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On Wednesday, the U.S. stock indexes were mostly higher, with encouraging tech earnings boosting investors’ optimism. After Netflix’s earnings surpassed expectations, investors gained more confidence as they waited for additional corporate results. Netflix rose 5.5% after reporting that it lost far fewer subscribers than expected during the second quarter, and it now forecasts even more growth in the current quarter. Other shares seeing boosts from earnings include AMC and Bath & Body Works, while several mega-caps are seeing nice boosts including Amazon, Microsoft, and Disney. Tesla is due to report after market close today. AT&T, American Express, Verizon, and Twitter round out the week in headline corporate earnings reports. Next week we will see another major earnings schedule with Microsoft, Google, Visa, Coca-Cola, and McDonald’s releasing on Tuesday; the rest of the week features Apple, Amazon, Meta Platforms, Boeing, Qualcomm, T-Mobile, MasterCard, and Pfizer. Also set for next week is the latest Federal Open Market Committee meeting which will conclude on Wednesday. Consumer Confidence, Durable Goods, Q2 GDP, and income reports are scheduled next week as well.
For the first time in more than three months, the S&P 500 and Nasdaq have broken their 50-day moving averages; the latest downward trend has, investors hope, reversed after more than 20% of its value was destroyed this year. The $VIX is trading lower, near the 24 level now. The $T, $CSX, and $SLB earnings and ECB decision tomorrow can influence the next move in the market. We are watching the overhead resistance levels in the SPY, which are presently at $396 and then $409. The $SPY support is at $380 and then $372. We expect the market to continue the short-term rally for the next couple of weeks. Globally, Asian markets traded impressively higher while European markets closed in the red. We encourage all market commentary readers to maintain clearly defined stop levels for all positions. For reference, the SPY Seasonal Chart is shown below:
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, QQQ. 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 $102.61 per barrel, down 1.54%, 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 $78.05 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 1.01% at $1693.50 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 $159.54 at the time of publication. Vector signals show +0.05% 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 3.030% at the time of publication.
The yield on the 30-year Treasury note is up, at 3.165% 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 $23.88 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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