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Market Recap July 19, 2017

July 19, 2017

By | 1 Comment

MR

 

MARKET SNAPSHOT
Dow21640.75+66.02(0.31%)
Nasdaq6385.01+40.74(0.64%)
SP 5002473.84+13.22(0.54%)
10-yr Note-3/322.270
NYSEAdv 2187Dec 725Vol 709.7 mln
NasdaqAdv 1821Dec 997Vol 1.85 bln

 

 

IN THE NEWS HIGHLIGHTS:

  • Top-weighted technology sector on track for ninth-consecutive victory.
  • Biotech stocks rally after Vertex (VRTX) reports positive clinical trial results.
  • Caution ahead of policy statements from ECB and BoJ.
  • Crude oil continues to rise on bullish EIA inventory report.
  • US dollar slightly rebounds from previous breakdown.

 

RECAP– The market broke out and put in an all time highs on the back of a rise in crude oil which continued to rise on an EIA inventory report which saw a larger than expected decrease in supply. The US dollar saw a slight rebound after recent selling.

In-depth look of daily news at Briefing.com (CLICK HERE)

In-depth look at after hours movers (CLICK HERE)


Economic Calendar

Today

  • July 19: Building Permits – Actual: 1.25M  Forecast: 1.20M  Previous: 1.17M

    • Building permits came in higher than expected which is a leading indicator of future construction and expenditures.
  • July 19: Crude Oil Inventories – Actual: -4.7M  Forecast: -3.6M  Previous: -7.6M
    • A decrease in crude oil supplies saw oil continue to rally.

 

Upcoming Reports

  • July 20: Unemployment Claims

 

FedWatch July 26 Rate Hike Probability for July 19: 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 rallied throughout the day and carried the momentum into the closing bell.
  • The TRIN closed at 0.67. A 0.50 close or lower on a bullish day is a sign of a short term bearish reversal. Resistance may be reached in the next couple of days. Once the TRIN gets below 0.50, it could prove a useful intraday signal for a day trader or swing trader.

 


A Look Into the Heat Map

The market was consistently bullish with Basic Materials leading on the back of crude oil.

 

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

VIX – 9.89

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. The following companies are reporting earnings over the next several days:

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 19, 2017”

  1. Bill Trimborn Bill Trimborn says:

    Thanks, Solon!

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