S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

The 10yr yields rise to 3.98%. Copper in consolidation.  Gold and Silver also in consolidation after the move up.

Crude rallies hard on the middle east worries.  Natural Gas holding at 200 day MA resistance.

The US 30yr Treasury Bond down hard on the 10yr yields rising.

The US Dollar futures reversed higher after the Iranian involvement.

_________________

S&P 500 Futures   #ESZ24

Monthly –Monthly bar just off the prior month high. Trade pressures remain up. Volumes closed the month of September as bullish.  The next target up remains at 6019.  A break below 5488 would confirm any weekly move lower. The next target down then would be 5164.

Weekly – The weekly closes higher again.  Trade pressures remain in the neutral zone. Volumes remain bullish.  The next target up remains 5890 (new highs).  A close below 5689 would confirm any daily move lower.

Daily – Long. After a small retracement, price is testing a breakout of the bull flag at 5794 at the week’s close.  Trade pressures are up but have declined to near the neutral zone.  Volumes are bearish.

The next target up remains 5876. The expected overbought level has declined to 5765.

A close below  5714 would signal lower. The expected oversold level rises to 5655.

[10-7-24: Stopped out at the 5739 level.]

___________________

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 value rises to $143,000. The Year-to-Date portfolio performance is now up 43%.

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXZ24

Weekly –  In the new August 2024 downtrend.  Trade pressures are up into the neutral zone. Volumes are bullish.

Daily – Long. Big rally off the low pivot at 99.86 and thru the long entry at 100.51. Trade pressures are up.  Volumes are bullish.

The next target up is 102.58.  The expected overbought level rises to 102.29.

The break below the 101.63 signals lower. The expected oversold levels declines to 99.65.

 

US30YR T-BOND_ USZ24

Weekly – In a new August 2024 uptrend.  Trade pressures are down.  Volumes are bearish.

Daily  – Short. In the  move down from 126-16 on 9/18. Trade pressures are down.  Volumes are bearish.

The next target down is 119-27. Oversold levels 120-21.

A close above 123-02 would signal higher. Overbought levels are 127-00.

The 10yr yield is near its overbought level just below 4%.
Set tight stops on this short at 122-10. Set a profit stop at 120-20.

[10-08-24: Take profits at 120-29.]

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLX24

Weekly – In the September 2024 downtrend, rising to resistance. Trade pressures are up. Volumes are bullish.

Daily – Long. In the move up off the 66.33 pivot and above the 69.04 long entry on 10/2.  Trade pressures are up.  Volumes are bullish.

The next target up is 76.48. The expected overbought levels are higher at 74.49.

A close below 72.53 would signal lower. The expected oversold level rise to 67.67.

Set the SL at 72.66.

[10-7-24: raise the SL to 76.25]. [10-08-24: Stopped out in the overnight session.]

 

NAT GAS_ NGX24

Weekly – In the August 2024 downtrend, but near a break out.  Trade pressures are up.  Volumes remain bullish.

Daily – Flat.  In the second leg up from the bull flag on 9/20, and at the upside resistance at 3.01, the 200 day MA. Trade pressures are up, but declining.  Volumes are now bearish.

The next target up is 3.34. The expected overbought level rises to 3.11.

The close below 2.85 signals lower, but with the oversold nearby; wait. The expected oversold level rises to 2.70.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGZ24

Weekly – In the September 2024 uptrend. Trade pressures are up. Volumes are bearish.

Daily – Flat. The close below 4.54 on 9/30 stopped out the long trade.  Trade pressures are up.  Volumes are bullish.

The next target up is 4.79. The expected overbought levels have risen to 4.75.

A close below 4.47 would signal lower. Expect consolidation and retracement. The expected oversold levels rise to 4.35.

 

GOLD_ GCZ24

Weekly – In the December 2023 uptrend.  Trade pressures remain up.  Volumes remain bullish.

