#emini #spfutures #SP500 #ES

Market Summary:

Copper is a new short, but with high volatility. Gold is a new short. Silver is at a profit taking level.

Crude is a short but very near the oversold level. Natural gas is basing.

The US 30 Year Treasury is down and near support.

The US Dollar futures are rising into near term resistance.

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S&P 500 Futures_

Monthly – Has broken down and is back into the long term channel starting in 2008. Trade pressures are down Volumes closed the month of September as bearish. The next target down is 3008. A close above 4138 would confirm any weekly move higher.

Weekly – The 3597 support line is being tested. Trade pressures are down. Volumes are bearish. The next target down is 3181. A close above 4136 would confirm any daily move higher.

Daily – Flat. In the move down from the 3637 short entry on 10/10. Trade pressures are down. Volumes are bearish. The short moved quickly to the oversold level and rebounded to touch the new long entry at 3664, but closed blow that entry level. The next target down is 3433. A close above the 3664 would signal higher.

[10/19/22: The long entry triggered at 3664 on 10/17. The next target up is the recent high pivot at 3819, then 3846 where resistance is expected. Raise SL to the BE at 3664.]

[10/20/22: stopped out in the after market session, for a BE.]

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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 2022 year.

The portfolio stocks closed up 39% for the 2021 Year.

This week’s market closed with a retracement after a one day rally . The portfolio value dropped almost 6% to approximately $69,000. The Year-to-Date portfolio performance is now down 31%.

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