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Major U.S. indices traded higher today, coming off of a strong week, ahead of the planned U.S.-North Korea summit. Recent G-7 news has added fuels to trade war concerns as U.S. and Canada continue to be at odds, keeping tariffs on the table for both parties. While this doesn’t bode well for trade war speculations that have been on and off throughout the year, this does indicate a harsher negotiating stance going into North Korea summit meeting. Neither driving the market up or down at this point all eyes will be on tomorrow’s meeting between President Trump and Kim Jong Un. Investors should continue selling into the rallies but closely monitoring any further news as developments on the matter could be swaying markets long after the meeting. Updates in my Seasonal Charts, Stock Forecast Toolbox predictions, and Tradespoon Bulls and Bears will be crucial to staying on top of all the latest news as these tools are constantly adapting to these volatile market conditions.
While markets seemed to have barely, if at all, reacted to the recent spat between Trump and the G-7 over the weekend, the same cannot be said of tomorrow’s meeting with North Korean leader Kim Jong Un. Originally redacting his intent to put steel and aluminum tariffs on Canada after initially announcing those tariffs, Trump embraced a different tone at the meeting which Canadian Prime Minister Trudeau rebuked with his own tariffs on the U.S. which then escalated to a further distancing of the U.S President and his fellow leaders at the meetings. This did little to shake markets which should provide some optimism for investors, going into tomorrow’s summit.
Overall, both U.S. and Asian markets are up today while the dollar regained momentum after taking some early morning dips today, currently valued at 93.50 just .04% up for the day. In Europe, markets also look to trade higher today as a once worrisome situation in Italy continues turning positive for Euro investors; the country stated its intent to stick to the Euro, which with its recent anti-establishment concerns was not a guarantee heading into its next election. No major economic reports or speeches are due today but tomorrow’s summit will provide plenty for investors to take in.
Using the ^GSPC symbol to analyze the S&P 500, our 10-day prediction window shows mixed signals. Today’s vector figure of +0.15% moves to 0.03% in three trading sessions, before dipping further into positive territory. Tomorrow’s predicted support and resistance levels are 2,733.80 and 2,791.16, respectively. The predicted close for tomorrow is 2,769.27. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
On June 8th, our ActiveTrader service produced a bullish recommendation for Capital One Financial Corporation (COF). ActiveTrader, included in all paid Tradespoon membership plans, is designed for intraday trading.
Trade Breakdown
COF hit Entry 1 price range of $96.08 (± 0.85) in its second hour of trading and moved through its Target Price of $97.04 in its first hour of trading the following trading session, reaching a high of $97.29. The Stop Loss was set at $95.12.
Our featured stock for Tuesday is TJX Companies (TJX). TJX is showing a confident uptrend in our Stock Forecast Toolbox’s 10-day forecast. This stock is assigned a Model Grade of (B)– indicating it ranks in the top 25th percentile for accuracy for predicted support and resistance, relative to our entire data universe. Our 10-day prediction model shows positive vector figure reaching +1.66% in three trading sessions which then incrementally builds throughout the 10-day forecast. Our benchmark for vector figures is +1.00%.
*Please note: Our featured stock is part of your free subscription service. It is not included in any paid Tradespoon subscription service. Vlad Karpel only trades his own personal money in paid subscription services. If you are a paid subscriber, please review your Premium Member Picks, ActiveTrader or ActiveInvestor recommendations. If you are interested in receiving Vlad’s personal picks, please click here.
The stock is trading at $95.14 at the time of publication, up 0.21% from the open with a +0.49% vector figure.
Tuesday’s prediction shows an open price of $95.47, a low of 94.36 and a high of $96.89
The predicted close for Tuesday is $95.31. Vector figures stay positive and drive upward from there. This is a good signal for trading opportunities because we use vectors as a primary factor in determining price movements for stocks and ETF.
Prediction data is uploaded after 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 next trading session relative to the average of actual prices for last trading session. The column shows 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.
Prices look to drive up as supply disruption in both Venezuela and Iran coupled with rising Saudi Arabia crude output have put pressure on the commodity. West Texas Intermediate for July delivery (CLN8) is priced at $66.19 per barrel, down .70% from the open, at the time of publication.
Looking at USO, a crude oil tracker, our 10-day prediction model shows all negative signals. The fund is trading at $13.37 at the time of publication, up 0.75% from the open. Tomorrow’s prediction sees support at $13.11 and resistance at $13.56. The predicted close for tomorrow is $13.28. Vector figures show -0.11% today, which turns -1.11% in two trading sessions. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The price for August gold (GCQ8) is up 0.07% at $1,303.60 at the time of publication. Gold closed on Monday slightly higher going into a big Tuesday for the commodity. Beyond North Korea summit which can also affect gold, investors should watch for tomorrow’s release of the U.S. Federal Reserve monetary policy statement for more direction on the commodity.
Using SPDR GOLD TRUST (GLD) as a tracker in our Stock Forecast Tool, the 10-day prediction window shows mostly all positive signals. The gold proxy is trading at $123.135, up .10% at the time of publication. Tomorrow’s predicted low is $123.25 and the predicted high is $124.28. The predicted close for tomorrow is $123.57. Vector signals show 0.36% for today, reaching -0.19% in five trading sessions. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Tomorrow begins the two day Fed meeting which will certainly affect and inform bond traders. Future yields will also be affected by tomorrow’s summit and should both be closely monitored by investors of bonds for direction. The yield on the 10-year Treasury note is up .31% at 2.96% 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. Today’s vector of 0.54% moves to -0.42% in three trading sessions. The ETF is priced at $119.215 at the time of publication, down 0.26%. The predicted close tomorrow is $119.13 with a low and high of $119.01 and $120.56, respectively. Prediction data is uploaded after 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 down 3.05% at 13.05 at the time of publication, and our 10-day prediction window shows all negative signals. The predicted close for tomorrow is 13.03 with a vector of 0.75%. The predicted lows and highs for tomorrow are 11.52 and 13.11, respectively. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
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