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U.S. equities rose in afternoon trading Wednesday, as a bond selloff abated ahead of Thursday’s highly anticipated inflation report. Likewise, traders also absorbed and responded to another slew of earnings reports, primarily positive, as all three major U.S. indices finished in the green. Chipotle and Lyft saw shares boom after strong reports while CVS dropped over 5% after missing their expected levels. Disney and Uber also produced positive reports which helped their respective shares. The January consumer-price index is due Thursday morning, with an expected 0.4% monthly rise and a year-over-year increase of 7.2%, after a nearly 40-year high of 7% in December. Investors are continuing to watch the critical 2% mark on the 10-year note, especially as crucial inflation data is expected for Thursday. After increasing 7.2 percent in January, annual consumer price inflation is forecasted to rise to 7.2 percent in February.
We are watching the VIX, currently trading at the $20 level and lowering. Geopolitical risks in Ukraine, as well as CPI data on Thursday, could have an impact on the market’s future course. Similarly, we are also watching the vital support levels in the SPY, which are presently at $450 and then $445. The $SPY Overhead resistance is at $460 and we expect the market to continue the rebound in the next 1-2 months. Globally, both European and Asian markets closed impressively higher. 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 $31.76 with a vector of -1.27% 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, HAL. 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 $89.98 per barrel, up 0.69% 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 $63.62 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 0.31% at $1833.50 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 $170.63 at the time of publication. Vector signals show -0.02% 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 1.952% at the time of publication.
The yield on the 30-year Treasury note is down, at 2.252% 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 $20.12 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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