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Major U.S. indices primarily closed higher with both the S&P and Nasdaq finishing in the green near-record territory, while the Dow Jones slipped, closing down 0.44%. Facebook shares soared today as the company topped $1 trillion market share for the first time, with the symbol finishing over 4% higher on Monday. The infrastructure deal, inflation level, and COVID variant/vaccine data continue to be the key influencers on the market. With the second quarter of 2021 wrapping up this week, look for earnings to pick up next week. MU, WBA, and STZ are key earnings announcements this week that can potentially influence the market direction. With VIX at the 15 level and the June unemployment number returning, volatility in the market remains active. Globally, Asian and European markets finished in the red. Please watch the critical support levels on the SPY at $416 and $424. The market is trading in a well-defined range and we do expect a short-term correction to spill into July. The top has been 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. 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 Tuesday is Crowdstrike Holdings Inc (CRWD). CRWD is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $255.62 with a vector of +1.09% 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, CRWD. 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 $72.74 per barrel, down 0.23% 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 down 0.11% at $1778.70 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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