Market Summary:
Copper now a new short. Gold and silver both new shorts.
Crude lower. Iran very aware of the mid-term elections and happy to inflict pain on trump.
Natural Gas breakout stalling.
The US 30yr Treasury lower as the 10yr yield rises to 4.53%.
The expected overbought level for the 10yr yield declines to 4.57%.
The US Dollar – The higher yields/inflation worries are causing the equity market to sell off, sending $’s to the USD.
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S&P 500 Futures #ESM26, #MESM26
Monthly –Monthly bar making new ATH’s. Trade pressures remain up, but still declining. Volumes closed the month of May as bullish. The 7632 price is the adjusted high. The next target up remains 7615. A close below 7321 would confirm any weekly move lower.
Weekly – The weekly bar higher off the Oct 31 resistance line which remains support at 7283. Trade pressures remain up. Volumes remain bullish. The next target up remains 7615. A close below 7457 would confirm any daily move lower.
Daily – Short. From 7535 on 6/5. Trade pressures are down, Volumes are bearish.
The next target down is 7262. The expected oversold level rises to 7452.
A close above 7488 would signal higher. The expected overbought level rises to 7652.
[OB/OS trend is rising.]
The VIX closes above 19 at 21.51, indicating market is in the chop/yellow zone.
The Hedgeye.com VIX risk range is 14.88 – 17.24.
[6-5-26: Set the SL at 7439. Take short profits at 7331.]
[6-7-26: Stopped out at 7439 for a gain.]
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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 reset to start at $100,000 for the 2026 year.
These Navellier Top 5 portfolio stocks closed:
Down 35% for the 2022 Year.
Up 17% for the 2023 Year.
Up 42% for the 2024 Year.
Up 48% for the 2025 Year
Portfolio stock values for 2026.
The portfolio value down for the week, at $163,000.
The Year-to-Date portfolio performance is up 63%.
The Hedgeye GDP nowcast has rising growth projected thru July, then slowing. This “up 67%” needs to be protected/taken at the first evidence of GDP slowing. Market down hard, these days are never just one day events; wait to sell into short covering, with the intent to buy back into the July Fed inflation print.
The S&P 500 YTD return is 10.79%