11 Minute Read

Market Recap August 8, 2017

August 8, 2017

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MR

 

MARKET SNAPSHOT
Dow22085.34-33.08(-0.15%)
Nasdaq6370.44-13.31(-0.21%)
SP 5002474.88-5.99(-0.24%)
10-yr Note-5/322.273
NYSEAdv 1061Dec 1844Vol 772.3 mln
NasdaqAdv 1210Dec 1579Vol 1.91 bln

 

IN THE NEWS HIGHLIGHTS:

  • Market fades off resistance.
  • Crude oil closes lower following early rally.
  • US dollar jolted by the JOLTS jobs opening report.

 

RECAP– The market rallied early and looked to break through resistance, but an afternoon slump saw it close slightly lower. Crude oil gave back early gains to close lower as well. The US dollar received a jolt today from the JOLTS jobs opening report whose very optimistic figures gave the dollar some much needed bullish momentum.

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

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


Economic Calendar

Today

  • August 8: JOLTS Job Openings – Actual: 6.16M  Forecast: 5.75M Previous: 5.70M
    • The number of job openings that are looking to be filled increased substantially more than expected. This is an especially positive sign follow two months of good jobs reports.

 

Upcoming Reports

  • August 9: Crude Oil Inventories
  • August 10: PPI m/m
  • August 10: Unemployment Claims
  • August 11: CPI m/m
  • August 11: Core CPI m/m

 

FedWatch September 20 Rate Hike Probability for August 8: 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 rallied early following the JOLTS report, but an afternoon slump saw it close lower.
  • Resistance near the 2485 mark held, proving to be very difficult for the market to break through.

 


A Look Into the Heat Map

The market was lackluster today as Utilities showed us that there was a slight flight to safety.

 

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

VIX – 11.01

COMMODITIES

Oil (USO)Bullish – Oil completed a bullish reversal and hit our target of $50. At this area, $50 may prove to be a strong area of resistance and the upper end of a trading range.
Ag (DBA)Bearish
GLD Bullish
SLVBearish

THE DOLLAR

UUP USD weighted ETF – Bearish – The US dollar has been on a bear run. We’re waiting for support to be put in as this run has been very significantWith the dollar breaking under 93, look for 92 to be the next level that support can potentially be formed.

 


SOLON’S TRADING THOUGHTS

We saw a very optimistic jobs report on Friday as well as last month’s figure being revised upward by 9K. That should help add a little extra momentum to current market conditions which is exhibiting a slight bullish bias. We are coming toward the end of summer, which is usually characterized by a lack of volatility and sideways movement. A shift in seasonality usually sees a correction either very late in the summer or early autumn.

This is a great time to break out some of your favorite earnings plays and at the very least practice in a paper account. Make sure to be mindful of the earnings date prior to placing a trade. We are coming toward the end of earnings season and have a few opportunities for earnings trades left. The following companies are reporting earnings over the next several days:

With the VIX closing at 10, this continues to be an opportune time to buy protective puts on a portfolio as a hedge during the summer lull before they go up in price again. The summer is usually characterized by flat trading before a selloff just before or in the beginning of Fall. Be mindful of seasonality. We usually tend to see a sharp selloff in late summer or early autumn.


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