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As the earnings season continues, U.S. stocks held on to modest gains at the midweek point, with the Nasdaq, down 0.1%, the only major U.S. index closing in the red. The Dow Jones saw a 0.19% gain while the S&P was up 0.21% mostly off a mixed bag of earnings results from marquee names. Microsoft, released late Tuesday, saw shares boom after sales and profit beat forecasts impressively. Boeing and Alphabet did not see the same fate as earnings underwhelmed and shares fell. Tomorrow, look out for key earnings from Amazon, Apple, and Twitter as well as reports from Caterpillar, Comcast, Intel, MasterCard, and Southwest Airlines. Friday is set to feature AbbVie, BMY, Chevron, Exxon, and Honeywell earnings. Next week, earnings will continue as well as monthly employment data and the latest Federal Open Market Committee meeting, which is set to conclude on Wednesday with a statement from Fed Chair Jerome Powell. Long-term Treasury yields rose today as the 10-year note gained 4 points while the 30-year note was up to 2.922%. Gold traded lower while both Bitcoin and the dollar rose, as did oil futures.
The $VIX is trading at around 33, and we are keeping an eye on geopolitical risks in Ukraine and earnings data, both of which may impact the market’s next move. The overhead resistance levels in the SPY are currently at $435 and $441. The $SPY support is at $415 and then $404. We expect the market to continue the pattern of lower highs and lower lows for the next 2-6 weeks. In the short term, the market is oversold and will continue the bottoming process for the next few sessions. Globally, European markets finished in the green, whereas Asian markets traded to mixed results. 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 $15.21 with a vector of +0.95% 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, sh. 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 $102.09 per barrel, up 0.38%, 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 $76.71 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 down 0.93% at $1886.30 at the time of publication.
Using SPDR GOLD TRUST (GLD) as a tracker in our Stock Forecast Tool, the 10-day prediction window shows mixed signals. The gold proxy is trading at $175.98 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 2.834% at the time of publication.
The yield on the 30-year Treasury note is up, at 2.923% 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 $31.6 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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