8 Minute Read

Market Recap August 22, 2017

August 22, 2017

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MR

 

MARKET SNAPSHOT
Dow21899.89+196.14(0.90%)
Nasdaq6297.46+84.35(1.36%)
SP 5002452.47+24.14(0.99%)
10-yr Note-9/322.217
NYSEAdv 2092Dec 818Vol 688.2 mln
NasdaqAdv 2024Dec 858Vol 1.59 bln

 

IN THE NEWS HIGHLIGHTS:

  • President Trump’s team has made significant progress on tax reform, according to Politico.
  • Top-weighted technology sector bounces back from three-day slide.
  • Crude oil slightly higher.
  • US dollar rallies.

 

RECAP– The markets markets were bullish today with tech and finance leading the charge. Crude oil closed slightly higher following a very volatile day. The US dollar rallied on the day, with 93 proving to be strong mid-term support. 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 22: 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.
  • Rebounded today after intense selling from last week. The momentum was strong and carried well into the close, which would serve as an indication of potential bullishness following tomorrow’s opening bell.

 


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 – 11.35

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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