Daily – Short. In the move down from the 2665 entry level on 10/8. Trade pressures are down into the neutral zone.  Volumes are bearish.

The close below 2665 signaled lower. The next target down is 2620. Expect consolidation and retracement. The expected oversold level rises to 2628.

A close above 2672 would signal higher. The expected overbought level are 2599.

[10-8-24: Short. SL at 2649. Take profits at 2620.]

[10-10-24: Short Profit stop at 2620 met. then a 20 point rally off the lows]

 

SILVER_ SIZ24

Weekly – Still in the December 2023 uptrend.  Trade pressures are up.  Volumes remain bullish.

Daily – Flat. Still in the 9/12 move up. Expect consolidation and retracement from the overbought levels. Trade pressures are up.  Volumes are bullish..

The next target up is 33.15. Overbought levels are 33.31.

A close below 31.96 would signal lower.  Oversold levels are 30.57.

[10-8-24: Short at 31.96. SL is 31.29.] [At oversold levels, now. ]

[10-10-24: SL met at 31.29.]

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

The 10yr yields rise to 3.75%. Copper sharply higher.  Gold at new highs. Silver moves to new highs

Crude continues the pullback.  Natural higher again, but at new resistance.

The US 30yr Treasury Bond  poised for a new rally.

The US Dollar futures moving down in chop.

_________________

S&P 500 Futures   #ESZ24

Monthly –Monthly bar close above the prior month high. Trade pressures remain up. Volumes closed the month of August as bullish.  The next target up 6019.  A break below 5488 would confirm any weekly move lower. The next target down then would be 5143.

Weekly – The weekly closes higher.  Trade pressures are now in the neutral zone. Volumes remain bullish.  Closed back above the prior long entry trigger at 5525. The next target up is 5890 (new highs).  A close below 5632 would confirm any daily move lower.

Daily – Flat. In the move up from 5581 on 9/11 and was stopped out at 5628 on 9/16.  Trade pressures are up.  Volumes are bullish.
The next target up is 5876. The expected overbought level has risen to 5792.
A close below  5761 would signal lower. The expected oversold level declines to 5609.

___________________

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 value remains at $141,000. The Year-to-Date portfolio performance is now up 41%.

Wingstop (WING) will be replaced by Targa Resources (TRGP) at the Monday open.

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

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXZ24

Weekly –  In the new August 2024 downtrend.  Trade pressures remain down. Volumes remain bearish.

Daily – Short. The low pivot is now 99.86. Trade pressures are down.  Volumes remain bearish.

The break below the 100.23 signals lower. The expected oversold levels rises to 99.97.

A close above 100.51 would signal higher. The expected overbought level rises to 101.16.

 

US30YR T-BOND_ USZ24

Weekly – In a new August 2024 uptrend.  Trade pressures remain up, but declining.  Volumes remain bullish.

Daily  – Short. In the  move down from 126-16. Trade pressures are down but rising.  Volumes are neutral.

The next target down is 122-30. Oversold levels 120-21.

A close above 124-26 would signal higher. Overbought levels are 127-00.

 

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLX24

Weekly – In the September 2024 downtrend  after breaking support. Trade pressures are up into the neutral zone. Volumes remain bearish.

Daily – Flat. In the move down towards 65-66.  Trade pressures are down.  Volumes are bearish.

The next target down is 66.24. The expected oversold level rise to 67.22.

A close above 69.04 would signal higher. The expected overbought levels are lower at 71.40.

 

NAT GAS_ NGX24

Weekly – In the August 2024 downtrend, but near a break up.  Trade pressures are up.  Volumes remain bullish.

Daily – Flat.  In the second leg up from the bull flag on 9/20. The upside resistance is at 3.01, the 200 day MA. Trade pressures are up, but declining.  Volumes are bullish.

The next target up is 2.95. The expected overbought level rises to 3.00.

A close below 2.73 would signal lower.  The expected oversold level rises to 2.40.

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGZ24

Weekly – In the September 2024 uptrend. Trade pressures are up. Volumes are bullish.

