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U.S. Markets slumped today following the latest comments from Fed Chair Jerome Powell as the Federal Open Market Committee decided to keep interest rates unchanged while Powell stressed the potential for a long economic recovery ahead. All three major U.S. indices closed with over 2% losses as Apple, Tesla, and Facebook traded lower ahead of their earnings releases, set to come out after market close today. Microsoft released earnings yesterday and also saw a slight dip while GameStop, AMC Entertainment, and BlackBerry received significant boosts this week behind social-media discourse. The VIX also saw sharp movement today as we head towards the mid-point of earnings season with Visa, MasterCard, and Comcast set to report tomorrow while next week will feature Amazon, Alibaba, Alphabet, Pfizer, and many more. Globally, European markets closed in the red while Asian markets were mixed. The SPY has set the top at $386-level and broke through short-term support at $377. It is our opinion that the market could be prone to further corrections and the next level of support is set at the 50-day moving average, $364-$370. We continue seeing a strong rotation from growth to value stocks and until an additional breakout is maintained, our models are projecting SPY to trade in the range of $364-$390. We encourage all market commentary readers to maintain clearly defined stop-levels for all positions. For reference, the SPY Seasonal Chart is shown below:
For reference, the S&P 10-Day Forecast is shown below:
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, VNO. 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 $52.58 per barrel, down 0.06% 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 $35.49 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.
Gold
The price for the Gold Continuous Contract (GC00) is DOWN 0.56% at $1840.50 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 $173.62, at the time of publication. Vector signals show -0.34% 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 1.013% at the time of publication.
The yield on the 30-year Treasury note is down, at 1.773% 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 $37.21 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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