

https://navelliergrowth.investorplace.com/

Navellier says,

Top Stocks for July

High-Growth Investments: Top 5 Stocks

HollyFrontier Corp. (HFC) claims the top spot for High-Growth Investments after just one month on the Buy List. If you remember, this is an independent petroleum refiner and marketer that serves the Great Plains, Rocky Mountains and Southwest regions of the U.S. The company produces gasoline, diesel fuel, jet fuel, specialty lubricant products, liquefied petroleum gas, fuel oil, and specialty and modified asphalt. HollyFrontier operates five refineries in Kansas, Oklahoma, New Mexico, Wyoming and Utah.

Now, HFC shares have dipped as the spread between West Texas Intermediate (WTI) and Brent crude oil prices has narrowed. I consider this to be an excellent buying opportunity. The fact is that HollyFrontier still has excellent forecasted fundamentals, and it trades at just 10 times forecasted earnings. I expect that the refiner will rally leading up to its second-quarter report, which will be released in early August. For the current quarter, analysts are forecasting a whopping 147% annual earnings growth and 40.4% annual sales growth.

Then again, analysts have been aggressively revising their estimates higher—over the past ninety days, the consensus EPS estimate has jumped 29.4%. This suggests that analysts are struggling to get a handle on HollyFrontier’s profit potential.

Along with its excellent fundamentals, HFC also rewards its shareholders with a 2.0% dividend yield. I expect that the company will declare its next dividend in late July. In the meantime, I recommend that you buy this Conservative stock up to $76 per share.

SOM Technicals:

6-30-18: Closed at 68.43. Trade pressures are down. Volume has closed as neutral. In the move down and at the 66.42 target.

7-6-18: Closed at 68.60. Trade pressures are down. Volumes are neutral. Holding at the 161.00 pullback level.

7-14-18: Closed at 68.68. Trade pressures are down but rising. Volumes are now neutral. Sitting on support. A close above 72 would trigger a new long entry.

7-20-18: Closed at 71.02. Trade pressures are up. Volumes are now bullish. The next target up is 73.10.

7-29-18: closed at 74.07. Trade pressures are up. Volumes are bullish. The next target up is 75.41.

 

ABIOMED, Inc. (ABMD) returns on the Top 5 list after rallying nearly 8% in the past month. ABIOMED is the only medical devices company that provides technologies that replace or assist the pumping function of a failing heart. This is a big deal because heart disease accounts for some 800,000 deaths in the U.S. alone each year. So ABIOMED provides a life-saving service to tens of thousands of patients and their families. Given strong demand for medical devices to treat heart disease, ABIOMED’s business is booming.

So analysts have high expectations for ABIOMED’s fiscal first quarter, which will be reported sometime in early August. The consensus estimate calls for $0.82 EPS on $173.0 million in revenue. While earnings are expected to be unchanged from a year ago, sales are expected to grow 30.6% over the year ago quarter. ABIOMED has a history of trouncing analysts’ earnings expectations, having posted double-digit earnings surprises for three of the past four quarters.

ABIOMED has been growing so quickly that it was recently added to the S&P 500 Index, replacing Wyndham Worldwide Corp. (WYN). This is great news for the ABMD because fund managers looking to replicate the performance of this index now need to buy shares of this stock. So institutional buying pressure should keep ABMD going strong, even during the bumpy late summer months. Buy this Moderately Aggressive stock up to $446 per share.

SOM Technicals:

3-30-18: Closed at 290.99. Trade pressures are down into the neutral zone. On the 25×5 moving average as support. The next target up is 323.10.

4-7-18: Closed at 286.22. Trade pressures are neutral. Volumes are neutral. the Next target up is 323.10

4-14-18: Closed at 297.00. Trade pressures are up. Volumes are bullish. The next target up is 323.10.

4-21-18: Closed at 305.92. Trade pressures are up. Volumes are bullish. The next target up is 323.10.

4-27-18: Closed at 300.83. Trade pressures are up. Volumes are neutral. The next target up is 323.10.

5-5-18: Closed at 349.28. Trade pressures are up. Volumes are bullish. the next target up is 359.38. 

5-11-18: Closed at 372.70. Trade pressures are up. Volumes are bullish. The next target up is 412.00.

