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Ahead of major earnings releases this week, U.S. markets sold off with all three major U.S. indices closing in the red, for the second straight session. Rising inflation continues to weigh on investor concerns while treasury yields, after retreating some last week, have risen today. Earnings take center stage this week with major banks continuing to release data, as well as reports from telecom and retail sectors. Bank of America, Charles Schwab, and Synchrony Financial released reports today while tomorrow Netflix, Johnson & Johnson, and Halliburton are due. The rest of the week is set to feature reports from Tesla, Abbott Labs, Unite Airlines, American Airlines, AT&T, Philip Morris, Snap, American Express, and Verizon. Economic reports set to release this week include the Federal Reserve’s Beige Book, and March Housing and Home Sales reports. Bitcoin, the dollar, gold, and crude oil prices all moved slightly higher today.
The $VIX trades near the $24 level. Geopolitical risks in Ukraine continue to produce a strong impact on the markets, as well as the ongoing earnings season, both of which can impact the next move in the market. We are watching the overhead resistance levels in the SPY, which are presently at $445 and then $451. The $SPY support is at $435 and then $420. We expect the market to continue to trade higher in the next two to six weeks. In the short term, the market is oversold and will continue the bottoming process for the next few sessions. Globally, European markets were closed on Monday while Asian markets traded lower. 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 $145.64 with a vector of -0.40% 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, xop. 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 $107.58 per barrel, up 0.59% 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 $78.42 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 0.36% at $1982.00 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 $184.65 at the time of publication. Vector signals show +0.31% 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 2.862% at the time of publication.
The yield on the 30-year Treasury note is up, at 2.946% 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 $22.17 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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