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Market Recap September 6, 2017

September 6, 2017

By | 2 Comments

MR

 

MARKET SNAPSHOT
Dow21808.94+54.33(0.25%)
Nasdaq6393.29+17.74(0.28%)
SP 5002466.99+7.69(0.31%)
10-yr Note-12/322.102
NYSEAdv 1822Dec 1092Vol 813.0 mln
NasdaqAdv 1436Dec 1204Vol 1.87 bln

 

 

IN THE NEWS HIGHLIGHTS:

  • Investors attempt ‘buy-the-dip’ trade following Tuesday’s slide.
  • President Trump and House Democrats reach an agreement to extend the debt ceiling and fund the government for another three months.
  • Energy sector up along with crude oil prices.
  • US dollar closes flat.

 

RECAP– The markets rebounded today in recovery from yesterday’s selloff. Crude oil resumed a bullish trend as it closed above $49. The US dollar closed flat today halting bearish momentum.

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 6: 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 rallied back up today following its scare from yesterday.

 


A Look Into the Heat Map

Basic Materials led the market higher.

 

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

VIX – 11.66

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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2 Replies to “Market Recap September 6, 2017”

  1. Avatar KENNETHLAWRENCE says:

    Thanks, Solon. You and Hector are ideal filters for all the noise.

    1. Avatar HectorDuenas says:

      KENNETHLAWRENCE I love Solon’s report as well, the two reports are very complimentary.

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