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The current state of the economy will be examined in detail by several important reports, including inflation statistics and the federal budget, which are expected to be released on Friday. All three major U.S. indices closed in the red as crude oil prices finished above $122 today. The $VIX is trading near the 25 levels. The $HRL, $DOCU, and $FIVE earnings this week, ECB decision, and CPI data on Friday can influence the next move in the market. Next week, look out for retail data as well as the latest Federal Open Market Committee meeting and announcement, set to conclude on Wednesday. We are watching the overhead resistance levels in the SPY, which are presently at $420 and then $430. The $SPY support is at $407 and then $396. We expect the market to continue the recent rally for the next 2-4 weeks. In the short term, the market is trading a well-defined range. Gold and the dollar, traditionally trading inversely, both saw positive movement higher today. Globally, European markets closed in the red while Asian markets finished 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:
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 $122.41 per barrel, up 2.51%, 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 $88.39 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 0.19% at $1855.60 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 $171.82 at the time of publication. Vector signals show +0.21% 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 3.022% at the time of publication.
The yield on the 30-year Treasury note is up, at 3.177% 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 $25.07 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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