S&P 500 Futures_ #S&P500futures
Monthly - In the move down from the 2662 short confirmation level. Trade pressures are up but turning down. Volumes closed the month of April as neutral. The next target down is 2304. A close above 2883 would confirm any weekly move up.
Weekly - In the move down from the 2803 short confirmation level. Trade pressures are now up. Volumes have changed from bearish to bullish. The next target down is 2589. A close above 2796 would confirm any daily move up.
Daily - Flat. Closed at 2732. In retracement move up from the 2629 long entry level. Trade pressures are up. Volumes remain bullish.
Once price cleared the 2682 prior high pivot, then it was a quick three day move to test the 2718 resistance, as expected.
The next target up is 2753. There is thicket of resistance levels here and the commentariat suggests the market is over-priced at these levels. So could expect some consolidation and retracement here in the futures.
However, Navellier Research continues to expect better earnings performance. If true, then any correction should be muted. The Navellier Top 5 Stock portfolio that South Ocean follows is up more $12,000. This virtual $100,000 investment is out-performing the S&P by a nice margin.