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U.S. Markets primarily traded lower as the $VIX is presently trading at 22 levels. The S&P and Nasdaq finished in the red while the Dow Jones was able to close flat. During the first trading session of the week, major stock indexes fluctuated between modest gains and losses, following January’s unexpectedly large 467,000 increase in nonfarm payrolls. We are looking ahead to Thursday’s consumer price index release for January to provide further guidance. The forecast median for the report is for a 7.2% year-over-year rise. Core CPI and Federal Budget reports are also due this week.
Earnings remain at the forefront of market news as BP, Pfizer, and Peloton, while Wednesday is set to feature Disney and Uber. Twitter, Coca-Cola, and PepsiCo are due to round out the week in earnings releases. Geopolitical risks in Ukraine, as well as CPI data on Thursday, could have an impact on the market’s future course. The vital support levels in the SPY are currently at $445 and then $438, and we expect the market to continue the rebound in the next 1-2 months. Globally, Asian markets to mixed results while European markets finished higher. We encourage all market commentary readers to maintain clearly defined stop levels for all positions. For reference, the SPY Seasonal Chart 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.
The symbol is trading at $32.51with a vector of -0.16% 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, HAL. 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 $91.63 per barrel, down 0.74% at the time of publication.
Looking at USO, a crude oil tracker, our 10-day prediction model shows mixed signals. The fund is trading at $62.52 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 up 0.74% at $1821.20 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 $168.84 at the time of publication. Vector signals show -0.55% 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 up, at 1.921% at the time of publication.
The yield on the 30-year Treasury note is up, at 2.219% 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 $22.09 at the time of publication, and our 10-day prediction window shows mixed 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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