Market Summary:
Copper in a retracement down. Gold retraces at the upside channel bound. Silver breaks down after failed retest of the previous highs.
The Crude fails new long entry; now moving down to test prior lows. Natural gas continues the rise in the downtrend.
The US 30yr Treasury Bond reached upside target of 125-25. Expect retracement; watching 10yr rates.
The US Dollar futures fail at the upper channel of the downtrend. Falling below the Median Line.
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S&P 500 Futures #ESH24
Monthly – December closes the year approaching all time highs. Trade pressures remain down into the neutral zone. Volumes closed the month of December as bullish. The next target up is 5173. A close below 4530 would confirm any move lower.
Weekly – The weekly continues the move up off the 4362 long entry on 11/03 and has closed just below the oversold level of 4891. Trade pressures remain up. Volumes remain bullish. The next target up is 4926. A close below 4570 would confirm any daily move lower.
Daily – Flat, In the move up after the 12/13 break above the 4716, triggering a long entry for a third leg up. Trade pressures are up but declining. Volumes remain bullish. Year-end closed at 4820, above the the 4844 target. The next target up is 4901. A close below 4701 would signal lower. Year-end selling in the major indices suggest more follow thru selling after the New Year starts.
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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.
Portfolio values closed at approximately $117,000. The Year-to-Date portfolio performance closed up 17%.
Nvidia (NVDA) and Novo-Nordisk (NVO) are replaced with Royal Caribbean Cruises (RCL) and TopBuild Corp (BLD).
The Portfolio profit will be realized and the stocks will be rebalanced to reflect the new starting balance of $100,000 as of the first trading day of the year.
[The author may have long or short positions in any of the securities mentioned.]