#emini #spfutures #SP500 #ES

Market Summary:

Copper consolidating. Gold is in retracement at 1931, after oversold levels are reached. Silver is still consolidating near a lower high.

Crude oil is in a second attempt to move higher but is in a new retracement. Natural gas remains near the downside targets and is over sold.

The US 30yr Treasury Bond is rejecting the attempt to short but is stalled below the 200 day MA.

The US Dollar futures are oversold and remain stalled at the 101.64 target. 101.61 is the oversold level.

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S&P 500 Futures

Monthly – Inside the range of the December month’s bar. Trade pressures are down but rising into the neutral zone. Volumes closed the month of December as neutral. The next target down remans the 3008 level. A close above the 4169 level would confirm any weekly move higher.

Weekly – In the weekly move up from the 3941 long entry. Trade pressures are up. Volumes are now neutral on very low volumes. The next target up is 4112. A close below 3858 would confirm any daily move lower.

Daily – Long. In the move up from the 3941 long entry on Jan 10. Trade pressures have moved from neutral to up. Volumes are bullish. Price is above the January 2022 downtrend line. The next target up is 4112, then 4188. 4073 is the overbought level. Should expect at back-test of the broken downtrend line around 4025. A close below 3960 would signal lower. 3875 is the expected oversold level.

[2-1-23: Fed day. Raise SL to 4011.]

[2-2-23: Close the long trade at 4195.]

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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 2023 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.

This week’s market ended with an attempt to close above the 2022 downtrend line. The portfolio value move up to approximately $105,000. The Year-to-Date portfolio performance is now up 5%.

On Monday at the open, Conoco (COP) and Marathon oil (MRO) will be replaced by Lamb-Weston (LW) and Quanta Services (PWR).

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