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Market Recap August 15, 2017

August 15, 2017

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MR

 

MARKET SNAPSHOT
Dow21998.99+5.28(0.02%)
Nasdaq6332.99-7.22(-0.11%)
SP 5002464.57-1.23(-0.05%)
10-yr Note-14/322.270
NYSEAdv 1064Dec 1852Vol 700.8 mln
NasdaqAdv 944Dec 1914Vol 1.57 bln

 

IN THE NEWS HIGHLIGHTS:

  • Rate-hike expectations jump after July Retail Sales come in hotter than expected (+0.6% actual vs +0.3% Briefing.com consensus).
  • Retailers weigh following largely negative reaction on the earnings front.
  • North Korea decides against launching missiles towards Guam.
  • Crude oil sees support at $47.
  • US dollar bounces, resistance at 94 holds.

 

RECAP– The markets closed flat today as momentum became neutral. Crude oil also closed flat following early selling, with $47 serving as intraday support. The US dollar had a strong rally today, but intraday resistance of 94 held.

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

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


Economic Calendar

Today

  • August 15: Core Retail Sales m/m – Actual: 0.5%  Forecast: 0.3%  Previous: 0.1%
    • Consumption stimulates and drives economic growth and this month saw a larger than expected growth in consumer spending. Another benefit was that last month’s figure was revised up from -0.2%.
  • August 15: Retail Sales m/m – Actual: 0.6%  Forecast: 0.3%  Previous: 0.3%

 

Upcoming Reports

  • August 16: Building Permits
  • August 16: Crude Oil Inventories
  • August 16: FOMC Meeting Minutes
  • August 17: Unemployment Claims

 

FedWatch September 20 Rate Hike Probability for August 15: 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 continued to rise yesterday after hours, but a selloff following the opening bell neutralized momentum as the market consolidated toward the close.

 


A Look Into the Heat Map

The market mixed today, although we saw money flow toward Utilities.

 

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

VIX – 12.04

COMMODITIES

Oil (USO)Bullish – Oil completed a bullish reversal and hit our target of $50. At this area, $50 may prove to be a strong area of resistance and the upper end of a trading range.
Ag (DBA)Bearish
GLD Bullish
SLVBearish

THE DOLLAR

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.

 


SOLON’S TRADING THOUGHTS

With tensions with North Korea cooling off over the weekend, we saw the market recover today. With FOMC minutes set to be released this week, it would stand to reason that this week’s activity should be more Fed driven than geopolitically driven.

Volatility spiked late last week. It shows you how the market can turn out of nowhere with volatility reentering the market. As the VIX gets lower with the market recovering, it would make more sense to buy puts again. With support being broken last week, the market can easily sell off again at a moment’s notice.


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