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Key earnings announcements this week that can impact the market include WMT, CSCO, and TGT. Following the developing unrest in the Middle East and the continued spread of the delta variant, stocks opened Monday to mixed results. Benchmarks rebounded from early morning losses in the afternoon with the S&P and Dow Jones closing in the green while the Nasdaq stayed down. Once again, U.S. stocks neared record territory with major tech reporting sector-wide modest gains as the latest on U.S. infrastructure bill provided some additional clarity. Still, several points of concern loom that could pressure markets as the week progresses. COVID infections rate continue to climb both in the U.S. and globally as delta variants of the virus spike. Immoncompraised groups are beginning to receive clearance for a third dose of the vaccine while several cities have re-mandated masks. Elsewhere, turmoil in the Middle East hit a peak on Sunday as the Afghani government was overthrown by the Taliban forces cause country-wide evacuations by global citizens residing in Afghanistan.
We expect a short-term correction to continue in the next two weeks as the market has started showing signs of trading in a downtrend. Please watch the critical support levels on the SPY at $434 and $422. Currently, the VIX is at the 18 level and the new strand of the virus continues to impact volatility in the market. Globally, both European markets and Asian markets closed in the green. 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:
Upcoming Earnings:
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 Eaton Corp. (ETN). ETN is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $168.51 with a vector of +0.53% 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, ETN. 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 $67.43 per barrel, down 1.48% 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 $48.85 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 0.59% at $1788.70 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 $169.49 at the time of publication. Vector signals show -0.14% 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 1.276% at the time of publication.
The yield on the 30-year Treasury note is up, at 1.933% 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 $16.06 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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