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Market Recap July 31, 2017

July 31, 2017

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SP 5002470.26-1.80(-0.07%)
10-yr Note0/322.292
NYSEAdv 1565Dec 1384Vol 1.01 bln
NasdaqAdv 1294Dec 1548Vol 1.89 bln



  • Growth stocks weigh; Amazon (AMZN), Facebook (FB), Alphabet (GOOGL) show sizable losses.
  • Heavily-weighted financial sector outperforms amid broad strength.
  • Crude oil moves sharply higher, lifts energy stocks.
  • US dollar continues to see significant selling.


RECAP– The markets were mixed today as the Dow was up, S&P was flat, and the Nasdaq and tech were down on the day. Crude oil continued to rally as it passed the $50 mark. The US dollar continued to sell off as it did not find support at 93 and is approaching 92.

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

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

Economic Calendar


  • Nothing major today.


Upcoming Reports

  • August 1: ISM Manufacturing PMI
  • August 2: ADP Non-Farm Employment Change
  • August 2: Crude Oil Inventories
  • August 3: Unemployment Claims
  • August 3: ISM Non-Manufacturing PMI
  • August 4: Average Hourly Earnings m/m
  • August 4: Non-Farm Employment Change
  • August 4: Unemployment Rate


FedWatch September 20 Rate Hike Probability for July 31: 1.4% (View the probability chart here)

A Look At The S&P 500 Chart – KEY Levels

  • RSI is above 50.
  • On Balance Volume is below its moving average.
  • Last week was somewhat turbulent as the market tested against resistance. Resistance looks to be set at around 2480.
  • The market looks to be somewhat overextended and may be due for a correction soon.


A Look Into the Heat Map

Mixed day in the market as Financials outperformed while large-cap Technology companies sold off.


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

VIX – 10.26


Oil (USO)Bullish – Currently forming a bullish reversal pattern, and inverted cup and handle/ascending triangle. A low had been put in at $42, then again at $44, and now at $46. The bullish trigger for this should be above $47. Broke past our trigger which we previously identified. With the current momentum, it could run well to $50.
Ag (DBA)Bearish
GLD Bullish


UUP USD weighted ETF – Bearish – The US dollar has been on a bear run. We’re waiting for support to be put in as this run has been very significantWith the dollar breaking under 93, look for 92 to be the next level that support can potentially be formed.



The market is currently at resistance following a turbulent week where resistance was tested multiple times. This will be a big week of economic data as multiple reports will be released, including jobs data.

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 at 10, this continues to 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. We usually tend to see a sharp selloff in late summer or early autumn.

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One Reply to “Market Recap July 31, 2017”

  1. Avatar ThomasFlohr says:

    Thank You Solon !!

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