|NYSE||Adv 1645||Dec 1290||Vol 690.3 mln|
|Nasdaq||Adv 1442||Dec 1340||Vol 1.55 bln|
IN THE NEWS HIGHLIGHTS:
- China Q2 GDP +6.9% year-over-year (6.8% expected).
- Waiting on June quarter earnings reports this week.
- Reports that Senate has delayed vote this week on its revised health care bill.
- Crude oil sells off following its recent rally.
- US dollar closes flat.
RECAP– The market lost its bullish momentum from last week as equities closed flat on the day. Crude oil retreated following a recent rally while the dollar closed flat.
In-depth look of daily news at Briefing.com (CLICK HERE)
In-depth look at after hours movers (CLICK HERE)
- Nothing major today.
- July 19: Building Permits
- July 19: Crude Oil Inventories
- July 20: Unemployment Claims
FedWatch July 26 Rate Hike Probability for July 17: 3.1% (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 looked to have had momentum on Friday heading into the weekend, but the momentum was lost today.
- The market is pressing against resistance of 2460, which looks like it may hold. A trigger for a breakout would be above the 2465-2470 range.
A Look Into the Heat Map
The market mixed today with no distinguished trends.
VIX – 9.82
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 closing below 10, this would 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.
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