|NYSE||Adv 1525||Dec 1358||Vol 682.0 mln|
|Nasdaq||Adv 1249||Dec 1566||Vol 1.52 bln|
IN THE NEWS HIGHLIGHTS:
- President Trump threatens government shutdown if his promised barrier along the U.S.-Mexico border doesn’t secure funding.
- New York Times article highlights rift between President Trump and Senate Majority Leader McConnell.
- Crude oil rises on EIA data.
- US dollar drops.
RECAP– The markets reversed course today and closed slightly lower. Crude oil rose today on the EIA report which indicated a 3M barrel decrease in supply. The US dollar fell just short of support 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)
- August 23: Crude Oil Inventories – Actual: -3.3M Forecast: -3.3M Previous: -8.9M
- 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 23: 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 slumped today, and carried the momentum into the close.
- Intraday support was put in at 2440. It is ominous that there was plenty of bearish momentum heading into the close as well as an “M” pattern.
A Look Into the Heat Map
The market slumped lower today with the exception of some Basic Materials and Utilities which received a boost. REIT‘s also did well, which may indicate a flight to safety as it moved along with Utilities.
VIX – 12.25
Oil (USO) – Bullish – Crude oil is retracing following its previous rally as it has hit resistance of $50.
Ag (DBA) – Bearish
GLD – Bullish – Gold has been on a recent rally. It is currently consolidating below $1,300. Expect a pullback before it breaks through that resistance level.
SLV – Bearish
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. It would be wise to use any rally in the market to buy puts and hedge.
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