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Last week markets reached record territory off strong employment and the latest Federal Open Market Committee meeting, which, as expected, announced no interest hike. A slow down of the Fed’s bond-buying program, as well as the expectation of maximum employment in the U.S. potentially peaking in the second half of 2022, were also noted in the FOMC meeting. This week, markets picked up where they left off- extending gains unanimously. All three major U.S. indices closed in the green, with the S&P booking its eighth straight record day and Nasdaq booking 11-straight closes in the green. Last Friday’s employment report supported markets as strong job growth was shown, alongside additional positive labor data. The VIX trades near the $17 level as earnings continue to be the main factor influencing markets; PYPL, AMAT, and DHI are key earnings announcements this week that can potentially influence the market direction. PPI and CPI data are the additional events that can influence the next move in the market. Please watch the critical support levels on the SPY at $460 and then at $455 as we do expect the market to continue to pull back in the next two weeks and then rebound toward the end of the month/early December. Globally, both Asian and European markets marginally closed 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:
Key U.S. Economic Reports/Events This Week:
Upcoming Earnings:
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 $39.43 with a vector of +0.29% 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, fcx. 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 $82.17 per barrel, up 0.28% 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 $57.53 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 $1826.00 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 $167.16 at the time of publication. Vector signals show -0.13% 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 1.492% at the time of publication.
The yield on the 30-year Treasury note is flat, at 1.888% 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 $15.23 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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