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Stocks in the United States were higher Wednesday, with the exception of the Nasdaq Composite Index trading in negative territory, as longer-dated Treasury yields rose toward one-month highs. The Dow neared record close territory today while the Nasdaq saw pressure from a modest tech-sector selloff. Investors remain focused on the omicron variant of coronavirus, however, economic data has yet to reflect a significant impact from the latest variant. Still, infection rates continue to climb, up 11% from last week, providing some cause for concern. Economic reports remain light for today as we wrap up the final trading week of 2021; next week, look out for key data in the monthly employment and trade deficit reports as well as minutes from the latest Federal Open Market Committee meeting.
The VIX returned and continues to trade in the $18 range as the $SPY is reaching new heights. Fear of inflation may have an impact on future market activity. We’re keeping an eye on important support levels in the SPY, which stand at $468 and $462 right now, and we believe the market will continue to rise into next year. Globally, European markets closed to mixed results while Asian markets finished in the red. 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 $186.33 with a vector of -2.06% 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 have a position in the featured symbol, QCOM. 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 $76.48 per barrel, up 0.66% 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 $51.44 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 down 0.31% at $1805.20 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 $169.37 at the time of publication. Vector signals show -0.19% 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 1.550% at the time of publication.
The yield on the 30-year Treasury note is up, at 1.960% 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 $17.68 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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