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Indices are trading down today as markets will prepare to react to three events: policy updates from central banks around the world, the U.S./China trade deal and a deadline for a major tariff being set for this coming Sunday. Last Friday we saw a better than expected jobs report which drove a temporary rally that is seeing resistance today.
On Tuesday we will see the Fed making announcements and Thursday will bring updates from the European Central Union.
SPY short-term overhead resistance is currently near $315-$317 level and we do not see technical data supporting this level being broken in the next two weeks. Furthermore, there is little evidence SPY will retest its 200 days MA. We will look to buy when the SPY is near $303 level. Continued volatility is expected, as well as shallow pullbacks, and we encourage 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 negative outlook. Today’s vector figure of -0.15% moves to -0.99% in four trading sessions. 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.
On November 2nd, our WeeklyTrader service produced a bullish recommendation for Mastercard (MA). WeeklyTrader is included in Elite Trading Circle or available as a standalone subscription. This service provides 3 bullish and 3 bearish stock & single option signals for 2-5 day trades.
Trade Breakdown
MA entered its forecasted Strategy A Entry 1 price range $282.51 (± 1.45) in its first hour of trading on 12/03 and passed through its Target price of $288.16 in the first hour of trading on 12/04/19. The Stop Loss price was set at $276.86. Every stock recommendation includes a single option strategy based on the stock price parameters.
*Please note: At the time of publication Vlad Karpel does have a position in the featured symbol, PNR. 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 own personal 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 personal picks, please click here.
Our featured symbol for Tuesday is Pentair Ltd. (PNR). PNR is showing a neutral vector trend in our Stock Forecast Toolbox’s 10-day forecast. This stock is assigned a Model Grade of (B) indicating it ranks in the top 10th percentile for accuracy for current-day predicted support and resistance, relative to our entire data universe.
The stock is trading at $45.05 at the time of publication, up 0.58% from the open with a +0.06#% vector figure.
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.
West Texas Intermediate for Crude Oil delivery (CL.1) is priced at $59.13 per barrel, down 0.49% from the open, at the time of publication.
Looking at USO, a crude oil tracker, our 10-day prediction model shows a near-term mixed trend. The fund is trading at $12.33 at the time of publication, up 0.08% from the open. Vector figures show -0.27% today, which turns -1.16% in three trading sessions. 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 0.08% at $1,466.30 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 $137.58, down 0.03% at the time of publication. Vector signals show +0.12% 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 1.08% at 1.82% at the time of publication.
The yield on the 30-year Treasury note is down 1.04% at 2.26% 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 overall negative signals in our 10-day prediction window. Today’s vector of -0.29% moves to +0.73% in three sessions. 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 up 16.45% at $15.86 at the time of publication, and our 10-day prediction window shows strong positive 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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