Nasdaq and S&P See Gains Before Thanksgiving
The holidays are coming up, and it’s always a trying time for investors. With the shortened trade week ahead of us, we have to face down the end of the year as well – but what will happen? The VIX has been on an upward trend lately, with the index now at $18. It was trading $11 in October! After seeing mixed performance all day today, the Dow is currently flat while S&P and Nasdaq are both higher. This marks the second increase for S&P in a row.
We expect to see stocks pull back next to two weeks before rebounding again near Christmas time; SPY critical support levels are set at 462 then 455 after that point. Earnings have significantly slowed down and attention will now turn to year-end reports and upcoming Fed data and action. Globally, both Asian and European markets finished with 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:
- Weekly Jobless Claims (11/20) – Wednesday
- GDP Revision (Q3) – Wednesday
- GDP Domesitc Income (Q3) – Wednesday
- Core Capital Goods Orders (October) – Wednesday
- Durable Goods Orders (October) – Wednesday
- Personal Income (October) – Wednesday
- Core Inflation (October) – Wednesday
- New Home Sales (October) – Wednesday
- FOMC Minutes – Wednesday
- 5-Year Inflation Expectations (November) – Wednesday
- Thanksgiving Day – Thursday
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.
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Friday Morning Featured Symbol
Our featured symbol for Friday is Deere & Coompany (DE). DE is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The symbol is trading at $367.86 with a vector of -0.27% at the time of publication.
10-Day Prediction data 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, DE. Our featured symbol is part of your free subscription service. 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.
Oil
West Texas Intermediate for Crude Oil delivery (CL.1) is priced at $76.39 per barrel, down 0.47% 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 $55.88 at the time of publication. Prediction data uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Gold
The price for the Gold Continuous Contract (GC00) is up 0.15% at $1809.00 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 $167.12 at the time of publication. Vector signals show +0.19% for today. Prediction data uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Treasuries
The yield on the 10-year Treasury note is up, at 1.630% at the time of publication.
The yield on the 30-year Treasury note is up, at 1.964% 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 uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Volatility
The CBOE Volatility Index (^VIX) is $18.58 at the time of publication, and our 10-day prediction window shows mixed signals. Prediction data uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
