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Supported by a strong tech-sector rebound, all three major U.S. indices booked gains today- powering the Dow Jones to an impressive three-day streak. The latest supply, demand, and price report appear to have supported markets with indication both world and U.S. economies continue to return to pre-pandemic levels as vaccine rollouts continue. Likewise, dropping infection rates are also a positive sign. Inflation remains at the forefront of concern with key inflation report due this Friday, as well ad GDP and employment data. Earnings and economic releases will remain light this week though are set to pick up in the month of June with both the latest Beige Book and Federal Open Market Committee meeting in the coming weeks. Elsewhere, President Biden’s latest infrastructure proposal has decreased to $1.7 trillion, down from the previous $2.3 trillion. Globally, European markets closed higher while Asian markets were mixed. As we stated, fear of inflation and the economy reopening are the main events to drive the market in the next few weeks. AZO, CRM, and NVDA are key earnings announcements this week that can potentially influence the market direction. At this point, the top is set at $420 and we encourage users to consider selling into market rebounds. The $SPY broke below key mid-term support at $410. QQQ has been trading below the 50-day moving average for a few sessions and the market is getting close to an oversold level. The next key support level is near $400, 60-days moving average. Our models are projecting the $SPY to trade in the range of $397-$410 for the next 6 weeks, following the latest rebound and slowing momentum behind treasury and currency markets. The $SPY has reached our target of $415-$425 based on the 6-month forecast from our Stock Forecast Toolbox and we encourage readers to raise cash at this point. We encourage all market commentary readers to maintain clearly defined stop levels for all positions. For reference, the SPY Seasonal Chart is shown below:
Key U.S. Economic Reports/Events This Week:
For reference, the S&P 10-Day Forecast is shown below:
Using the “^GSPC” symbol to analyze the S&P 500 our 10-day prediction window shows a near-term mixed outlook. Prediction data is uploaded after the market closes at 6 p.m. CST. Today’s data is based on market signals from the previous trading session.
Our featured symbol for Tuesday is Boston Properties (BXP). BXP is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $114.99 with a vector of +0.27% at the time of publication.
10-Day Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Note: The Vector column calculates the change of the Forecasted Average Price for the next trading session relative to the average of actual prices for the last trading session. The column shows the expected average price movement “Up or Down”, in percent. Trend traders should trade along the predicted direction of the Vector. The higher the value of the Vector the higher its momentum.
*Please note: At the time of publication Vlad Karpel does have a position in the featured symbol, bxp. Our featured symbol is part of your free subscription service. It is not included in any paid Tradespoon subscription service. Vlad Karpel only trades his money in paid subscription services. If you are a paid subscriber, please review your Premium Member Picks, ActiveTrader, or MonthlyTrader recommendations. If you are interested in receiving Vlad’s picks, please click here.
West Texas Intermediate for Crude Oil delivery (CL.1) is priced at $65.98 per barrel, down 0.11% at the time of publication.
Looking at USO, a crude oil tracker, our 10-day prediction model shows positive signals. The fund is trading at $45.02 at the time of publication. Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The price for the Gold Continuous Contract (GC00) is down 0.14% at $1881.80 at the time of publication.
Using SPDR GOLD TRUST (GLD) as a tracker in our Stock Forecast Tool, the 10-day prediction window shows mixed signals. The gold proxy is trading at $176.35 at the time of publication. Vector signals show 0.30% for today. Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The yield on the 10-year Treasury note is down, at 1.624% at the time of publication.
The yield on the 30-year Treasury note is down, at 2.334% at the time of publication.
Using the iShares 20+ Year Treasury Bond ETF (TLT) as a proxy for bond prices in our Stock Forecast Tool, we see mixed signals in our 10-day prediction window. Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The CBOE Volatility Index (^VIX) is $18.4 at the time of publication, and our 10-day prediction window shows negative signals. Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
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