Limited Time Offer: Get Instant Access to the 'Elite' Trading Circle! (Monthly Plan Available)
CLICK HERE TO LEARN MORE
The major U.S. indices ended the day in the green on investor optimism surrounding Ukraine and Russia. While the S&P and Nasdaq maintained gains throughout the day, the Dow Jones was able to reverse course to finish in the green today as the prospect of more productive ceasefire talks mostly supported indices worldwide. The latest news indicates that Russia appears to be ready to accept a lesser sum from Ukraine in recent talks, which is regarded as a positive development. It was reported last week that Russia had shifted its objective to the Eastern part of Ukraine, which signaled a change in strategy and a slight positive overall, however, Russia has continued attacking Ukraine. With U.S. indices in the green, the treasury yield curve continues to flatten, which traditionally signals fear of an economic downturn or slowdown. Elsewhere, Tesla saw shares boosted after news of a stock split while crude oil futures continued to decline, motioning towards demand-uncertainty for the commodity. Lululemon and Micron Tech are set to headline earning releases tomorrow, along with reports from Chewy, McCormick, and Solo Brands. BioNTech, Walgreens, and BlackBerry round out the rest of the week’s key earning reports.
The consumer confidence index for March is set to release on Tuesday alongside February job openings and quits, while Wednesday will feature key GDP data for Q4. Additional monthly consumer and labor data is scheduled for the end of the week. With the $VIX is trading near the 20 level, the short-term market is overbought. We continue monitoring the geopolitical risks in Ukraine, which can impact the next move in the market and we are watching the overhead resistance levels in the SPY, which are presently at $453 and then $460. The $SPY support is at $440 and we expect the market to continue to trade higher in the next two to four weeks. Globally, Asian and European markets finished in the green, apart from Japan and the U.K. which saw slight declines. 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 $50.27 with a vector of 0.59% 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, FCX. 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 $103.42 per barrel, down 9.19% 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 $74.53 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 1.67% at $1921.60 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 $179.06 at the time of publication. Vector signals show +0.39% 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 2.465% at the time of publication.
The yield on the 30-year Treasury note is down, at 2.551% 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 $19.63 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.
Please share this Tradespoon Market Commentary with your friends.
Comments Off on
Tradespoon Tools make finding winning trades in minute as easy as 1-2-3.
Our simple 3 step approach has resulted in an average return of almost 20% per trade!
