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Market Recap August 31, 2017

August 31, 2017

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SP 5002473.10+14.06(0.57%)
10-yr Note+3/322.121
NYSEAdv 2136Dec 761Vol 941.7 mln
NasdaqAdv 1907Dec 909Vol 1.87 bln




  • Rate-hike expectations remain subdued following a tepid increase in the core PCE Price Index for the month of July (+0.1%).
  • Health care sector rallies once again after closing above its 50-day simple moving average for the first time in three weeks on Wednesday.
  • Heavily-weighted financial sector underperforms, keeps broader market’s gain in check.
  • Crude oil bounces off $46 support; closes above $47.
  • US dollar gives up yesterday’s gains.


RECAP– The markets continued to rally higher today creating a new short term uptrend. Crude oil which pressed against its $46 support yesterday bounced right off and finished above $47. The US dollar lost steam and gave up some of its gains from the prior day.

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

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

Economic Calendar


  • August 31:  Unemployment Claims – Actual: 236K Forecast: 237K Previous: 235K
    • New unemployment claims came in at expectations which remain relatively low.


Upcoming Reports

  • September 1:  Average Hourly Earnings m/m
  • September 1:  Non-Farm Employment Change
  • September 1:  Unemployment Rate
  • September 1:  ISM Manufacturing PMI


FedWatch September 20 Rate Hike Probability for August 31: 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 above its moving average.
  • The market was in a short term downtrend which could be interpreted as a retracement. The price action of the past three days broke that trend and created a new short term bull rally.


A Look Into the Heat Map

The market finished higher again thanks to Technology and Healthcare companies.


(click on symbol for chart)
SPX – Bullish
Russell Neutral

VIX – 10.59


Oil (USO)Bullish – Crude oil is retracing following its previous rally as it has hit resistance of $50. A break under $46 could signify a reversal of trend.
Ag (DBA)Bearish
GLD Bullish 


UUP USD weighted ETF – Bearish




The market is rallying heading into a 3-day holiday weekend. Use this as a chance to do two things. First load up on theta positive trades to take advantage of a free day of theta decay. Second, use the uptrend and decrease in volatility to load up on puts as a hedge. We have seen the market selloff much easier in the past month with volatility spiking at a moment’s notice. The summer lull is over, and the fall is traditionally when a lot more selloffs tend to occur. With geopolitical tensions with North Korea as well as domestic political tensions and a potential government shutdown, there are plenty of catalysts that could cause a selloff out of the blue. It would be better to be prepared beforehand.

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2 Replies to “Market Recap August 31, 2017”

  1. Avatar KENNETHLAWRENCE says:

    Excellent. Thanks, Solon!

  2. Teresa Christen Teresa Christen says:

    Thank you Solon!

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