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Following last week’s selloff, markets were able to bounce back on strong earnings and the latest news regarding tax reform to round out the week. On the first trading session of this week, markets traded marginally higher although the Dow turned red in the final hours of trading, finishing 0.18% lower. Both the Nasdaq and the S&P were able to book gains, with both nearing record territory. Last week, we saw major banks, as well as several key retailers and tech companies, release earnings. While most have been positive, the focus now turns to this week’s earnings with Tesla reporting after the close today- Microsoft, Google, Apple, Facebook, and Amazon are set to headline this week’s earnings. 3M, Starbucks, Visa, eBay, Yum Brands, McDonald’s, and Comcast are just a few of the additional key earnings we will see this week as over 500 companies are set to report quarterly earnings this week. Also taking place this week, the latest Federal Open Market Committee will take place, with Fed Chair Jerome Powell meeting with the press after its conclusion, Wednesday afternoon. Globally, European markets finished in the green while Asian markets were mixed, with Hong Kong in the red while Japan finished higher. Keeping in mind the latest rebound and slowing momentum behind treasury and currency markets, our models are projecting the SPY to trade in the range of $385-$420 for the next 6 weeks. The $SPY has reached our target of $415-$420 based on the 6-month forecast from our Stock Forecast Toolbox and we encourage readers to raise cash at this point. While the DXY sold off and the TLT continues to trade in the range, the SPY broke above the $400 level across all asset classes. 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.
The stock is trading at $48.47 with a vector of -0.33% 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, CF. 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 $61.97 per barrel, down 0.27% at the time of publication.
Looking at USO, a crude oil tracker, our 10-day prediction model shows positive signals. The fund is trading at $42.33 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 0.19% at $1781.10 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 $166.84 at the time of publication. Vector signals show -0.04% 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 1.603% at the time of publication.
The yield on the 30-year Treasury note is up, at 2.300% 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 $16.91 at the time of publication, and our 10-day prediction window shows negative 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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