Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLN24

Weekly – In the March 2024 uptrend and at resistance. Trade pressures are down. Volumes have turned bullish.

Daily – Flat. In the move down after breaking the 200 day MA at 78.14.   Trade pressures are up.  Volumes are bearish.

The next target down is 74.21. The expected oversold level declines to 72.45.

The close above 76.90 signals higher. The expected overbought levels are now lower at 80.21.

[6/11/24: closed above the 76.90, look for a retest and then buy after the CPI report.]

 

NAT GAS_ NGN24

Weekly – In a new May 2024 uptrend.  Trade pressures are up.  Volumes are now bullish.

Daily – Flat.  In the move up from the 2.76 level. Trade pressures are up.  Volumes are now bullish.

The next target up is 3.04.The expected overbought level remains 3.05.

A close below 2.68 would signal lower.  The expected oversold level rises to 2.42.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures declining into the neutral zone. Volumes are bearish.

Daily – Flat. In the move down from the third break lower below 4.6.  Trade pressures risen into the neutral zone. Volumes remain bearish.

The next target down is 4.40. The expected oversold levels have declined to 4.46.

Need a close above 4.51 for a new long entry. The expected overbought levels have declined to 4.97.

10yr interest rates rise sharply.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are in the neutral zone.  Volumes remain bearish.

Daily – Flat. After a short rally the move down resumed at 2393.  Trade pressures turn back down and are in the neutral zone.  Volumes remain bearish.

At the the 2313 target. The expected oversold level has risen to 2323.

A close above 2344 would signal higher. The expected overbought level has declined to 2415.

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are just up.  Volumes remain bearish.

Daily –Flat. Moved up to the 32.53 lower high and turned down.  Trade pressures are up but turning down once again.  Volumes are bearish.

Thurs rallied and Friday sold off with the strong jobs announcement. The next target down remains 28.82.  Oversold levels are 28.91.

A close above 29.96 would signal higher.  Overbought levels are 31.36.

S&P 500 Futures

#emini #spfutures #SP500 #ES

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%.

 

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the April 2024 uptrend.  Trade pressures remain down. Volumes remain bearish.

Daily – Short.  Still in the move down from 105.73 on on 5/1.  Trade pressures are up but declining.  Volumes are bullish.

The next target down is 103.67.  The expected oversold levels rise to 104.26.

A close above 104.93 would signal higher. 105.21 is the lower expected overbought level.

 

US30YR T-BOND_ USM24

Weekly – In the April 2024 downtrend.  Trade pressures are now in the neutral zone.  Volumes remain bullish.

Daily  – Flat . Attempting to rally after breaking support at 116-12.  Trade pressures have risen into the neutral zone. Volumes are now bullish.

The next target down is 112-29.  Oversold levels are 112-11.

A close above 116-18 would signal higher. Overbought levels are 118-31.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM24

Weekly – In the March 2024 uptrend . Trade pressures are down. Volumes remain bearish.

Daily – Flat. Tests Below the 200 day MA and testing the December trendline.  Need a close above 78.36 to break out of the Bull Flag. Trade pressures are down.  Volumes are back to bullish.

The next target down is 73.57. The expected oversold level rises to 76.85.

The close above 77.78 signals higher. The expected overbought levels are now higher at 80.56.

Rising over bought and oversold levels alert and reinforce the buy signal. As always, use stops.

 

NAT GAS_ NGN24

Weekly – In a new May 2024 uptrend.  Trade pressures are up.  Volumes are now neutral.

Daily – Flat.  In the move down from the 2.75 level. Trade pressures are down.  Volumes remain bearish.

Near the support levels at 2.53 and 2.38. The expected oversold level rises to 2.40.

A close above 2.60 would signal higher.  The expected overbought level declines to 3.05.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up, but declining. Volumes remain neutral.

Daily – Flat. Attempted a long in the move down, but stopped out for a loss.  Trade pressures are down. Volumes remain bearish.

At the 4.56 target. The expected oversold levels have declined to 4.55.

