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Key earnings announcements this week that can potentially influence the market direction include BIDU, CF, and DIS. The market has started trading in a downtrend and we expect a short-term correction to continue in the next two weeks. Please watch the critical support levels on the SPY at $434 and $422. Currently, the VIX is at the 18 level and the new strand of the virus continues to impact volatility in the market. Earnings season and several key economic reports, including Core CPI and Federal Budget, are the main events that will drive the market this week. Globally, European markets traded to mixed results while Asian markets closed in the green. We encourage all market commentary readers to maintain clearly defined stop levels for all positions. For reference, the SPY Seasonal Chart is shown below:
With the continued spread of the delta COVID variant, U.S. benchmarks traded mostly lower. The Nasdaq was the sole major U.S. index to close in the green while the S&P and Dow Jones saw modest losses. The virus variant has spiked throughout the U.S., and globally, causing continued concern. Several U.S. cities re-issued mask mandates which are in response to the spiking COVID levels while globally travel restrictions are being reinstated. Earnings season significantly slows down this week while several key economic reports are scheduled for later this week.
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 Tuesday is Costco Wholesale (COST). COST is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $440.47with a vector of +0.69% 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 NOT have a position in the featured symbol, COST. 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 $66.98 per barrel, up 0.75% 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 $48.85 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 0.34% at $1732.40 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 $169.49 at the time of publication. Vector signals show -0.14% 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 1.184% at the time of publication.
The yield on the 30-year Treasury note is down, at 1.837% 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 $18.04 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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