8 Minute Read

Market Recap August 21, 2017

August 21, 2017

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MR

 

MARKET SNAPSHOT
Dow21703.75+29.24(0.13%)
Nasdaq6213.11-3.40(-0.05%)
SP 5002428.33+2.82(0.12%)
10-yr Note+4/322.182
NYSEAdv 1452Dec 1445Vol 713.0 mln
NasdaqAdv 1203Dec 1603Vol 1.55 bln

 

 

IN THE NEWS HIGHLIGHTS:

  • Top-weighted technology and financials sectors struggle, weigh on broader market.
  • Bearish momentum slows.
  • Crude oil drops following Friday’s rally.
  • US dollar drops; maintains support at 93.

 

RECAP– The markets traded sideways throughout the day as it stemmed the bearish momentum from last Thursday. Crude oil sold off following its rally on Friday and is putting something of a lower high in. The US dollar also dropped, but support was put in at 93. Gold is hovering just below $1,300 which has served as a strong level of resistance for this past year.

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

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


Economic Calendar

Today

  • Nothing major today.

 

Upcoming Reports

  • August 23: Crude Oil Inventories
  • August 24: Unemployment Claims
  • August 25: Core Durable Goods Orders m/m
  • August 25:  Fed Chair Yellen Speaks

 

FedWatch September 20 Rate Hike Probability for August 21: 1.4% (View the probability chart here)


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

  • RSI is below 50.
  • On Balance Volume is below its moving average.
  • The market sold off last week and pulled back into a significant level of support with bearish momentum slowing.
  • Look for the market to pull back up a bit before another round of selling.

 


A Look Into the Heat Map

The market was bullish in many areas, but was weighed down by large-cap Finance and Technology stocks as well as Basic Materials.

 

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

VIX – 13.27

COMMODITIES

Oil (USO)Bullish – Crude oil is retracing following its previous rally as it has hit resistance of $50.
Ag (DBA)Bearish
GLD Bullish
SLVBearish

THE DOLLAR

UUP USD weighted ETF – Bearish

 


SOLON’S TRADING THOUGHTS

This will be a slow week as far as economic news and data. I don’t believe that we’re out of the woods just yet as far as another selloff. If we see relief and the market pull back to 2450, there could be a selloff right around the corner again.


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