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For the third consecutive trading day, all three major stock indexes fell on Monday as U.S. allies warned of an impending Russian military attack on Ukraine. The PPI report on Tuesday, geopolitical concerns in Ukraine, and earnings this week may have an impact on the market’s future movements. Key earnings to look out for this week include Airbnb, Cisco, DoorDash, Shopify, Walmart, and Draftkings. On Wednesday, the latest FOMC minutes are due to release as well as January reports for retail sales, import price, and industrial production.
This morning, concerns over Ukraine appeared to be subsiding after Russian Foreign Minister Sergei Lavrov suggested continuing talks with the United States and its allies on security issues. But by the afternoon, Secretary of State Antony Blinken stated that the U.S. was closing its embassy in Kyiv and moving operations west, near the Polish border.
We are watching the vital support levels in the SPY, which are presently at $430 and then $400. The $SPY Overhead resistance is at $460 and we expect the market to continue the rebound in the next 1-2 months. The $VIX is presently trading higher, near the 30-level. Globally, both European and Asian markets closed in the red. 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 $347.49 with a vector of +0.32% 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, 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 $94.78 per barrel, up 1.80% 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 $66.36 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 1.68% at $1873.50 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 $174.74 at the time of publication. Vector signals show +0.72% 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 1.988% at the time of publication.
The yield on the 30-year Treasury note is up, at 2.287% 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 $28.33 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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