10 Minute Read

Market Recap December 29, 2016

December 29, 2016


SP 5002249.30-0.62(-0.03%)
10-yr Note+9/322.477%
NYSEAdv 1651Dec 1255Vol 368.57 mln
NasdaqAdv 1316Dec 1515Vol 1002.89 mln


  • Continued low volume in the markets.
  • Crude oil trades lower following EIA inventory report.
  • U.S. Dollar Index plunges on the day giving up yesterday’s gains.


RECAP– The market sold off early on, continuing yesterday’s trend. It then rallied in the afternoon making up for most of its losses and closing slightly lower. Crude oil sold off following a surplus in supply reported in today’s EIA inventory report. The US Dollar saw significant selling today which gave a boost to precious metals (ie. gold and silver) which are still recovering.

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

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

Economic Calendar


  • December 29: Unemployment Claims – Actual: 265K  Forecast: 277K  Previous: 275K
    • The final unemployment claims report of the year was a positive one coming in 10K lower than expected and remaining at historic lows.
  • December 29: Crude Oil Inventories – Actual: 0.6M  Forecast: -1.3M  Previous: 2.3M
    • Crude oil supplies came in higher than expected causing oil to sharply selloff following the report.


Upcoming Reports

  • Nothing major for the rest of the week.


FedWatch February 1 Rate Hike Probability for December 29: 4.0%  (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.
  • Bullish momentum has stalled and swinging in the opposite direction.
  • Today’s price action bounced off the 20 EMA.
  • The 10 EMA has “hooked down” which is an indication of bearishness.
  • If market sells off, the next level of support is around the 2210 area.


A Look Into the Heat Map

The market was mixed today with Utilities and REIT‘s being the best performers.


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

VIX – 13.40


Oil (USO) –  Bullish 
Ag (DBA) – Bearish
GLD –  Bearish – Gold is seeing some relief following a brutal bearish run.
SLV –  Bearish – Same as gold.


UUP USD weighted ETF –  Bullish



It is looking like bullish momentum has gone from the market and early signs of a reversal are setting in. This will likely wait until after New Year’s Day and more market participants reenter. This is also a good place to take profit. One other trend that I’ve noticed is that even though we haven’t seen a significant enough of a selloff, the VIX has been steadily rising this week. A good example would be a day like today which ended virtually flat yet the VIX picked up significantly. This trend is likely to continue in January. The best time to have bought protective puts on a portfolio would’ve been last week, but the next best time would be now as the VIX is still relatively low. 

It’s been fun writing these Market Recaps this past year and I would like to wish everyone continued success in trading and other areas of life in the new year. Happy New Year!

You can follow daily trade adjustments and updates on Twitter, Facebook, or text “follow @tackletrading” to 40404 to get text alerts!

 If you are not a Pro Member and following the Stock & Option Picks, then check it out! There is a Promo code for Free 15 day trial:  THETA

Legal Disclaimer

Tackle Trading LLC (“Tackle Trading”) is providing this website and any related materials, including newsletters, blog posts, videos, social media postings and any other communications (collectively, the “Materials”) on an “as-is” basis.  This means that although Tackle Trading strives to make the information accurate, thorough and current, neither Tackle Trading nor the author(s) of the Materials or the moderators guarantee or warrant the Materials or accept liability for any damage, loss or expense arising from the use of the Materials, whether based in tort, contract, or otherwise.  Tackle Trading is providing the Materials for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments. Examples that address specific assets, stocks, options or other financial instrument transactions are for illustrative purposes only and are not intended to represent specific trades or transactions that we have conducted. In fact, for the purpose of illustration, we may use examples that are different from or contrary to transactions we have conducted or positions we hold. Furthermore, this website and any information or training herein are not intended as a solicitation for any future relationship, business or otherwise, between the users and the moderators. No express or implied warranties are being made with respect to these services and products.  By using the Materials, each user agrees to indemnify and hold Tackle Trading harmless from all losses, expenses and costs, including reasonable attorneys’ fees, arising out of or resulting from user’s use of the Materials.  In no event shall Tackle Trading or the author(s) or moderators be liable for any direct, special, consequential or incidental damages arising out of or related to the Materials. If this limitation on damages is not enforceable in some states, the total amount of Tackle Trading’s liability to the user or others shall not exceed the amount paid by the user for such Materials.


All investing and trading in the securities market involves a high degree of risk. Any decisions to place trades in the financial markets, including trading in stocks, options or other financial instruments, is a personal decision that should only be made after conducting thorough independent research, including a personal risk and financial assessment, and prior consultation with the user’s investment, legal, tax and accounting advisers, to determine whether such trading or investment is appropriate for that user.



2 Replies to “Market Recap December 29, 2016”

  1. ThomasFlohr says:

    Thank You and HAPPY NEW YEAR to all Tackle Trading Team Members !

  2. Bill Trimborn Bill Trimborn says:

    Happy New Year!

Leave a Reply

Chart Modal