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Following reports of the potential to increase sanctions on Russia over the war in Ukraine and strong backing from the technology and communication sectors, major U.S. indices ended up the day in the green today. Nasdaq led with over 1.7% growth to open the week, this comes after Friday’s moderate performance which resulted in all three indices booking their third straight week of gains. Big gains were recorded by Facebook, Google, and Netflix, while Tesla has been in the news in regards to their stock split as well as Elon Musk’s acquiring a sizable stake in Twitter. Globally, the focus remains on the conflict in Ukraine with the latest coming from Germany stating additional sanctions will be added in the coming days while the U.S. has also signaled its intent to support the move. The Fed’s minutes, from last month’s Federal Open Market Committee meeting where rates were raised, are due on Wednesday which will further illuminate their decision. In that meeting, the Fed also acknowledged that additional hikes will be done throughout the year. After seeing a subtle slump last week, oil once more moved higher with crude prices on the rise. Bitcoin shares slipped while Gold and the Dollar grew.
The Geopolitical risks in Ukraine can impact the next move in the market and the $VIX currently trades near the 20 level. We are watching the overhead resistance levels in the SPY, which are presently at $465 and then $474. The $SPY support is at $448 and then $438. We expect the market to continue to trade higher in the next two to six weeks. The short-term market is overbought and due for a shallow pullback. Globally, both Asian and European markets closed 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:
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 $309.42 with a vector of -0.28% 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, msft. 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 $103.67 per barrel, up 4.52% 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 $76.86 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 0.63% at $1935.80 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 $180.37 at the time of publication. Vector signals show -0.12% 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 2.410% at the time of publication.
The yield on the 30-year Treasury note is up, at 2.466% 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 $18.57 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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