S&P 500 Futures_
Monthly - Starting the new August month with a down note. Trade pressures are still up. Volumes closed the month of July as bullish. The next target up is 3408. A close below 2802 would confirm any weekly move lower.
Weekly - A week of retracement off the recent highs. Trade pressures are up. Volumes are bearish. The next target up is 3048. A close below 2901 would confirm the daily move lower.
Daily - Short. In the move down from the 2974 short entry. Trade pressures are down. Volumes are bearish. At the June low pivot; expect some small retracement up here, but the next target down is 2884. The following 2798 target would all but eliminate the entire June -July rally.
A close above 2983 would restart the move up. Move the stop to the 2950 level.
Hard to time these incoherent "tweet" driven markets.
Navellier Top 8 Stocks – This Top 8 model portfolio began the year at $100,000 and is now approximately $112,000. This is a significant drop but still leaves the portfolio up nicely for the year. The new addition Insperity (NSP) caused at least half of the decline missing the earnings expectations disappointing the market and dropping 30 points.
[The author may have long or short positions in any of the securities mentioned.]