Daily – Long. The February 200 day MA support held at 4.23. In the move up from the 4.23 breakout on 9/19.

Trade pressures are up.  Volumes are bullish.

The close above the 4.23 resistance did signal higher. The next target up is 4.74. The expected overbought levels have risen to 4.74.

A close below 4.54 would signal lower. The expected oversold levels rise to 4.20.

 

GOLD_ GCZ24

Weekly – In the December 2023 uptrend.  Trade pressures remain up.  Volumes remain bullish.

Daily – Flat. The 2597 SL was met on 9/17. Trade pressures remain up.  Volumes are neutral.

The next target up is the prior high at 2708. The expected overbought level are 2599.  Expect consolidation and retracement.

A close below 2665 would signal lower. The expected oversold level remain at 2507.

 

SILVER_ SIZ24

Weekly – Still in the December 2023 uptrend.  Trade pressures are up.  Volumes remain bullish.

Daily –Flat. Stopped out of the long trade at 30.98 on 9/17. Trade pressures are up but declining.  Volumes are neutral.

The next target up is 33.48. Overbought levels are 33.20. Expect consolidation and retracement.

A close below 31.64 would signal lower.  Oversold levels are 28.20.

 

Navellier Top 5 Stocks for October

High-Growth Investments

The Allstate Corporation

The Allstate Corporation (ALL) is a leading insurance provider that’s kept its customers in “good hands” for more than 90 years. Today, Allstate has nearly 193 million policies, and through these policies, it provides a variety of insurance products and services, including auto, boat, motorcycle, homeowners, renters, life and business insurance.

Allstate is scheduled to release results for the third quarter on October 30. Third-quarter earnings are forecast to surge 296.3% year-over-year to $3.21 per share, up from $0.89 per share in the same quarter a year ago. Revenue is expected to rise 13.3% year-over-year to $14.94 billion.

I should also add that Allstate has a history of posting big earnings surprises, as it posted earnings surprises of 76.1%, 45.9%, 30.2% and 335.1% in the past four quarters, respectively. Analysts have increased earnings estimates over the past two months, so another quarterly earnings surprise is likely. ALL is a Conservative buy below $202.

SOM Technicals:

8-3-24: Closed at 178.82. Trade pressures are up. Volumes are bullish. The next target up is 188.86.

8-11-24: Closed at 171.03. Trade pressures are rising to the neutral zone. Volumes are neutral. The next target down is 168.07.

8-16-24: Closed at 178.11. Trade pressures are up. Volumes are bearish. The next target down is 175.48.

8-26-24: Closed at 180.51. Trade pressures are up. Volumes are bullish. The next target up is 184.31.

8-30-24: Closed at 188.94. Trade pressures are bullish. Volumes are bullish. The next target up is 194.68.

9-7-24: Closed at 185.36. Trade pressures are down. Volumes are bearish. The next target down is 180.99.

9-14-24: Closed at 188.30. Trade pressures are up. Volumes are bullish. The next target up is 191.33, the previous high.

9-28-24: Closed at 188.36. Trade pressures are down. Volumes are bearish. The next target down is 183.62.

10-5-24: Closed at 190.57. Trade pressures are rising into the neutral zone. Volumes are bullish. The next target up is the prior high at 103.97.

10-12-24: Closed at 188.28. Trade pressures are up. Volumes are bullish. The next target up is 193.97.

10-18-24: Closed at 195.37. Trade pressures are up but turning down. Volumes are bearish. The next target down is 191.33.

 

Coca-Cola Consolidated, Inc.

Coca-Cola Consolidated, Inc. (COKE) bottles and distributes a vast range of beverage products and flavors, including Coca-Cola branded products, as well as well-known energy drinks, sparkling and still beverages, carbonated and non-carbonated drinks.