5-19-18: Closed at 384.36. Trade pressures are up. Volumes are bullish. The next target up is 412.

5-26-18: Closed at 391.49. Trade pressures are up. Volumes are bullish. the next target up is 412.00.

6-3-18: Closed at 392.25. Trade pressures are up but turning down. Volumes are neutral. The next target up is 412.00.

6-8-18: Closed at 409.77. Trade pressures are up but turning over. Volumes are neutral. Traded to the 412.00 target and now experiencing profit taking.

6-16-18: Closed at 443.58. Trade pressure are up. Volumes are bullish. The next target up is 463.97.

6-22-18: Closed at 427.29. Trade pressures are up but rolling over. Volumes are now bearish. The next target up is 463.97. Support is the 25×5 moving average at 411.26.

6-30-18: Closed at 409.05. Trade pressures are down into the neutral zone. Volumes are bullish to bearish. At the 25×5 moving average support.

7-6-18: Closed at 406.00. Trade pressures are down. Volumes are bearish. Back at the June breakout levels.

7-14-18: Closed at 418.76. Trade pressures are down but rising. Volumes are now bullish. Need to get thru the 433 resistance.

7-20-18: Closed at 423.48. Trade pressures are up. Volumes are bullish. The next target up is 463.97.

7-29-18: Closed at 368.17. Missed on earnings. Trade pressures are up but trending down. Volumes are high but neutral. Support is at 341.85.

Ecopetrol S.A. (EC) is one of the high-quality energy plays that I added to the High-Growth Investments Buy List last month. Thanks to a series of strategic acquisitions and oilfield discoveries, Ecopetrol is Colombia’s largest oil company and Latin America’s fourth-largest oil company. With operations in Brazil, Colombia, Peru and the U.S. Gulf Coast, Ecopetrol accounts for 60% of oil production in Colombia.

With oil production plummeting in Venezuela, Brent crude oil prices are on the rise. Ecopetrol is benefitting from this trend. Also, Colombia’s Presidential elections, which were held a few weeks ago, had a favorable outcome for Colombia’s oil industry. President Ivan Duque has pledged to cut taxes and boost the company’s competitiveness in the energy patch.

In the meantime, Ecopetrol has been thriving in this environment. Ecopetrol expects 2018 production to range between 715,000 and 725,000 barrels of oil equivalent per day. This, plus rising oil prices, translates to strong forecasted sales and earnings growth. For the current quarter, analysts are calling for $0.37 EPS on $5.13 billion in revenue. This represents 68.1% annual earnings growth and 11.7% annual sales growth. So I’ll be looking forward to Ecopetrol’s fiscal second-quarter earnings report, which is slated for August 7. Buy this Moderately Aggressive stock up to $23 per share.

SOM Technicals:

6-30-18: Closed at 20.55. Trade pressures are rising into the neutral zone. Volumes are bullish. Meeting the 25×5 moving average resistance at the 21.03 level. 

7-6-18: Closed at 20.49. Trade pressures are up into the neutral zone. Volumes are now bullish. A close above 20.44 would signal higher.

7-14-18: Closed at 20.72. Trade pressures are in the neutral zone. Volumes are mixed neutral and bullish. The next target up is 23.28.

7-20-18: Closed at 20.85. Trade pressures are in the neutral zone. Volumes are now bullish. The next target up is 23.28.

7-29-18: Closed at 20.68. Trade pressures are still in the neutral zone. Volumes are bearish. Consolidating after a new buy signal.

S&P Global, Inc. (SPGI) continues its five-month winning streak on the Top 5 list. As a refresher, S&P Global is a leading provider of credit ratings, and is relied on by countless financial professionals for its data and custom indices. It operates several business units, including S&P Market Intelligence, S&P Global Ratings, S&P Dow Jones Indices and S&P Global Platts.

Lately, S&P Global has been on a buying spree. It recently purchased artificial intelligence company Kensho Technologies for $550 million. And just last week, the company announced that it has bought RateWatch from TheStreet, Inc. (TST) for $33.5 million. RateWatch operates a deposit and loan rate database that tracks 100,000 financial institutions over the past 28 years. Its database is used by more than 4,200 banks and credit unions. When it comes to the depth of data that it collects, RateWatch is unmatched in the industry.

