10 Minute Read

Market Recap August 1, 2017

August 1, 2017

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SP 5002476.31+6.05(0.24%)
10-yr Note+13/322.251
NYSEAdv 1771Dec 1141Vol 826.6 mln
NasdaqAdv 1509Dec 1359Vol 1.8 bln



  • Global markets rally.
  • Another batch of generally upbeat earnings reports.
  • Top-weighted technology and financials sectors outperform.
  • Rate-hike concerns tempered a bit following disappointing June Personal Income & June Construction Spending figures.
  • Crude oil plunges following six-session rally, weighs on energy stocks.
  • US dollar see minor relief.


RECAP– The markets ticked higher following the opening bell and traded sideways for the rest of the day. Crude oil plunged after hitting the $50 mark and US dollar saw some relief.

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

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

Economic Calendar


  • August 1: ISM Manufacturing PMI – Actual: 56.3  Forecast: 56.4  Previous: 57.8  
    • Growth in manufacturing increased as expected.


Upcoming Reports

  • August 2: ADP Non-Farm Employment Change
  • August 2: Crude Oil Inventories
  • August 3: Unemployment Claims
  • August 3: ISM Non-Manufacturing PMI
  • August 4: Average Hourly Earnings m/m
  • August 4: Non-Farm Employment Change
  • August 4: Unemployment Rate


FedWatch September 20 Rate Hike Probability for August 1: 1.4% (View the probability chart here)

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

  • RSI is above 50.
  • On Balance Volume is below its moving average.
  • The market opened higher, but then continued to trade flat throughout the day.


A Look Into the Heat Map

Mixed day in the market as Financials continued to outperform.


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

VIX – 10.09


Oil (USO)Bullish – Currently forming a bullish reversal pattern, and inverted cup and handle/ascending triangle. A low had been put in at $42, then again at $44, and now at $46. The bullish trigger for this should be above $47. Broke past our trigger which we previously identified. With the current momentum, it could run well to $50.
Ag (DBA)Bearish
GLD Bullish


UUP USD weighted ETF – Bearish – The US dollar has been on a bear run. We’re waiting for support to be put in as this run has been very significantWith the dollar breaking under 93, look for 92 to be the next level that support can potentially be formed.



The market is currently at resistance following a turbulent week where resistance was tested multiple times. This will be a big week of economic data as multiple reports will be released, including jobs data.

This is a great time to break out some of your favorite earnings plays and at the very least practice in a paper account. Make sure to be mindful of the earnings date prior to placing a trade. The following companies are reporting earnings over the next several days:

With the VIX closing at 10, this continues to be an opportune time to buy protective puts on a portfolio as a hedge during the summer lull before they go up in price again. The summer is usually characterized by flat trading before a selloff just before or in the beginning of Fall. Be mindful of seasonality. We usually tend to see a sharp selloff in late summer or early autumn.

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