MR
MARKET SNAPSHOT
Dow 19855.66 -31.85 (-0.16%)
Nasdaq 5551.81 +20.00 (0.36%)
SP 500 2268.90  0.00 (0.00%)
10-yr Note -3/32 2.379
NYSE Adv 1867 Dec 1057 Vol 1.17 bln
Nasdaq Adv 0 Dec 0 Vol 1.63 bln

 

IN THE NEWS HIGHLIGHTS:

  • US equities markets are split. S&P closed flat, Dow slightly down, Nasdaq slightly up.
  • Discretionary sector in focus after sales/earnings warnings from several components.
  • Airlines outperform after upbeat December traffic data from Alaska Air (ALK).
  • Crude oil continues to drop.
  • U.S. Dollar Index finishes slightly higher.

 

RECAP– The market had a huge rally in the morning, but sold off in the afternoon giving up its earlier gains. The S&P ended up closing flat while the Dow was slightly down and the Nasdaq finished a little higher. Crude oil continued to sell off throughout the day. The US dollar rebounded slightly to finish slightly higher.

In-depth look of daily news at Briefing.com (CLICK HERE)

In-depth look at after hours movers (CLICK HERE)


Economic Calendar

Today

  • January 10: JOLTS Job Openings – Actual: 5.52M  Forecast: 5.59M Previous: 5.45M
    • The JOLTS Job openings number is the official figure for the number of jobs that are looking to be filled (excluding farming). It is more important to keep track of this figure as job growth has been slow as it gives us an indication of what the future of the labor market holds. Last month’s figure was revised down by 80K which caused this month’s figure to miss its forecast.

 

Upcoming Reports

  • January 11: Crude Oil Inventories
  • January 12: Unemployment Claims
  • January 12: Fed Chair Yellen Speaks
  • January 12: Core Retail Sales m/m
  • January 12: PPI m/m
  • January 12: Retail Sales m/m
  • January 12: Prelim UoM Consumer Sentiment

 

FedWatch February 1 Rate Hike Probability for January 10: 2.0%  (View the probability chart here)


A Look At The S&P 500 Chart – KEY Levels

  • RSI is above 50.
  • On Balance Volume is at its moving average.
  • Price action has outpaced its moving averages.
  • This chart is overextended. There has been a run up of nearly 200 points or roughly 10% since its low in November.
  • On the intraday: market had a significant rally but gave up all of its gains later in the day. This is usually a bearish sign as it shows that momentum ended with the bears and that there wasn’t enough confidence for the bulls to hold overnight.

 


A Look Into the Heat Map

The market was scattered today and hard to identify many trends. It is tough to see how the Nasdaq finished higher since a lot of the large-cap tech companies finished lower. Basic Materials looked the worst as crude oil continued to retrace.

MARKETS

(click on symbol for chart)
SPX –  Bullish
DOWBullish 
Nasdaq Bullish  
Russell  Bullish  

VIX – 11.47

 COMMODITIES

Oil (USO) –  Bullish 
Ag (DBA) – Bearish
GLD –  Bearish – Gold has been in a “relief rally” following months of constant selling. It should continue to fade higher as the US dollar retracements. By no means am I bullish on Gold or Silver as they are still in a long term bearish trend and this is more of a temporary retracement. I would like to see a bottoming pattern before changing my bias.
SLV –  Bearish – Same as gold.

THE DOLLAR

UUP USD weighted ETF –  Bullish – The bullish momentum has slowed in the US Dollar and has been consolidating in this area.

 


SOLON’S TRADING THOUGHTS

The market was mixed today. There is not much in the way of momentum at the present time. The market is waiting for some kind of catalyst to either push it higher or lower. Currently, it looks to be a struggle for the market to climb higher.


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