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On the first trading day of March, all three major U.S. indices booked gains today, with the Nasdaq leading at over 3% gain while the S&P records its biggest gain of 2021. After struggling last week, U.S benchmarks were able to start the week and month on a high note as the economic outlook remains strong while on the COVID-front vaccines and stimulus talk continue to escalate. This weekend, the House of Representatives was able to pass the latest stimulus package though additional amendments to the bill could still ensue. Likewise, Johnson & Johnson’s single-dose vaccine has reportedly begun its shipping process with 4 million doses set to arrive in the next few days. While most U.S. symbols saw positive movement today, Apple booked additional gains, up over 5%, as it reopened several stores throughout the U.S. after being closed during the pandemic. Zoom, Target, and Broadcom will headline key earnings releases this week while February employment data is due Friday. Globally, both European and Asian markets booked impressive gains. We continue to see a strong rotation from growth to value stocks and it is our opinion that the market could be prone to further corrections. The next level of support is set at the 50-day moving average, $364-$370. We encourage all market commentary readers to maintain clearly defined stop-levels for all positions. Until an additional breakout is maintained, our models are projecting SPY to trade in the range of $364-$390. For reference, the SPY Seasonal Chart is shown below:
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 Martin Marietta Materials (MLM). MLM is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $347.56 with a vector of -1.05% 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, KIM. 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 $60.22 per barrel, down 2.08% 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 $40.6 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 0.34% at $1723.00 at the time of publication.
Using SPDR GOLD TRUST (GLD) as a tracker in our Stock Forecast Tool, the 10-day prediction window shows positive signals. The gold proxy is trading at $169 at the time of publication. Vector signals show +0.27% 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 1.382% at the time of publication.
The yield on the 30-year Treasury note is up, at 2.236% 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 $23.35 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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