These acquisitions build upon S&P Global’s already strong fundamentals. For the current quarter, analysts are projecting $2.14 EPS on $1.61 billion in revenue. This works out to 24.4% annual earnings growth and 6.6% sales growth. S&P Global has surpassed analysts’ estimates for the past several quarters running, and I expect a repeat performance here. We won’t have to wait long until S&P Global’s second-quarter report, which is due around July 26.

S&P Global also has a dividend date coming up—SPGI will go ex-dividend on August 27. Shareholders of record will receive $0.50 per share on September 12. This quarter’s payout represents a 22% increase over the $0.41 dividend paid a year ago. At current prices, SPGI has a 1.0% annual dividend yield. Buy this Conservative stock up to $218 per share.

SOM Technicals:

2-25-18: Closed at 191.67. Trade pressures are up. Volumes are bullish. The next target up is 203.26.

3-2-18: Closed at 189.02. Trade pressures are up but declining. Volumes are bearish. The next target up is 203.26.

3-11-18: Closed at 194.96. Trade pressures are up but declining. Volumes are bullish. The next target up is 203.26.

3-17-18: Closed at 192.51. Trade pressures are down into the neutral zone. Volumes are neutral. Support is the 25×5 at 189.

3-23-18: Closed at 186.49. Trade pressures are down. Volumes are bearish. Has just broken the 25×5 support. The next target down is 185.18, then 177.41.

3-30-18: Closed at 191.06. Trade pressures are down. Volumes are neutral. Consolidating at the 185 target.

4-7-18: Close at 189.74. Trade pressures are in the neutral zone. Volumes are bearish. Consolidating at the 185 downside target.

4-14-18: Closed at 190.76. Trade pressures are up. Volumes are bullish. Need a close above the downtrend resistance line at 196.38.

4-21-18: Closed at 192.96. Trade pressures are up. Volumes are now bearish. Support at 190.67.

4-27-18: Closed at 187.07. Trade pressures are down into the neutral zone. Volumes are neutral. The next target down is the 177.41 level.

5-5-18: Closed at 192.17. Trade pressures are down but rising. Volumes are now bullish. A new long entry at 192.04.

5-11-18: Closed at 199.99. Trade pressures are up. Volumes are bullish. The next target up is 204.16.

5-19-18: Closed at 197.92. Trade pressures are up. Volumes are now neutral. the next target up is 204.16

5-26-18: Closed at 200.34. Trade pressures are up. Volumes are mixed bearish to bullish. The next target up is 204.16.

6-3-18: Closed at 200.32. Trade pressures are up but declining. Volumes are now neutral. The next target up is 204.16.

6-8-18: Closed at 206.47. Trade pressures are up. Volumes are bullish. The next target up is 216.28.

6-16-18; Closed at 208.68. Trade pressures are up. Volumes are bullish. The next target up is 209.09.

6-22-18: Closed at 206.35. Trade  pressures are up. Volumes are bearish. The next target up is 215.08. Support is at the 25×5 moving average at 201.71.

6-30-18: Closed at 203.89. Trade pressures are down into the neutral zone. Volumes remain bearish. At the 25×5 moving average support level.

7-6-18: Closed at 206.37. Trade pressures are up. Volumes are now bullish. One of the few that has not broken down in this pullback.

7-14-18: Closed at 210.65. Trade pressures are up. Volumes remain bullish. The next target up is 215.08.

7-20-18: Closed at 212.22. Trade pressures are up. Volumes are bullish. The next target up is 216.28.

7-29-18: Closed at 203.86. Trade pressures are up but turning down. Volumes are bearish. Support at 198.

Heico Corp. (HEI), another new addition to the Buy List, rounds out this month’s Top 5 stocks. Heico hit my radar last month because it has a near-monopoly on a very lucrative business. That is, it makes and sells replacement parts to the airline industry, as well as to the U.S. government. To date, Heico Corporation has made and delivered 69.6 million airplane parts. And not a single one has failed.

