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Stocks hit a month-long high on Monday, as investors are hopeful that the Federal Reserve will make some changes regarding their upcoming policy updates. The Dow and S&P 500 were sent to their greatest heights in over a month, primarily due to investors receiving lower-than-normal economic data which led to optimism the Federal Reserve would reduce its aggressive rate increases by year’s end. This week, a number of tech giants are due to release their earnings reports, including Alphabet, Microsoft, Meta Platforms, Apple, and Amazon. Additional earnings to watch out for this week include 3M, Chipotle, Coca-Cola, GE, GM, Halliburton, Spotify, Visa, Boeing, Caterpillar, Capital One, Comcast, McDonald’s, Shopify, and Twitter. On Friday, which wrapped the first full week of the earnings season, U.S. markets moved higher following a majority of positive reports.
The $VIX is trading just below $30 and has settled since its previous highs. The next movement in the market can be influenced by earnings this week from $MSFT, $AAPL, and $GE – as well data on PCE and GDP. We are watching the overhead resistance levels in the SPY, which are presently at $380 and then $390. The $SPY support is at $367 and then $357. We also expect the market to continue the bottoming process for the next 2-4 weeks. The short-term market is oversold and can stage a multiple sessions rally. We would be a buyer into any further sell-offs and encourage subscribers not to chase the market to the downside. Globally, Asian markets traded with mixed results while European 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:
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 $84.89 per barrel, down 0.19%, 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 $70.21 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 0.13% at $1654.10 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 $153.69 at the time of publication. Vector signals show +0.20% 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 4.248% at the time of publication.
The yield on the 30-year Treasury note is up at 4.384% 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 $29.85 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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