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We are keeping an eye on the crucial support levels in the SPY, which stand at $440 and $420 right now. Last week’s Federal Open Market Committee decision, the tension in Ukraine, and Q4 earnings can impact the next market move. The $VIX is trading higher, near $25-level, and the $QQQ short-term is overbought and will most likely retest the 2021 October low. We believe that the market will remain within this range for the next 1-2 weeks, before rebounding in February. This week, look out for key earnings from Google, Amazon, and Facebook while additional reports from PayPal, Starbucks, UPS, and more are also due. Additionally, key labor reports will release throughout the week including January Unemployment and December Payroll and Openings.
All three major U.S. indices closed in the green following impressive rallies in the final hours of today’s session. The S&P and Nasdaq led the way with about 2% gains while the Dow finished up 1.17%. Last week’s FOMC did not provide much support for investors as Fed Chair Powell did not confirm any planned actions for the upcoming meetings, leaving all options open going into the March Fed meeting. Tesla, Moderna, Spotify, and Robinhood booked impressive gains today as long-term treasuries remained primarily unchanged. Bitcoin traded at the $38,400 level today. 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 $363.05 with a vector of +0.06% 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, QQQ. 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 $88.15 per barrel, up 1.53% 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 $60.11 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 $1797.80 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 $172.03 at the time of publication. Vector signals show -0.02% 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 1.869% at the time of publication.
The yield on the 30-year Treasury note is up, at 2.168% 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 $29.9 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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