During the first six months of the year, sales rose 2.3% year-over-year to $3.4 billion. Sparkling bottle/can sales increased 4% year-over-year to $2.0 billion, while still bottle/can sales grew 2.4% year-over-year to $1.1 billion. Income from operations climbed 7.9% year-over-year to $474.5 million.

While the company doesn’t have any analysts following it right now, Coca-Cola remains very optimistic about its business going forward. In fact, Coca-Cola Consolidated recently announced a big increase in its quarterly dividend.

The company will now pay a quarterly dividend of $2.50 per share, up from its previous dividend of $0.50 per share. The new dividend will be paid on November 8 to all shareholders of record on October 25. The stock has a 0.8% dividend yield. COKE is a Conservative buy below $1,426.

SOM Technicals:

8-3-24: Closed at 1274.20. Trade pressures are up. Volumes are bullish. The next target up is 1345.00.

8-11-24: Closed at 1259.41. Trade pressures are up but declining. Volumes are bullish. The next target down is 1217.49.

8-16-24: Closed at 1270.17. Trade pressures are up. Volumes are bullish. The next target up is 1305.70.

8-26-24: Closed at 1339.75. Trade pressures are up but declining. Volumes are neutral. The next target down is 1319.69.

8-30-24: Closed at 1342.40. Trade pressures are down into the neutral zone. Volumes are bullish. The next target down is 1285.96.

9-7-24: Closed at 1329.90. Trade pressures are up but declining. Volumes are bearish. The next target down is 1285.96.

9-13-24: Closed at 1296.96. Trade pressures are down. Volumes are neutral. The next target down is 1233.97.

9-28-24: Closed at 1295.96. Trade pressures are rising into the neutral zone. Volumes are bullish. The next target up is 1306.31.

10-5-24: Closed at 1292.09. Trade pressures are down but rising. Volumes are neutral. The next target down is 1260.

10-12-24: Closed at 1282.91. Trade pressures are up. Volumes remain neutral. The next target up is 1396.03.

10-18-24: Closed at 1287.46. Trade pressures are down. Volumes are bearish. The next target down is low pivot at 1252.

 

Costco Wholesale Corporation

Costco Wholesale Corporation (COST) operates in the warehouse club industry, with 600 locations in 47 states and Puerto Rico, as well as 108 locations in Canada, 40 locations in Mexico, 33 locations in Japan and 29 locations in the U.K. The company also has locations in Australia, China, France, Iceland, Korea, New Zealand, Sweden and Taiwan.

Costco announced results for its fourth quarter and fiscal year 2024 after the stock market closed on Thursday. Interestingly, the company’s decision to start selling gold bars last fall proved to be a boon for its business. It’s estimated that Costco is selling between $100 million and $200 million in gold bars each month.

For the fourth quarter, Costco reported sales rose 1% year-over-year to $78.2 billion, just shy of estimates for $79.97 billion. Earnings grew 9% year-over-year to $2.354 billion, or $5.29 per share, compared to $2.16 billion, or $4.86 per share, in the fourth quarter of 2023. Analysts expected earnings of $5.07 per share.

Costco also reported total sales increased 5% year-over-year to $249.6 billion in its fiscal year 2024. Full-year earnings rose 17.1% year-over-year to $7.367 billion, or $16.56 per share, up from $6.292 billion, or 14.16 per share, in fiscal year 2023. COST is a Conservative buy below $946.

SOM Technicals:

8-30-24: Closed at 895.38. Trade pressures are down into the neutral zone. Volumes are neutral. The next target down is 867.10.

9-7-24: Closed at 876.68. Trade pressures are down. Volumes are bearish. The next target down is 854.86.

9-14-24: Closed at 916.00. Trade pressures are up. Volumes are bullish. The next target up is 939.04.

9-28-24: Closed at 885.62. Trade pressures are down. Volumes are neutral. The next target down is 859.78.

10-5-24: Closed at 883.11. Trade pressures are rising onto the neutral zone. Volumes are bearish. The next target up is 899.

