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Market Recap July 13, 2017

July 13, 2017

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MR

 

MARKET SNAPSHOT
Dow21553.09+20.95(0.10%)
Nasdaq6274.40+13.27(0.21%)
SP 5002447.84+4.58(0.19%)
10-yr Note-5/322.341
NYSEAdv 1537Dec 1356Vol 768.3 mln
NasdaqAdv 1335Dec 1446Vol 1.8 bln

 

IN THE NEWS HIGHLIGHTS:

  • Investors hit pause following yesterday’s rally & ahead of tomorrow’s influential batch of econ data.
  • Top-weighted technology and financials sectors exhibit relative strength.
  • Crude oil continues to rally.
  • US dollar rose slightly following Fed activity.

 

RECAP– The market continued to rally today. Crude oil continued to rally as it approaches the upper level of its range. 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)


Economic Calendar

Today

  • July 13: PPI m/m – Actual: 0.1%  Forecast: 0.0%  Previous: 0.0%

    • A leading indicator of inflation, when the price to produce a product increases, it is passed on to the consumers.
  • July 13: Unemployment Claims – Actual: 247K  Forecast: 245K  Previous: 250K

    • Unemployment claims remain at steady lows.
  • July 13: Fed Chair Yellen Testifies

 

Upcoming Reports

  • 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 13: 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 continued to rise on the day as it approaches a significant level of resistance of 2450.
  • The TRIN closing near 0.50 (0.65) is an indicator that a short term reversal may be somewhere on the horizon.

 


A Look Into the Heat Map

The market was led higher by some large-cap Technology and Financial companies.

 

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

VIX – 9.90

COMMODITIES

Oil (USO)Bearish
Ag (DBA)Bearish
GLD Bullish
SLVBearish

THE DOLLAR

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.

With the VIX below 10, this may be an opportune time to hedge your portfolio with put options.


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