|NYSE||Adv 1285||Dec 1641||Vol 791.5 mln|
|Nasdaq||Adv 1353||Dec 1482||Vol 1.97 bln|
IN THE NEWS HIGHLIGHTS:
- Stocks attempt to bounce back from last week’s decline.
- General Electric (GE) slashes quarterly dividend, lowers guidance for 2018.
- Crude oil closes flat.
- US dollar closes higher following the weekend open.
RECAP– The market sold off overnight to gap lower in the morning but rallied sharply following the open to close the day slightly higher. Crude oil traded flat for most of day with the exception of a sharp mid-day selloff which it recovered from before the close. The US dollar gapped higher following the weekend open and closed slightly higher amid a lot of volatility.
In-depth look of daily news at Briefing.com (CLICK HERE)
In-depth look at after hours movers (CLICK HERE)
- Nothing major today.
- November 14: Fed Chair Yellen Speaks
- November 14: PPI m/m
- November 15: CPI m/m
- November 15: Core CPI m/m
- November 15: Core Retail Sales m/m
- November 15: Retail Sales m/m
- November 15: Crude Oil Inventories
- November 16: Unemployment Claims
- November 17: Building Permits
FedWatch December 13 Rate Hike Probability for November 13: 100.0% (View the probability chart here)
A Look At The S&P 500 Chart – KEY Levels
- RSI is near 70 signifies that the market is approaching levels where it may be overbought.
- On Balance Volume is above its moving average.
- The market has been on a consistent bull run since mid-August and despite showing signs of overextension, doesn’t show signs of slowing down. There has been a slight pull-back in the past few days.
A Look Into the Heat Map
The main story of the day is the drop in General Electric (GE) which slashed dividends and was made evident in the heat map.
VIX – 11.50
UUP – USD weighted ETF – Bullish – With the US Dollar breaking 94 on the dollar index, the reversal is complete and it now serves as confirmation on a new bullish trend.
SOLON’S TRADING THOUGHTS
With the market continuing on its long time bullish run, it would be hard to bet against it. There has been a slight pullback over the past few days, but not enough to call it a retracement or reversal.
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