|NYSE||Adv 2319||Dec 627||Vol 794.9 mln|
|Nasdaq||Adv 1691||Dec 885||Vol 1.81 bln|
IN THE NEWS HIGHLIGHTS:
- Hurricane Irma weakens; investors dial back estimates for economic damage.
- North Korea decides against weekend missile launch.
- Financials bounce back from last week’s decline, lead broader market.
- Crude oil closes slightly higher following brief selloff.
- US dollar rallies.
RECAP– The markets roared back today as the indices put in new highs. Crude oil sold off in the morning, but recovered to close higher. The US dollar bounced back with strength following its multi-year low.
In-depth look of daily news at Briefing.com (CLICK HERE)
In-depth look at after hours movers (CLICK HERE)
- Nothing major today.
- September 12: JOLTS Job Openings
- September 13: PPI m/m
- September 13: Crude Oil Inventories
- September 14: CPI m/m
- September 14: Core CPI m/m
- September 14: Unemployment Claims
- September 15: Core Retail Sales m/m
- September 15: Retail Sales m/m
FedWatch September 20 Rate Hike Probability for September 11: 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 above its moving average.
- The market was in consolidation pattern and broke out today. The market has quickly approached 2490 which served as previous resistance.
A Look Into the Heat Map
The market was broadly bullish today as it rallied today.
VIX – 10.73
UUP – USD weighted ETF – Bearish
SOLON’S TRADING THOUGHTS
The market broke out to start the week and it has quickly approached its prior level of resistance. As momentum slows down, be prepared to buy protective puts as they are becoming cheap again. There is still plenty of uncertainty in this market as valuations remain high and catalysts such as North Korea, Hurricane Irma, Trump’s White House, and others have been easily able to shock the market in the past month.
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