On top of its exemplary safety record, Heico sets its prices below other dominant suppliers. So it’s no wonder why Heico sells to 19 of the world’s top 20 airlines, as well as satellite manufacturers, defense equipment producers and government agencies worldwide.

Heico Corp. is expected to release its fiscal third-quarter sales and earnings towards the end of August. Right now, the consensus estimate is for $0.56 EPS on $439.1 million in revenue. This represents 33.3% annual bottom-line growth and 12.1% top-line growth. However, given that Heico has beaten analysts’ earnings estimates for the past three consecutive quarters, I expect that it’ll do even better.

In the meantime, we’re fast approaching Heico Corp.’s next dividend date. HEI will go ex-dividend on July 10. Shareholders of record will receive $0.06 per share on July 19. At current prices, HEI has a 1.9% annual dividend yield. And just as a reminder, HEI recently completed a 5-for-4 stock split. Shareholders of record on June 21 should have received a 25% stock dividend on June 27. Buy this Conservative stock up to $78 per share.

SOM Technicals:

6-30-18: Closed at 72.93. Trade pressures are down. Volumes are now neutral. In the move down and at the 71.70 downside target. The next target down is 67.90.

7-6-18: Trade pressures are down but rising. Volumes are still bearish. The 71.70 level has held support for 12 days.

7-14-18: Closed at 76.11. Trade pressures are up. Volumes are bullish. The next target up is 77.86.

7-20-18: Closed at 77.71. Trade pressures are up. Volumes are bullish. The next target up is 83.25.

7-29-18: Closed at 75.94. Trade pressures are up but turning down. Volumes are bullish to neutral. 25×5 support at 74.83.

Market Pressures_

Copper fully extended down. Gold and silver continue the move down.

Crude in the sharp rally upward, breaking above the May highs. Natural gas is consolidating at the weekly upside target.

The US 30 year Treasury Bonds futures are up as funds flow into the US Dollar.

The US Dollar futures making another move higher after a pause last week, but momentum seems to be receding.

_________________

S&P 500 Futures_

Monthly – Closed higher now for three months in a row. Trade pressures are up but still trending lower. Volumes closed the month of June as bullish. In the move down from the 2662 short confirmation level. The next target down is 2304. A close above 2883 would confirm a weekly move higher.

Weekly – In a pullback after trading up to the daily long confirmation level of 2796. Trade pressures are up but in a deline toward the neutral zone. Volumes closed the week as bearish. The next target down is 2589. A close above the 2796 level would confirm any daily move higher.

Daily – Flat. In the move down from the 2735 short entry level. Trade pressures are down. Volumes are bearish.

Traded down to the 2693 level and found some end of the week support at the May 28th low.

The next target lower is 2638.

A close above 2740 would signal a new move up.

The Navellier list of the TOP 5 has changes; dropping Boeing (BA), Northrup Grumman (NOC), XPO Logistics (XPO) then adding Holly Frontier (HFC), Ecopetrol SA (EC), and Heico (HEI). The Navellier TOP 5 have had some volatility recently, but are still well ahead of the markets in percentage returns.

Market Pressures_

Copper has fully retraced the June rally. Gold broke down from the 1300 consolidation area. Silver is back to the side ways drift.

Crude Oil rallied in the morning this Friday. Natural gas is at resistance.

The US 30 year Treasury Bonds are showing upward pressures.

The US Dollar futures are in a new move up, but sold off this week down to the new entry level.

________________

S&P 500 Futures_

Monthly – Still in the 3 month rally. Trade pressures are up but declining. Volumes closed the Month of May as neutral. In the move down from 2662. The next target down is 2304. A close above 2883 would confirm any weekly move higher.

Weekly – Tested the new long confirmation level of 2796. Trade pressures are up. Volumes have changed from bullish to neutral. The next target down is 2589. A close above 2796 would confirm any daily move higher.

Daily – Flat. Consolidating at the 2753 upside target. Trade pressures are now down. Volumes are bearish.

The next target up is 2822.

A close below 2735 would signal a new move lower. The 25×5 is acting as support at 27.46. A breakdown of these levels would set the next downside target at 26.38.

The Navellier Top 5 suffered some profit taking, especially the China related stocks. However, these are the best of the financial screens and when the market gets going again the list will move first.