10-12-24: Closed at 889.03. Trade pressures are down. Volumes are neutral. The next target down is 881.04.

10-18-24: Closed at 889.56. Trade pressures are down but rising. Volumes are bearish. The next target down is 875.10.

 

The Progressive Corporation

The Progressive Corporation (PGR) is a well-known insurance provider, offering everything from car, boat and motorcycle insurance to homeowners, renters and commercial insurance. The company also offers popular insurance bundles, in which folks can bundle their auto and property insurance for lower rates. And Progressive continues to benefit from high insurance rates.

For the third quarter, analysts have increased earnings estimates by 44% in the past three months, which is setting the company up for a fifth-straight quarterly earnings surprise. Third-quarter earnings are forecast to jump 67.5% year-over-year to $3.50 per share, up from $2.09 per share in the same quarter a year ago.

Progressive also plans to pay a quarterly dividend of $0.10 per share on October 11. All shareholders of record on October 3 will receive the dividend. The stock has a 0.16% dividend yield. PGR is a Conservative buy below $269.

SOM Technicals:

4/27/24: Closed at 205.03. Trade pressures are down. Volumes are bearish. The next target down is 199.79.

5-4-24: Closed at 208.72. Trade pressures are down. Volumes are bullish. The next target down is 206.06.

5-10-24: Closed at 210.17. Trade pressures are neutral. Volumes are bullish. The next target down is 211.49.

5-18-24: Closed at 209.22. Trade pressures are down but rising. Volumes are bearish. The next target down is 201.34.

5-25-24: Closed at 203.91. Trade pressures are down. Volumes are bearish. The next target down is 191.19.

6-2-24: Closed at 211.18. Trade pressures are up. Volumes are bullish. The next target up is 214.90.

6-8-24: Closed at 212.53. Trade pressures are up. Volumes are bullish. The next target up is 219.12.

6-15-24: Closed at 203.92. Trade pressures are down but rising. Volumes are bearish. The next target up is 218.20.

6-23-24: Closed at 209.19. Trade pressures are down. Volumes are bullish. The next target down is 206.

6-30-24: Closed at 207.71. Trade pressures are up into the neutral zone. Volumes are bearish. The next target up is 218.69.

7-5-24: Closed at 210.18. Trade pressures are down. Volumes are neutral. The next target down is 205.22.

7-12-24: Closed at 213.30. Trade pressures are up. Volumes are bullish. The next target up is 218.69.

7-20-24: Closed at 219.35. Trade pressures are up but declining. Volumes are bearish. The next target down 212.57.

8-3-24: Closed at 216.94. Trade pressures are up. Volumes are bullish. The next  target up is 240.00.

8-11-24: Closed at 221.73. Trade pressures are up. Volumes are bullish. The next target up is 227.32.

8-16-24: Closed at 236.77. Trade pressures are up. Volumes are bullish. The next target up is 244.22.

8-26-24: Closed at 242.45. Trade pressures are up. Volumes are bullish. The next target up is 246.40.

8-30-24: Closed at 252.20. Trade pressures are up. Volumes are bullish. The next target up is 261.59.

9-7-24: Closed at 248.69. Trade pressures are up but declining. Volumes are neutral. The next target down is 244.68.

9-14-24: Closed at 255.46. Trade pressures are up. Volumes are bullish. The next target up is 267.50.

9-28-24: Closed at 251.10. Trade pressures are down. Volumes are bearish. The next target down is 244.03.

10-5-24: Closed at 255.36. Trade pressures are up. Volumes are bullish The next target up is 262.01.

10-12-24: Closed at 254.02. Trade pressures are up. Volumes are bullish. The next target up is 256.27.

10-18-24: Closed at 251.12. Trade pressures are down. Volumes are bearish. The next target down is 242.32.

 

Targa Resources Corporation

Targa Resources Corporation (TRGP) is a midstream energy company that provides gathering and processing systems as well as logistics and transportation systems. The company operates more than 31,000 miles of natural gas pipelines and 53 processing plants, which service top natural gas and crude oil-producing basins in the U.S.

