|NYSE||Adv 2268||Dec 690||Vol 794.2 mln|
|Nasdaq||Adv 1849||Dec 803||Vol 1.8 bln|
IN THE NEWS HIGHLIGHTS:
- Market reaches new all-time highs.
- Prepared remarks from Fed Chair Janet Yellen seen as relatively dovish.
- Apple (AAPL) struggles amid rumors of a possible iPhone 8 delay; tech sector still outperforms.
- Crude oil continues to rally.
- US dollar rose slightly following Fed activity.
RECAP– The market rallied today following Fed Chair Yellen’s testimony. Crude oil rallied but gave up much of its gains despite bullish inventory report. The US dollar rose slightly following volatility from the Fed testimony.
In-depth look of daily news at Briefing.com (CLICK HERE)
In-depth look at after hours movers (CLICK HERE)
- July 12: Crude Oil Inventories – Actual: -7.6M Forecast: -3.2M Previous: -6.3M
- July 12: Fed Chair Yellen Testifies
- July 13: PPI m/m
- July 13: Unemployment Claims
- July 13: Fed Chair Yellen Testifies
- July 14: CPI m/m
- July 14: Core CPI m/m
- July 14: Core Retail Sales m/m
- July 14: Retail Sales m/m
FedWatch July 26 Rate Hike Probability for July 12: 3.1% (View the probability chart here)
A Look At The S&P 500 Chart – KEY Levels
- RSI is at 50.
- On Balance Volume is above its moving average.
- The market rose steadily throughout the day following Chair Yellen’s testimony.
A Look Into the Heat Map
The market was consistently bullish throughout all sectors.
VIX – 10.30
UUP – USD weighted ETF – Bearish
SOLON’S TRADING THOUGHTS
The market is continuing to consolidate as we enter earnings season. 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.
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