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The upcoming ECB decision on Thursday, geo-political risks in Ukraine, the January unemployment numbers on Friday, and the latest major earnings can impact the next move in the market. Once again, all three major U.S. indices closed in the green with support from tech stocks and upbeat earnings, the three indices continued their 4-day streak. However, after market close Meta Platforms saw shares dip significantly as earnings showed weak guidance and came in below expectations. Tomorrow, key earnings reports will be released from Amazon and Ford while Friday will host CBOE and Bristol Myers earnings. Additionally, key labor data is due tomorrow and Friday as inflation remains at the forefront of investor concerns. Next week, earnings will be headlined by BP, Disney, Pfizer, and Twitter.
The $VIX is now trading lower, near 22 level and the $QQQ short term is overbought and will most likely retest October 2021 low. We are watching the vital support levels in the SPY, which are presently at $450 and then $438, and expect the market to continue to rebound in the next 1-2 months. Globally, both Asian and European 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 $39.39 with a vector of -2.03% 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 not 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 $88.01 per barrel, down 0.22% 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 $62.52 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 0.32% at $1807.20 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 $168.84 at the time of publication. Vector signals show -0.55% 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 1.779% at the time of publication.
The yield on the 30-year Treasury note is down, at 2.113% 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 $22.09 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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