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U.S. stocks and major indices were trending up today behind impressive earnings and today’s positive retail data. Philip Morris, Honeywell, and American Express reported earnings before market open today while recent moves by Pinterest, Uber, and Lyft are also worth noting. Today, the Department of Justice released the Mueller report which was partially redacted and preceded by a press conference by Attorney General William Barr. The support level for SPY remains at $280-$284 as the market remains on track to retest 52 weeks high for SPY, $294. The market remains above its 200-day moving day average and we recommend investors and traders alike continue monitoring these levels as well as Seasonal Charts. For reference, the SPY Seasonal Chart is shown below:
American Express released earnings ahead of the opening bell today, which saw profit top expectations while revenue fell short. Still, AXP was able to ride the earnings release to decent gains today. Honeywell International also saw shares rise today behind positive first-quarter earnings while Philip Morris topped expectations but downgraded its guidance which caused shares to lower slightly. Next week, look for a bevy of major earnings releases, including Twitter, Coca-Cola, Verizon, Microsoft, Facebook, Visa, Boeing, Haliburton, and many more. Also worth noting, retail sales data for the month of March saw a 1.6% rise, beating most expectations after an underwhelming February.
Today’s release of the Mueller report did not seem to overtly impact markets. Most of the report was redacted behind four major categories that the Department of Justice saw necessary to remove. Reports met Attorney General Barr with some contempt while details of the report continue to be parsed through. The report follows a 22-month investigation and totals over 400-pages. No direct link to Russian collusion was outlined in the redacted report while Congress will consider continuing with an obstruction of justice case against Trump. President Trump rallied around the release of the report, claiming the report proved “no collision, no obstruction.”
Other major news making headlines today includes recent IPO’s coming into the spotlight behind both promising and troubling news. Pinterest topped initial expectations which had shares of the company priced at $15-17 but are currently trading about $19. Lyft is being sued by some of its investors, claiming the over reported and overstated its market position when it went recently public. Uber, the other major ride-sharing company, is set to list its IPO in May, which will be a big month for IPO’s as Slack and Postmates are also gearing up for their public offerings.
Using the “^GSPC” symbol to analyze the S&P 500, our 10-day prediction window shows mostly negative signals. Today’s vector figure of -0.14% moves to -0.99% in five trading sessions. The predicted close for tomorrow is 2,881.58. Prediction data is uploaded after the market close at 6 pm, CST. Today’s data is based on market signals from the previous trading session.
On April 12th, our ActiveTrader service produced a bullish recommendation for Sysco Corp (SYY). ActiveTrader is included in all paid Tradespoon membership plans and is designed for day trading.
Trade Breakdown
SYY entered its forecasted Strategy B Entry 1 price range $68.12 (± 0.12) in its first hour of trading and passed through its Target price $38.80 in the last hour of trading that day. The Stop Loss price was set at $67.44.
*Please note: Our featured stock is part of your free subscription service. It is not included in any paid Tradespoon subscription service. Vlad Karpel only trades his own personal 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 personal picks, please click here.
Our featured stock for Friday is Citigroup Inc. (C). C is showing a confident vector trend in our Stock Forecast Toolbox’s 10-day forecast. This stock is assigned a Model Grade of (A) indicating it ranks in the top 10th percentile for accuracy for predicted support and resistance, relative to our entire data universe.
The stock is trading at $70.1 at the time of publication, with a +0.87% vector figure.
Prediction data is uploaded after 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 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.
West Texas Intermediate for May delivery (CLK9) is priced at $64.01 per barrel, up 0.39% from the open, at the time of publication.
Looking at USO, a crude oil tracker, our 10-day prediction model shows negative signals. The fund is trading at $13.33 at the time of publication. Vector figures show -0.68% today, which turns -0.92% in five trading sessions. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The price for June gold (GCM9) is down 0.04% at $1,276.30 at the time of publication.
Using SPDR GOLD TRUST (GLD) as a tracker in our Stock Forecast Tool, the 10-day prediction window shows mostly negative signals. The gold proxy is trading at $120.31 at the time of publication. Vector signals show -0.44% for today. Prediction data is uploaded after 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 1.29% at 2.56% at the time of publication. The yield on the 30-year Treasury note is down 1.15% at 2.96% 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 negative signals in our 10-day prediction window. Today’s vector of -0.35% moves to -0.62% in three sessions. Prediction data is uploaded after 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 down 3.49% at $12.16 at the time of publication, and our 10-day prediction window shows positive signals. The predicted close for tomorrow is $13.56 with a vector of +8.05%. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
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