Need a close above 4.70 for a new long entry. The expected overbought levels have risen to 5.19.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are up, but turning down and near the neutral zone.  Volumes remain bearish.

Daily – Flat. Stopped out at the 2374 SL for a small gain.  Trade pressures remain down.  Volumes remain bearish.

The next target down is the 2313 target. The expected oversold level has declined to 2310.

A close above 2375 would signal higher. The expected overbought level has declined to 2457.

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are just up.  Volumes have returned to bearish.

Daily –Flat. Moved up to the 32.53 lower high and turned down.  Trade pressures are down.  Volumes are bearish.

Thurs and Friday sold off after the lower high. The next target down is 28.82.  Oversold levels are 28.61.

A close above 31.32 would signal higher.  Overbought levels are 31.89.

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

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.

___________________

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.

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the April 2024 uptrend.  Trade pressures are down. Volumes remain bearish.

Daily – Short.  Still in the move down from 105.73 on on 5/1.  Trade pressures are up but declining.  Volumes are bullish.

The next target down is 103.96.  The expected oversold levels rise to 104.21.

A close above 105.07 would signal higher. 105.24 is the lower expected overbought level.

 

US30YR T-BOND_ USM24

Weekly – In the April 2024 downtrend.  Trade pressures are now up.  Volumes are bullish.

Daily  – Flat . Resistance held at the Median line and the 200 day MA.  Trade pressures are down. Volumes are bearish.

The next target down is 116-10 and is the new short entry.  Oversold levels are 115-12.

A close above 117-048 would signal higher. Overbought levels are 118-19.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM24

Weekly – In the March 2024 uptrend . Trade pressures are down. Volumes remain bearish.

Daily – Flat. Tests the lower range of the consolidation area and returns to the 200 day MA.  Need a close above 78.32 to break out of the Bull Flag. Trade pressures are down.  Volumes are back to bullish.

The next target down is 74.89. The expected oversold level is lower to 76.25.

The close above 77.46 signals higher. The expected overbought levels are now lower to 80.24.

[5-27-24: Long from 78.10.]   [5-28-24: SL at 78.50.]
[5-29-24: Raise SL to 28.64]

[5-30-24: stopped out in the AM for a small gain.]

 

NAT GAS_ NGN24

Weekly – In a new May 2024 uptrend.  Trade pressures are up.  Volumes are now bullish.

Daily – Flat.  The new uptrend takes price to the 3.16 high midweek, then turns down. Trade pressures are up but declining.  Volumes are now bearish.

A close below 2.75 would signal lower.   The expected oversold level rises to 2.30.

A close above 2.94 would signal higher.  The expected overbought level rises to 3.11.

 

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes are now neutral.

Daily – Flat. Now a 44 cent move down after the spike to 5.19 on Monday.  Trade pressures are down. Volumes are bearish.

The next target down is 4.56. The expected oversold levels have risen to 4.66.

Got the pullback to 4.80, Need a close above 4.84 for a new long entry. The expected overbought levels have risen to 5.18.

[5-28-24: Long from 4.84.]    [SL at 4.80 and stopped out 5-29-24 am for a loss.]

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are up, but turning down.  Volumes are bearish.

Daily – Short. the break below the 2388 LML started the short trade.  Trade pressures are down.  Volumes are bearish.

The next target down is the 2290 target. The expected oversold level has risen to 2315.

A close above 2355 would signal higher. The expected overbought level has risen to 2546.

[5-29-24: Lower SL to 5388.]

[5-30-24: Lower SL to 2374.]

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are just up.  Volumes have returned to bearish.

Daily –Flat. Moved up to the 32.75 high and turned down.  Trade pressures are down.  Volumes are neutral.

Moved down thru supports just as easily. The next target down is 28.82.  Oversold levels are 29.76.

A close above 31.37 would signal higher.  Overbought levels are 31.60.

[5-28-24: Long from 31.40.]   [5-29-24: Raised SL to 31.88, then stopped out in the AM.]