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Market Recap July 17, 2017

July 17, 2017

By | 1 Comment

MR

 

MARKET SNAPSHOT
Dow21629.72-8.02(-0.04%)
Nasdaq6314.40+1.97(0.03%)
SP 5002459.15-0.13(-0.01%)
10-yr Note+5/322.315
NYSEAdv 1645Dec 1290Vol 690.3 mln
NasdaqAdv 1442Dec 1340Vol 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)


Economic Calendar

Today

  • Nothing major today.

 

Upcoming Reports

  • 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.

 

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

VIX – 9.82

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 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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One Reply to “Market Recap July 17, 2017”

  1. Avatar ThomasFlohr says:

    Thank You Solon !

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