|NYSE||Adv 1537||Dec 1356||Vol 768.3 mln|
|Nasdaq||Adv 1335||Dec 1446||Vol 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)
- 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
- 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.
VIX – 9.90
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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