#emini #spfutures #SP500 #ES

Market Summary:

Copper is oversold.  Gold is in a short trade but not following thru. Silver is also extended and still looking for a correction.

The Crude is bouncing off the oversold level. Natural gas July contract still long. Tight stops.

The US 30yr Treasury Bond stopped out of the long trade.

The US Dollar futures still near a new long entry.

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S&P 500 Futures (June contract)

Monthly – A break above the 4200 level would be of some monthly significance. Trade pressures are now up. Volumes closed the month of April as bullish. The next target down is 3084. A close above 4204 would confirm any weekly move higher.

Weekly – The weekly long at 3998 continues to move higher; attempted a move down but recovered quickly. Trade pressures are up thru the neutral zone. Volumes are bullish. The next target up remains 4256. A close below lower median line at 4160 would confirm any daily move lower.

Daily – Flat. In the move up from 4153 on 4/27. Trade pressures are up. Volumes remain bullish. The next target up is 4259. The close below 4102 took the market down to support below 4100 and then turned higher. Oversold is now 4136. The break above 4153 has signaled a new long with the next target up at 4248. Overbought levels are now 4152.

[5-2-23: The short trade down below 4173 at 9am CST down below the oversold levels at 4126. The next target down is 4076. A close back above 4157 would restart the move up.]

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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 dropped below the 4100 level but quickly recovered. Portfolio values moved down a fraction to approximately $109,000. The Year-to-Date portfolio performance is now up 9%.

Cadence Design Systems (CDNS), Marathon Petroleum (MPC), and Genuine Parts Corp (GPC) will be replaced buy First Solar  (FSLR), Coca Cola FEMSA (KOF), and the return of Quanta Services (PWR) on Monday at the open.

 

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