Market Summary:
Copper rallies to lower high. Gold and Silver are rising with higher lows.
Crude sells off into the weekend. Natural Gas moves up slowly.
The US 30yr Treasury – Oversold. A break above the downward channel boundary remains the objective,
The 10yr yield at 4.93%. The expected overbought level for the 10yr yield at 5.12%.
The US Dollar – The USD moves higher after FED raises rates.
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S&P 500 Futures #ESZ26, #MESZ26 (DEC26 contract change)
Monthly –Monthly bar remains below the prior month. Trade pressures remain up, Volumes closed the month of August as bullish. The 7906 price remains the high. The next target up is 8752. A close below 7575 would confirm any weekly move lower.
Weekly – The weekly bar again below the prior week’s close. Trade pressures remain up, but declining. Volumes remain bullish. The next target down is the 7600 support level. A close below 7600 would confirm any daily move lower.
Daily – Flat. 4th rally to the upper median parallel attempted to break out; it failed. Now trying one more time to break above 7793. Trade pressures are up, Volumes are neutral.
The next target down is 7506. The expected oversold level declines to 7513.
A close above 7736 would confirm signal higher to 7793. The expected overbought level declines to 7727, (Resistance).
[OB/OS channel is declining.]
The VIX closes below 19, at 14.8 indicating market remains investable.
The Hedgeye.com VIX risk range is 14.32 – 18.64.
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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 $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 rises to $193,000.
The Year-to-Date portfolio performance is up 93%.
The Hedgeye.com GDP nowcast has GDP growth slowing and inflation rising (Quad 3) in the 3rd quarter, re-accelerating in the 4th quarter with both growth and inflation rising and slowing once again in the 1st quarter of 2027.
6/26 – Now all cash for the summer; re-entering late July or early August, or re-entering if Navellier adds more defensive names.
7/25 – Quad shift (GDP and Inflation) to Quad 3 from a Quad 4 is likely in early August. Will look to re-enter positions.
8/2 – Re-entering the new Top 5 at the next open. CIEN, DINO, ENLT, MU, STX.
8/29 – replace Sinclair (DINO), Enlight Renewable Energy (ENLY), and Seagate Tech (STX) with Marathon Petro (MPC), PhillIps 66 (PSX), and San Disk (SNDK) at the next open.
The S&P 500 YTD return is 11.57%