You may recall that Targa Resources operates in the lucrative oil and natural gas-producing region in the Permian Basin. The company’s robust operations in this region are anticipated to continue to add handsomely to its top and bottom lines.

For the third quarter, the analyst community expects earnings to increase 55.7% year-over-year to $1.51 per share, compared to $0.97 per share in the third quarter of 2023. Analysts have revised earnings estimates 13.5% higher in the past three months, which bodes well for a second-straight quarterly earnings surprise. TRGP is a Conservative buy below $156.

SOM Technicals:

5-25-24: Closed at 114.28. Trade pressures are down. Volumes are bearish. The next target down is 111.90.

6-2-24: Closed at 118.23. Trade pressures are up. Volumes are bullish. The next target up is 119.68.

6-8-24: Closed at 118.01. Trade pressures are up. Volumes are bullish. The next target up is 119.68.

6-15-24: Closed at 119.00. Trade pressures are down. Volumes are neutral. The next target down is 117.63.

6-23-24: Closed at 125.10. Trade pressures are up. Volumes are bearish. The next target down is 123.65.

6-30-24: Closed at 128.78. Trade pressures are up. Volumes are bullish. The next target up is 130.53.

7-5-24: Closed at 132.49. Trade pressures are up. Volumes are bullish. The next target up is 139.71.

7-12-24: Closed at 135.05. Trade pressures are up. Volumes are bullish. The next target up is 137.41.

7-20-24: Closed at 136.37. Trade pressures are up. Volumes remain bullish. The next target up is 139.96.

8-3-24: Closed at 130.58. Trade pressures are down. Volumes are bearish. The next target down is 126.70.

8-11-24: Closed at 135.69. Trade pressures are up. Volumes are bullish. The next target up is 139.35, the prior high.

8-16-24: Closed at 142.83. Trade pressures are up. Volumes are bullish. The next target up is 150.00.

8-26-24: Closed at 145.47. Trade pressures are up. Volumes are bullish. The next target up is 151.82.

9-28-24: Closed at 146.80. Trade pressures are down. Volumes are neutral. The next target down is 140.89.

10-5-24. Closed at 158.02. Trade pressures are up. Volumes are bullish. The next target up is 159.07.

10-12-24: Closed at 165.76. Trade pressures are up. Volumes are bullish. The next target up is169.90.

10-18-24: Closed at 162.75. Trade pressures are down into the neutral zone. Volumes are bullish. The next target down is 157.41.

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

The 10yr yields decline to the 3.65%. Copper breaks out of the downward channel.  Gold breaks above the consolidation to new highs. Silver stopped out of short and moves above the downtrend lines.

Crude signals a new long, butt lack volume.  Natural gas continues the move up, but at resistance.

The US 30yr Treasury Bond  rallied on interest rate cut prospects, but now in consolidation.

The US Dollar futures moving sideways in a wide channel.

_________________

S&P 500 Futures   #ESZ24  Dec Contract

Monthly –Monthly bar closes above the prior month high. Trade pressures remain up. Volumes closed the month of August as bullish.  The next target up 6019.  A break below 5473 would confirm any weekly move lower. The next target down then would be 5126.

Weekly – The weekly closes up, engulfing the prior down bar.  Trade pressures are now near the neutral zone. Volumes remain bullish.  Closed back above the prior long entry trigger at 5525. The next target up is 5899 (new highs).  A close below 5451 would confirm any daily move lower.

Daily – Flat. In the move up from 5581 on 9/11.  Trade pressures are up.  Volumes are bullish.  The next target up is 5729. The expected overbought level has risen to 5644. A close below  5646 would signal lower. The expected oversold level declines to 5392.

[9-16-24:The ESU24 September long contract closed]

___________________

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 value moves up to $141,000. The Year-to-Date portfolio performance is now up 41%.

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