Market Pressures_

Copper ran up to a target the retraced to get stopped out at the entry price. Gold and Silver remain under downward pressure.

Crude oil is in a move up with our much conviction. Natural Gas is in a new move up but also with no momentum.

The US 30 year treasury Bond had a nice short trade but was stopped at the first profit target.

The US Dollar futures are in a move up and retesting the prior highs.

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S&P 500 Futures_

Monthly – Into the fifth month of a rally off the February-March 2018 correction. Trade pressures are up but showing some divergences. Volumes closed the July month as bullish. The next target up is the 2887 prior high. Another close below the 2667 level would confirm a weekly move lower.

Weekly – Since April, no move down has lasted more than two weeks. Trade pressures are up, but diverging from price. Volumes have returned to bullish. In the new move up from 2800. The next target up is the prior high of 2887 and then the 3226 61% target. A close below 2730 would confirm a daily move lower.

Daily – Long. In the move up from the 2740 July long entry. Trade pressures are in the neutral zone. The next target up is 2866. A close below 2789 would signal lower. Timing signals show some downward time pressure Aug 16th to Aug 21st.

[8-7-18: OCO, one cancels the other. Raise the stop to the 60 min short entry of 2849. Set the profit stop at the 2866 profit target.]

[8-10-18: Long trade stopped out at the 2849 short entry. No short entry til an upside retest of the 2869 area.]

The Navellier Top 5 have have experienced earnings misses and paid the price. Both Abiomed and HollyFrontier have missed and dropped in price. But earnings growth remains intact, so Navellier keeps them on the list.