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Market Recap September 5, 2017

September 5, 2017

By | 1 Comment

MR

 

MARKET SNAPSHOT
Dow21754.61-234.25(-1.07%)
Nasdaq6375.55-59.76(-0.93%)
SP 5002459.30-18.70(-0.75%)
10-yr Note+28/322.07
NYSEAdv 881Dec 2059Vol 907 mln
NasdaqAdv 952Dec 1834Vol 1.87 bln

 

IN THE NEWS HIGHLIGHTS:

  • North Korea conducts its sixth nuclear test on Sunday: caution returns to capital markets.
  • Financial sector noticeably weak as long-term rates drop on safe-haven positioning; insurers drop on Hurricane Irma exposure concerns.
  • Passenger unit revenue warnings from Delta (DAL) and Spirit (SAVE) pressures airline stocks.
  • Angst over Congress’ ability to reach agreement on budget and debt limit without any eleventh-hour drama.
  • Energy sector up along with crude oil prices.
  • US dollar continues to weaken.

 

RECAP– The markets sold off hard coming off of Labor Day Weekend as concerns remain on North Korea as well as Hurricane Irma. Crude oil resumed a bullish trend as it bounced off intraday resistance of $49. The US dollar continued to show weakness as it stopped short of hitting 92.

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

  • September 6: ISM Non-Manufacturing PMI
  • September 7: Unemployment Claims
  • September 7: Crude Oil Inventories

 

FedWatch September 20 Rate Hike Probability for September 5: 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 sold off today in the morning but recovered some of its loss in the afternoon.

 


A Look Into the Heat Map

The market sold off today led by heavy selling in Financials. Basic Materials saw a healthy bounce up due to oil as did Utilities.

 

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

VIX – 12.23

COMMODITIES

Oil (USO)Bullish – Support of $46 was tested, and crude looks to be resuming another bullish run.
Ag (DBA)Bearish
GLD Bullish 
SLVBearish

THE DOLLAR

UUP USD weighted ETF – Bearish

 


SOLON’S TRADING THOUGHTS

As anticipated last week, the rally heading into Labor Day Weekend ended with the holiday itself. The market sold off hard today on the many concerns surrounding it, not least which being the nuclear threat of North Korea, Hurricane Irma, among others. Tis the season for volatility, and volatility can spike at a moment’s notice with anything being the catalyst. Make sure to hedge when volatility is low and puts are cheap.


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One Reply to “Market Recap September 5, 2017”

  1. Avatar KENNETHLAWRENCE says:

    Thanks, Solon!

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