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As the Nasdaq hit its 16th record close of 2021, the Dow and S&P closed in the red after nearing record highs this week. Today, Federal Reserve Chair Jerome Powell testified before the House regarding rising inflation concerns which follows several Fed official testimonies that relayed similar guidance. Fed members discussed current economic growth rates and estimates, which remain positive, though the target inflation rate of 2% is not likely. Key economic reports also informed market movement today with the current U.S. account deficit climbing to 11.7% and the latest manufacturing indices showed a slight slowdown. FDC, ACN, and NKE headline earnings this week and could impact markets as well as Thursday’s GDP revision report. Globally, Asian markets, apart from Japan’s Nikkei index traded higher, while European markets unanimously closed in the red. We recommend watching the critical support levels on the SPY at $404 and $410. The market is trading in a well-defined range and we do expect a short-term correction to continue in June. The top is set at $420 and we encourage users to consider selling into market rebounds. QQQ has been trading below the 50-day moving average for a few sessions and the market is getting close to an oversold level. The market is trading in a well-defined range. Furthermore, the $SPY has recently reached our target of $415-$425 based on the 6-month forecast from our Stock Forecast Toolbox and we encourage readers to raise cash at this point. We encourage all market commentary readers to maintain clearly defined stop levels for all positions. For reference, the SPY Seasonal Chart is shown below:
Key U.S. Economic Reports/Events This Week:
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 Thursday is Nvidia Corp (NVDA). NVDA is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $762.29 with a vector of +0.58% 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, NVDA. 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 $73.28 per barrel, up 0.59% 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 $49.72 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 0.07% at $1778.60 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 $166.14 at the time of publication. Vector signals show -0.93% 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 1.486% at the time of publication.
The yield on the 30-year Treasury note is up, at 2.109% 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 $16.32 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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