Market Summary:

The 10yr yields decline to the 3.70%. Copper declines.  Gold retested the highs and declined.  Silver remains a short.

Crude drops to support.  Natural gas in a new move up.

The US 30yr Treasury Bond  rallies on interest rate cut prospects.

The US Dollar futures pull back but still long long.

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S&P 500 Futures   #ESU24

Monthly –Monthly bar closes below the prior month low. Trade pressures remain up. Volumes closed the month of August as bullish.  The next target up remains 5958.  The close was just above the 5412; a break below would confirm the weekly move lower. The next target down would be 5067.

Weekly – The weekly closes down hard.  Trade pressures remain up, but continuing to show lower highs.  Volumes remain bullish.  Closed back below the new long entry trigger at 5454. The next target up is still 5829 (new highs).  A close below 5372 would confirm the daily move lower.

Daily – Short. In the move down after the break of the 5527 level. The short trade was stopped out with a profit stop at 5485, only to fall another 65 points. Trade pressures are down.  Volumes are bearish.  The next target down is 5369. The expected oversold level declines to 5452. A close above 5497 would signal higher. The expected overbought level has declined to 5634.

Should expect some reflex rally here. Set 5476 as a SL for the short.

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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 value moves down to $138,000. The Year-to-Date portfolio performance is now up 38%.

[The author may be long or short any of these issues mentioned]