Market Summary:

Copper gives back all the May move up.  Gold retraces the May move also.  Silver continues the retracement down but appears to find support in the mid 29’s.

Crude still in consolidation, turns down again looking for support.  Natural gas turns lower; may find support at 2.40 oversold area.

The US 30yr Treasury Bond needs a move above the upper median line resistance. The 10yr yields still near 4.50% support levels.

The US Dollar futures continues the move down down; has formed a bull flag.

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S&P 500 Futures   #ESM24

Monthly – May closed just off the highs for the month. Trade pressures remain up. Volumes closed the month of May as bullish.  The next target up is 5439.  A close below 5057 would confirm any weekly move lower.

Weekly – The weekly closes down for the second week.  Trade pressures remain up; but still declining.  Volumes remain bullish.  The next target up is the upper median line at 5494.  A close below 5087 would confirm daily move lower.

Daily – Flat.  The rally started on 5/3 has had a correction down to the lower parallel line. Trade pressures are  down into the neutral zone.  Volumes are bullish.  The retracement back down to 5227 erased the prior move up from 5271.  The expected overbought level has declined to 5354.    A close below 5235 would signal lower.  The expected oversold level rises to 5221.

The dip on Friday to 5201 was bought at the close and rallied the market by 90 points. A long entry was triggered at 5266. The next target up is 5329.

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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 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio moved down for the week, as Nutanix dropped, to approximately $131,000. The Year-to-Date portfolio performance is now up 31%.