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With the VIX back at the $18 level, we are still expecting a short-term correction to continue in the next two weeks as the market has started showing signs of trading in a downtrend. Please watch the critical support levels on the SPY at $440 and $434. PANW, CRM, and MDT are key earnings announcements this week that can potentially influence the market direction. On Friday, Fed Chair Powell will speak at the annual Jackson Hole economic symposium while next week August month-long employment data will begin to release. Globally, European and Asian markets traded higher, closing unanimously 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:
All three major U.S. indices closed in the green to start the week. The Nasdaq hit record levels on Monday while the Dow and S&P rose over 0.5%. With speculation of a more dovish tone for this Friday’s Powell speech at Jackson Hole, markets responded overwhelmingly positive. Pfizer saw its COVID vaccine received FDA approval which supported the symbol while CVS, Uber, and Lyft also saw positive growth today. COVID infections rate continue to climb both in the U.S. and globally as delta variants of the virus spike. Immoncompraised groups are beginning to receive clearance for a third dose of the vaccine while several cities have re-mandated masks. Likewise, the market focus remains on tensions in the Middle East as country-wide evacuations by global citizens residing in Afghanistan continue while an additional global response is still to be determined.
Key U.S. Economic Reports/Events This Week:
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.
Our featured symbol for Tuesday is Freeport-Mcmoran Inc (FCX). FCX is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $34.2 with a vector of +1.43% 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, FCX. 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 $65.60 per barrel, down 0.06% 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 $45.85 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 0.07% at $1807.50 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 $168.73 at the time of publication. Vector signals show +0.15% 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 down, at 1.276% at the time of publication.
The yield on the 30-year Treasury note is up, at 1.933% 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 $17.15 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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