Major indices hold steady as nation reacts to tragedy in Las Vegas

Stock market indexes today are continuing to move in positive directions and notable tech shares are seeing gains in Monday trading. Authorities in Las Vegas are attempting to find a motivation and construct a timeline leading up to the deadliest mass shooting in modern U.S. history. At least 50 people were killed and more than 400 injured when a lone gunman opened fire on concertgoers from a Mandalay Bay balcony on Sunday night.  

At the time of publication, the DJIA is up 0.38%, or 85.12 points, at 22,490. The S&P 500 is trading at 2,523- up 0.16% from the open. The Nasdaq-100 is down 0.09% at 6,489.

Using the ^GSPC symbol to analyze the S&P 500, our 10-day prediction window shows  consistent negative signals. Today’s negative vector figure of -0.22% moves to -0.61% in three trading sessions.  Today’s predicted support and resistance is 2,490.83 (± 2.72) and 2,519.36 (± 2.75), respectively. The predicted close today is 2,504.87. 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.  

Highlight of a Recent Winning Trade

On September 28, our ActiveTrader service- included in all of our membership plans- generated a Bullish recommendation for Lennar Corp. (LEN).

Trade Breakdown

Within the first hour of trading, LEN passed through the Entry 1 price of $51.32 (± 0.31) reached its Target of $51.83 within the first four hours of the trading session. The Stop Loss was set at $50.81.

Must-buy Stock for Tuesday

Micron Technologies Inc. (MU) is our must-buy stock for Tuesday. Investors were highly impressed with a recent earnings report and the stock is showing strong positive signals in our Stock Forecast Toolbox’s 10-day forecast.  Our 10-day prediction model shows positive vector signals building from +0.38% to above +1.8% within four trading sessions.

The stock is trading at $39.57 at the time of publication, up 0.61% from the open with a +0.38% vector figure.

Tuesday’s prediction shows an open price of $38.20, a low of $37.67 and a high of $39.43.

The predicted close for Tuesday is $39.00. Vector figures show -0.12% for Tuesday, which reversed back to positive signals which build throughout the forecast.  

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 figures calculate the change of the Forecasted Average Price relative to “today’s” actual price. The figure shows expected average price movement “Up or Down”, in percent. Trend traders should trade along predicted direction of the Vector. The higher the value of the Vector the higher its momentum.

Oil

Crude oil prices saw declines in Monday trading, following a round of data that had a compounding effect. September compliance rates for the OPEC global production cut agreement dropped, U.S. rig counts rose and U.S. domestic crude output levels climbed higher.  West Texas Intermediate for November delivery is priced at $50.23 per barrel at the time of publication, down 2.15% from the open.  

Looking at USO, a crude oil tracker, our 10-day prediction model shows overall positive signals. The fund is trading at $10.22 at the time of publication, which is down 2.06% from the open. Today’s prediction sees support at $10.25 (± 0.04) and resistance at $10.47 (± 0.04). The predicted close for today is $10.38. Vector figures show -0.27% today, but reverse into positive movement within three 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.   

Gold

The price for December gold is down 0.53% at $1,276.40 a troy ounce at the time of publication. A strengthening U.S. dollar, climbing treasury yields ahead of an expected Fed rate hike and positive performance in equities are driving investment from the perceived safe-haven asset. Gold prices tend to move inversely with the U.S. dollar- the currency in which the metal is denominated.

Using SPDR GOLD TRUST (GLD) as a tracker in our Stock Forecast Tool, the 10-day prediction window shows consistent negative signals. The gold proxy is trading at $121.12, down 0.38% at the time of publication. Today’s predicted low is $121.16 (± 0.24) and the predicted high is $121.82 (± 0.24). The predicted close today is $121.18. 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.   

Treasuries

Yields are holding steady today, following better-than-expected results of a U.S. manufacturing sentiment survey. These results are being weighed against political uncertainty in Spain, following violence in Catalonia- a province which has been trying to hold a referendum and declare independence. Madrid has been trying to stop this from taking place, while the majority of Catalans favor independence. Markets are also reacting to the deadliest mass shooting in U.S. history, which occurred Sunday night in Las Vegas.  The yield on the 10-year Treasury note is up 0.73% at 2.33% at the time of publication. Bond prices tend to move inversely to yields.

Using the iShares 20+ Year Treasury Bond ETF (TLT) as a proxy for bond prices in our Stock Forecast Tool, we see overall negative signals in our 10-day prediction window. Today’s vector of +0.09% reverses into downward movement within three trading sessions. The ETF is priced at $124.55 at the time of publication- down 0.17% from the open. The predicted close today is $125.13 with a low and high of $123.95 (± 0.19) and $125.44 (± 0.19), 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.

Volatility

The CBOE Volatility Index (VIX) is down 0.63% to 9.45 at the time of publication, and our 10-day prediction window shows overall negative signals following a block of initial positive movement. The predicted close today is 10.23 with a positive vector of +3.21%. Today’s predicted lows and highs are 9.46 (± 0.19) and 10.45 (± 0.21), 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.