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Apart from the Nasdaq, U.S. indices traded fairly higher with consumer staples and energy sectors leading the way. Both the S&P and Dow Jones finished in the green, marking the S&P’s latest record close for the year. As the national, and worldwide, COVID recovery continues, inflation remains a key market stimulator with concerns about its pace picking up. Labor reports supported markets today as the private-sector report showed almost 700,000 jobs added last month, above expectations and continuing May’s impressive rise in added jobs. Next up, look out for the monthly unemployment rate, hourly wages, and May trade deficit data. With the second quarter of 2021 wrapping up today, look for earnings to pick up next week. MU, WBA, and STZ are key earnings announcements this week that can potentially influence the market direction. Volatility in the market remains active as the VIX is at the 15 levels and June unemployment numbers continue to return this week. Globally, European markets finished in the red while Asian markets were mixed. Please watch the critical support levels on the SPY at $416 and $424. The market is trading in a well-defined range and we do expect a short-term correction to spill into July. The top has been set at $420 and we encourage users to consider selling into market rebounds. QQQ has been trading below the 50-day moving average for a few sessions and the market is getting close to an oversold level. We encourage all market commentary readers to maintain clearly defined stop levels for all positions. For reference, the SPY Seasonal Chart is shown below:
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 Thursday is Abbott Laboratories (ABT). ABT is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $115.93 with a vector of +1.04% 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, ABT. 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 $73.57 per barrel, up 0.14% 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 $49.88 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 0.10% at $1769.90 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 $165.63 at the time of publication. Vector signals show 0.06% 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 1.469% at the time of publication.
The yield on the 30-year Treasury note is up, at 2.091% 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 $15.83at 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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