Market Pressures_

Copper is giving back all of the prior weeks move up. Gold had a sharp break down. Silver ran up to the expected target and dropped with gold.

Crude Oil is consolidating at expected levels. Natural gas has had a quiet rally.

The US 30 year is in a move up after some consolidation.

The US Dollar futures are back to new highs.

__________________

S&P 500 Futures_

Monthly – Still in the move down from the 2662 short confirmation. Trade pressures are up but turning down. Volumes closed May as neutral. The next target down is 2304 and the 25×5 moving average support is just nearby. A close above 2883 would confirm a weekly move higher.

Weekly – Remains in the move down from the 2803 short confirmation level. Trade pressures are up. Volumes remain bullish. The next target down is the 2589 level. The six week move up has the market near the 2796 level which would confirm a daily move up.

Daily – Flat. In the move up from the 2629 long entry level. Now thru the 2753 upside target level and about to test the 2805 high pivot. Trade pressures are up but turning down. Volumes remain bullish.

The next target up is 2822, which is above the Weekly 2796, the confirmation of a daily move up.

A close below 2735 would signal a retracement. However the 25×5 moving average is nearby at 2747, so will watch for any breakdown at those levels.

The Navellier Top 5 have paused after the steady climb for the month of June.

Market Pressures_

Copper has made sharp rally to the weekly 3.30 levels for the fourth time in a year. Gold and Silver are quiet for the summer, but some geopolitical shock could spark a move up.

Crude has traded down to the 100% Fib target. Expect some retracement. Natural gas is moving up in a quiet market.

The US 30 year Treasury bonds are reacting to the dollar futures and are in retracement down after the recent move up.

The USA dollar futures are in a pull back after reaching an upside target and pointing lower if they violate the 25×5 support at 92.82.

_______________

S&P 500 Futures_  #spfutures #eminifutures

Monthly – In the third month of a move up. Trade pressures are up. Volumes closed the month of May as neutral. Still in the move down from the 2662 weekly confirmation level. The next target down is 2304. A close above 2883 would confirm any weekly move higher.

Weekly – Continuing the rally inside the move down from the 2803 level. Trade pressures are up. Volumes are bullish. The next target down is 2589. A close above 2796 would confirm any daily move higher.

Daily – Flat. In the move higher from the 2629 long entry level and approaching that 2796 weekly confirmation level. Trade pressures are up. Volumes are bullish.

Moved easily thru the 2763 100% Fib target. The next target up is the march high of 2806. A large cluster of targets are in the 2800-2820 area. These should represent resistance and these new rallies are not confirmed with higher indicator highs.

A close below 2723 would signal a retracement lower.

Despite the market concerns, the Navellier Top 5 have continued their moves higher. The virtual portfolio of about $100,000 is up just over $18,000 YTD. Definitely outperforming the equity markets.

Market Pressures_

Copper has moved down to test support which held and is now in a move up. Gold made an attempt at a new move up but failed. Silver is in neutral.

Crude oil is in the move down. Natural Gas is moving counter to crude, but without enthusiasm.

The US 30 year Treasury Bond moved up in price to the expect targets and is now in a retracement down.

The US Dollar futures are in a pullback after the big move to 94.76. The 25×5 moving average support is at 93.26.

________________

S&P 500 Futures_

Monthly – Three months of higher highs and lower lows. Trade pressures are up but turned down. volumes closed the month of May as neutral for the fourth month in a row. In the move down from the 2662 short confirmation level. The next target down is 2304. A close above 2883 would confirm any weekly move higher.

Weekly – In the move up off the April 6th low. Trade pressures are up. Volumes remain bullish. Still in the short move down off the 2803 entry. The next target down is 2589. A close above 2796 would confirm any daily move higher.

Daily – Grinding sideways since May 14th trying to get through the multiple layers of resistance. Trade pressures have risen up into the neutral zone. Volumes are mixed bearish one day bullish the next, a sign of the contest between the bears and bulls at these resistance levels.

The prior high of May 14th is 2741 and the 2753 upside target are the next barriers.

A close below the 25×5 moving average at 2701 would signal anew move lower.

The Navellier Top 5 Stocks for June are resting after a nice move up in May.