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U.S. stocks saw mixed results on Monday, with the Dow Jones and S&P closing in the green while the Nasdaq finished in the red. Markets fluctuated modestly throughout the day as investors contemplated a week stuffed with major earnings and awaited a Federal Reserve policy meeting that’s expected to include another big rate hike.
In what should be one of the most eventful weeks in reporting we’ve seen recently, earnings season is set to pick up with a slew of major names reporting Q2 as well as the latest Federal Open Market Committee meeting taking place, Tuesday-Wednesday. Major releases start off on Tuesday with Microsoft, Google, Visa, Coca-Cola, and McDonald’s earnings. Then, the rest of the week will see big-name reports from Apple, Amazon, Meta Platforms, Boeing, Comcast, Qualcomm, MasterCard, and Pfizer. Additional earnings to be released include Etsy, Kraft Heinz, Ford, Shopify, T-Mobil, Hersey, Hertz, Intel, Southwest Airlines, and Exxon. As mentioned, apart from earnings, the upcoming Fed decision will also headline the week in finance news. The Federal Reserve is expected to raise borrowing rates by 75 basis points to a range of 2.25% to 2.50%, and the focus will then turn on how the Fed will increase rates going forward.
Long-term U.S. Treasury yields rose today while the dollar slipped. Oil futures saw a nice movement up in price while gold finished lower. The $VIX is trading near the 24 level. Focus is squarely on the latest earnings and the upcoming Fed decision on Wednesday, which can influence the next move in the market. We are watching the overhead resistance levels in the SPY, which are presently at $401 and then $409. The $SPY support is at $390 and then $380. We expect the market to continue the short-term rally for the next couple of weeks. Globally, Asian markets finished in the red while European markets saw mixed results. 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, SH. 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 $96.13 per barrel, down 0.59%, 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 0.08% at $1717.70 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 2.804% at the time of publication.
The yield on the 30-year Treasury note is up, at 3.027% 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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