#emini #spfutures #SP500 #ES
Market Pressures_
Copper continues the move up after a retracement. Gold is in a new long. Silver is near the end of it’s move.
Crude is in a small retracement. Watch for a break of the 25×5 MA. Nat Gas is steadily declining.
The US 30 year Treasuries are in a new move up.
The US Dollar is retracing after the move down to the target. Watch for new bullish volumes.
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S&P 500 Futures_
Monthly – The monthly has closed this week below the prior month’s close. Trade pressures are up in the neutral zone. Volumes closed the month of May as neutral. The next target up is the prior high at 3375. A close below 2803 would confirm any weekly move lower.
Weekly – Remains in the move up from the April 2430 long entry. Trade pressures are up. Volumes remain bullish. The next target up is 3230. A close below 2934 would confirm any daily move lower.
Daily – In the move up from the 2945 long entry. Met the 61.8 % target and began the retracement which we are now in. Trade pressures are down. Volumes are bearish.
The next target down is 2972.
The 200 day MA is at 3007 and is potential support. More likely is a back-test up to the 25×5 MA at 3050 levels and then down again.
Apple is 3.5% of the S&P 500; good to watch it’s movement.
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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 stocks sold off with the market during this last week. The portfolio stocks are down 2% for the week and valued at approximately $98,000, now down 2% for the 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.
As of this next Monday, Fortinet (FTNT) and ResMed (RMD) will be replaced with Clorox (CLX) and DocuSign (DOCU) at the opening prices.
[The author may have long or short positions in any of the securities mentioned.]