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U.S. equities were mixed on Wednesday as inflation worries persisted to influence investor sentiments. All three major U.S. indices traded in the green today, though off earlier highs, as comments from the central bank provided some concern regarding high inflation. At the close, the Nasdaq and S&P finished in the red while the Dow Jones held on to modest gains. Tightening financial conditions are likely to continue following as additional inflation data is due on Thursday, and the next Federal Open Market Committee meeting is set to take place in July. On U.S. economic data, the first-quarter GDP was revised to show a 1.6% decline, compared with the prior 1.5% drop. Likewise, data from the latest earnings were also factored in with Bed Bath and Beyond and General Mills releasing reports today, the latter trading higher while the former saw underwhelming results which plummeted its shares. Bitcoin, oil, and gold all saw movement lower while the dollar traded higher.
The $VIX is trading near the 30-level and focus remains on the $MU, $NKE, and $WBA earnings this week, as well as PCE data on Thursday which can influence the next move in the market. We are watching the overhead resistance levels in the SPY, which are presently at $396 and then $409. The $SPY support is at $380 and then $362. We expect the market to continue the short-term rally this week. Globally, both Asian and European markets traded in the red today. We encourage all market commentary readers to maintain clearly defined stop levels for all positions. For reference, the SPY Seasonal Chart is shown below:
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, GOOGL. 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 $109.48 per barrel, down 2.04%, 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 $82.93 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 0.07% at $1820.00 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 $169.9 at the time of publication. Vector signals show -0.15% 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 3.092% at the time of publication.
The yield on the 30-year Treasury note is down, at 3.218% 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 $26.95 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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