#emini #spfutures #SP500 #ES

Market Pressures_

Copper consolidating between 2.60-2.80. Gold triggered a new down move and moved back up to test the 25×5 moving average as resistance. Silver followed the lead of gold down then turned up to rally in the downtrend.

Crude oil is at downside targets and consolidation. Natural Gas is the oil counter-move sharply up and appears to have topped.

US 30 year Treasury Bond futures are in a rally, likely in response to the flow into the dollar and the higher rates than other currencies.

US Dollar futures are taking a pause from the new 2018 highs.

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S&P 500 Futures

Monthly – In the move down. Trade pressures are down into the neutral zone. Volumes close the month of October with high volume and  Bearish. The next target down is 2603. A close above 29.47 is required to confirm any new weekly move up.

Weekly – In the down move from the 2867 short confirmation. Trade pressures are down but rising. Volumes are neutral for the third week. The next target down is 2610, a retest of the 2603 low. A close above the 2880 level would confirm any daily move up.

Daily – The prior week rallied up near the 2824 high pivot and then retreated to the 2700 levels which seem to have held Trade pressures are down but are turning. Volumes are mixed bearish mid week bullish on Thursday and neutral on Friday as the positions were squared up.

Price remains in the move up off the 2661 long entry price. This shorter cycle retracement down has triggered a short which as a 2603 downside target which would test the recent lows.

A break above the 25×5 moving average at 2743 would signal higher.

Part of the current trading problem is the technicals can get overwhelmed by the algorithmic trading. I think if one can realize the algo “piling on effect” that runs trades past expected levels; and use that to “pile on” with them IF and only IF the moves align with the SOM expected levels. Then one can have some success. But the conservative move is to stand aside or, go up time frames and accept the increased volatility.

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Navellier TOP 5 – Held the profit levels around $9000 (on the $125,000 virtual portfolio).  The Navellier ranking system screens and ranks stock picks into A-B-C-D-F categories. The TOP 5 stocks are ranked as A’s and B’s, as one would expect. The probability is they will outperform the averages over time.

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