Indices are seeing mostly positive, recuperative gains, following a Tuesday sell-off due to comments made by Fed Chairman Jerome Powell in a congressional hearing. Powell had described an upbeat and confident outlook on the U.S. economy, seen by many as signaling a more hawkish stance on interest rates. This would lend the expectations of an additional fourth interest rate hike in 2018. On top of those comments, firm economic data revealed healthy economic activity and growth, but nothing that could break away and risk overheating. Although fourth-quarter GDP figures slid from 2.6% to 2.5%, these were right on target with forecasts and indicate solid progress without runaway inflation concerns. Chairman Powell’s next round of talks take place on Thursday in front of a Senate committee, and will be a focus for investors and analysts.
At the time of publication, the DJIA is down 0.07%, or 16.60 points, at 25,400.93. The S&P 500 is at 2,747.86- up 0.13% from the open. The Nasdaq-100 is up 0.17% at 7,343.12.
Using the ^GSPC symbol to analyze the S&P 500, our 10-day prediction window shows solid positive signals. Today’s vector figure of 0.14% moves to +1.50% within three trading sessions. Today’s predicted support and resistance levels are 2,738.82 (±13.32) and 2,778.04 (± 13.51), respectively. The predicted close today is 2,763.41. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Highlight of a Recent Winning Trade
On February 27, our ActiveTrader service produced a bullish recommendation for Waste Management, Inc. (WM). ActiveTrader is included in all paid Tradespoon membership plans and is designed for intraday trading.
WM opened within Entry 1 price range of $86.19 (± 0.64) and moved through its Target price of $87.05 within the first hour of trading. The Stop Loss was set at $85.33.
Live Trading Room Update
See how we make money in the current market and what to expect next in our limited time Live Trading Room highlights. Our winning trades on Monday, Feb. 26 ranged from 25.00% to over 44% ROI!
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Our featured stock for Thursday is Boeing Company. (BA). BA is showing a predicted near-term uptrend in our Stock Forecast Toolbox’s 10-day forecast. This stock is assigned a Model Grade of (A)– indicating it ranks in the top 10th percentile for accuracy for predicted support and resistance, relative to our entire data universe. Our 10-day prediction model shows vector figures building past +1.30% within three trading sessions, rising throughout the forecast. Our benchmark for vector figures is +1.00%.
*Please note: Our featured stock is part of your free subscription service. It is not included in any paid Tradespoon subscription service. Vlad Karpel only trades his own personal money in paid subscription services. If you are a paid subscriber, please review your Premium Member Picks, ActiveTrader or ActiveInvestor recommendations. If you are interested in receiving Vlad’s personal picks, please click here.
The stock is trading at $367.08 at the time of publication, up 0.67% from the open with a +0.86% vector figure.
Thursday’s prediction shows an open price of $369.65, a low of $364.61 and a high of $375.25.
The predicted close for Thursday is $371.81. Vector figures rise to +1.26% on Thursday, continuing to build incrementally. This is a good signal for trading opportunities, because we use vectors as a primary factor in determining price movements for stocks and ETF.
Prediction data is uploaded after 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 next trading session relatively to average of actual prices for last trading session. The column shows expected average price movement “Up or Down”, in percent. Trend traders should trade along predicted direction of the Vector. The higher the value of the Vector the higher its momentum.
Oil prices are seeing sharp slides today following higher than expected crude inventory data reported by the U.S. Energy Information Administration. Inventories rose by 3 million barrels for the week of Feb. 23, well above an S&P Global Platts forecast of 2.1 million. West Texas Intermediate for April delivery (CLJ8) is priced at $61.87 per barrel at the time of publication, down 0.21% from the open.
Looking at USO, a crude oil tracker, our 10-day prediction model shows strong negative signals. The fund is trading at $12.59 at the time of publication, down 0.45% from the open. Today’s prediction sees support at $12.45 (± 0.05) and resistance at $12.83 (± 0.06). The predicted close for today is $12.51. Vector figures show -1.01% today, which move to -2.36% in three trading sessions. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The price for April gold (GCJ8) is up 0.14% at $1,320.50 at the time of publication. Recent Fed commentary from Chairman Powell indicated a more hawkish monetary policy stance, signaling a potential fourth interest rate hike this year. Inflation concerns can spike investment to gold as a safe haven, but both rising interest rates and a stronger U.S. dollar put downward pressure on non-yield earning asset denominated in the greenback.
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 $125.08, down 0.04% at the time of publication. Today’s predicted low is $125.13 (± 0.31) and the predicted high is $126.96 (± 0.32). The predicted close today is $125.81. Vector signals show 0.22% for today, holding positive until seeing a block of negative signals in the latter half of the 10-day outlook. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Yields are starting to ease back today after seeing spikes following Fed Chairman Jerome Powell’s statements to congressional leaders on Tuesday. Both short and long-dated bond yields are seeing slides today. The yield on the 10-year Treasury note is down -0.66% at 2.88% at the time of publication. The 10-year had seen a spike to above 2.9% yesterday.
Using the iShares 20+ Year Treasury Bond ETF (TLT) as a proxy for bond prices in our Stock Forecast Tool, we see consistent positive signals in our 10-day prediction window. Today’s vector of +0.13% moves to +0.78% in three trading sessions. The ETF is priced at $118.49 at the time of publication, up 0.42%. The predicted close today is $118.61 with a low and high of $117.80 (± 0.22) and $118.63 (± 0.22), respectively. Prediction data is uploaded after 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 up 0.97% at 18.77 at the time of publication, and our 10-day prediction window shows all negative signals. The predicted close is 14.20 with a vector of -6.24%. The predicted lows and highs are 13.53 (± 0.71) and 19.96 (± 1.05), respectively. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
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