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Market Recap August 24, 2017

August 24, 2017

By | 1 Comment

MR

 

MARKET SNAPSHOT
Dow21783.40-28.69(-0.13%)
Nasdaq6271.31-7.08(-0.11%)
SP 5002440.28-3.72(-0.15%)
10-yr Note-8/322.194
NYSEAdv 1450Dec 1409Vol 719.0 mln
NasdaqAdv 1612Dec 1243Vol 1.6 bln

 

 

IN THE NEWS HIGHLIGHTS:

  • Market unable to hold slim opening gain.
  • Jackson Hole Symposium begins: Fed Chair Yellen to speak Friday at 10:00 ET and ECB President Draghi scheduled for 15:00 ET on Friday.
  • Crude oil sells off; finds support at $47.
  • US dollar slightly higher.

 

RECAP– The markets gave up their bullish premarket outlook as they sold off much of the day to close slightly lower. Crude oil sold off again as it continues to consolidate in a tight range and found intraday support at $47. The US dollar moved very little as it closed slightly higher. 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

  • August 24: Unemployment Claims – Actual: 234K Forecast: 237K Previous: 232K

 

Upcoming Reports

  • August 25: Core Durable Goods Orders m/m
  • August 25:  Fed Chair Yellen Speaks

 

FedWatch September 20 Rate Hike Probability for August 24: 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.
  • Over the past month, the market has pulled back from its all-time high in July. It’s prior bullish uptrend was broken after a few large selloffs over the past couple of weeks.
  • The current short-term momentum is bearish, with the market consolidating into a tight range and forming a pennant. This is a sign that the market is tightening before it breaks out in either direction.

 


A Look Into the Heat Map

The market was scattered today with some strength seen in Healthcare.

 

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

VIX – 12.28

COMMODITIES

Oil (USO)Bullish – Crude oil is retracing following its previous rally as it has hit resistance of $50. It is currently consolidating in a tight range with $47 serving as support.
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.
SLVBearish

THE DOLLAR

UUP USD weighted ETF – Bearish

 


SOLON’S TRADING THOUGHTS

The markets will be eyeing tomorrow’s Federal Reserve Jackson Hole meeting with great anticipation. They will look to take any hint of what FOMC policy will be come this Fall as the Fed will be looking to unwind their large balance as soon as September. It will be interesting to see how the market reacts to the unwinding of the Fed balance, as it will theoretically tighten the money flow in the system and should have an adverse effect on the market, but so far the tightening of monetary policy in the form of interest rate hikes has had little effect on the market this year as it has been hitting frothy valuations.


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One Reply to “Market Recap August 24, 2017”

  1. Avatar RobinAikey says:

    Love this report! Thank you Solon!

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