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Monday’s gains saw the S&P 500 and other major stock indexes rise following strong gains in technology and energy stocks to establish a new daily record for the S&P and a strong start to the final trading week of 2021. Nation-wide, U.S. airports and global airlines are seeing COVID-related flight cancelations and travel restrictions spike while, surprisingly, oil continues to climb higher. The omicron variant and inflation concern are the primary drivers of the market at this time, which traditionally light during the holiday season and year’s end. Still, several economic reports continue to show strength in the economy, as the latest holiday sales reports returned impressively and the end-of-year “Santa Claus” rally appears to be on its way. Gold and the dollar, traditionally trading inversely, both saw slight gains today while oil rose impressively. Bitcoin has reached $51,300 to start the week, a bit up on the day.
The $VIX has dropped back to 18 level and the $SPY continues to reach new highs. The Omicron virus, the dread of inflation, might influence future market moves. We’re keeping an eye on important support levels in the SPY, which stand at $468 and $462 right now, and we expect the market to continue to trade higher into the next year. Globally, European markets closed higher while Asian markets traded to mixed results. 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 $240.78 with a vector of +0.38% 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, MCK. 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 $75.98 per barrel, up 2.97% 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 $51.44 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 0.03% at $1812.3 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 $169.37 at the time of publication. Vector signals show -0.19% 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 1.481% at the time of publication.
The yield on the 30-year Treasury note is down, at 1.887% 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 $17.68 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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