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Another record day for a U.S. index with the Dow Jones recording its latest record close fo 2021, finishing 0.3% higher at 34,230. Tech suffered another downward day with the Nasdaq on its fourth losing session, down 0.3%. Yesterday, both the Dow Jones and S&P booked gains off strong earnings and economic reports, including the latest private-sector data, up 742,000 jobs, and supply management growth, showing a growth in April from March. The ADP report did come in below expectations, however, markets did not react poorly as the latest data remains higher than previous months with additional reports due this Friday to provide a wider reading of the current labor market. Inflation also remains at the forefront of investor’s minds with the potential of interest rates rising to avoid too quick of a rise in prices. Similarly, investors continue to monitor COVID reports as vaccine efforts continue; the latest in the U.S. comes from President Biden supporting waiving intellectual property protections for vaccines to expedite progress while also aiming to have over 70% of U.S. adults vaccinated by July fourth. Earnings remain in focus as well with GM, Uber, and Paypal reporting today; Groupon, Peloton, and Square are due to report tomorrow. Globally, Asian markets closed in the red today while European markets traded impressively higher. Our models are projecting the SPY to trade in the range of $385-$420 for the next 6 weeks, following the latest rebound and slowing momentum behind treasury and currency markets. The $SPY has reached our target of $415-$420 based on the 6-month forecast from our Stock Forecast Toolbox and we encourage readers to raise cash at this point. We encourage all market commentary readers to maintain clearly defined stop levels for all positions. For reference, the SPY Seasonal Chart is shown below:
Key U.S. Economic Reports/Events This Week:
Upcoming Earnings:
For reference, the S&P 10-Day Forecast 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.
Our featured symbol for Thursday is JB Hunt Transport (JBHT). JBHT is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $173.65 with a vector of +0.17% 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 have a position in the featured symbol, JBHT. 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 $65.23 per barrel, down 0.61% at the time of publication.
Looking at USO, a crude oil tracker, our 10-day prediction model shows positive signals. The fund is trading at $44.66 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 0.13% at $1786.70 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 $167.27 at the time of publication. Vector signals show -0.05% 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 1.576% at the time of publication.
The yield on the 30-year Treasury note is down, at 2.244% 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 $19.15 at the time of publication, and our 10-day prediction window shows negative 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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