#emini #spfutures #SP500 #ES

Market Pressures_

Copper is in a small pullback. Gold is in a new long trade. Silver led gold and is now extended.

Crude oil continues to rally to the $30 level. Natural gas is looking sold out.

The US 30 year Treasury Bond is stuck in a channel. looking for a sign.

The US Dollar futures are similarly waiting in a channel. Is it inflation driven by the huge increase of new government monies that will be the trigger for the next move?

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S&P 500 Futures_

Monthly – In the move down from the 3176 short confirmation level. Trade pressures are up. Volumes closed the month of April as neutral. The next target down is 2461. The April close above 2858 had confirmed the weekly move up.

Weekly – In the move up from the 2440 long confirmation level. Trade pressures are up but have had a bearish reversal. Volumes are bullish. A close below the 2678 level would confirm any daily move lower.

Daily – Flat. Five test of the 200 day MA. Trade pressures are down but have reversed and are rising. Volumes are neutral.

In the move up from the 2420 level. In consolidation around the 2840 target.The next target up is the 2955 high pivot, then 3262.

Hard to see how we get to 3200’s. The market does feel a little heavy so, maybe a pullback first. A close below 2679 would signal lower. Until that, these dips seem to be bought. Doug Kass says the hardest trade is up, right now.

Time pressures are down until the last week of May.

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Navellier Top 5 Stocks – This Top 5 model portfolio begins the year at $100,000. Only the Top 5 Growth stocks will be tracked this 2020 year.

The Top 5 portfolio held this week and remained valued at approximately $94,000, now down only 6% YTD. The 13% gains from these first two months of 2020 evaporated, but so have the down 32% lows of March. The portfolio fundamentals should become more important as the market narrows.

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