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Market Recap September 7, 2017

September 7, 2017

By | 1 Comment

MR

 

MARKET SNAPSHOT
Dow21786.08-22.86(-0.10%)
Nasdaq6397.84+4.55(0.07%)
SP 5002466.55-0.44(-0.02%)
10-yr Note+16/322.048
NYSEAdv 1502Dec 1394Vol 786.7 mln
NasdaqAdv 1271Dec 1362Vol 1.99 bln

 

IN THE NEWS HIGHLIGHTS:

  • ECB leaves interest rates unchanged; ECB President Draghi says the central bank will make a decision on its QE program later this year.
  • House Speaker Ryan voices support for Wednesday’s extension deal between President Trump and Democratic lawmakers.
  • Financial sector lags while technology and health care groups outperform.
  • Crude oil flat.
  • US dollar continues to drop.

 

RECAP– The markets closed flat today despite plenty of newsworthy catalysts. Crude oil remained flat on the day despite an increase in supplies. The US dollar continued to sell off, putting a new low with no distinguishable level of support in sight.

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

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


Economic Calendar

Today

  • September 7: Unemployment Claims – Actual: 298K  Forecast: 245K Previous: 236K
    • This is a really negative figure as it is the closest that new unemployment claims nearly topped 300K in over 2 years. The last time unemployment claims topped this number was on March 5, 2015 when it recorded 320K. This is just one week’s worth of data and not a trend, but this was very unexpected.
  • September 7: Crude Oil Inventories – Actual: 4.6M  Forecast: 4.1M Previous: -5.4M

 

Upcoming Reports

  • Nothing major left this week.

 

FedWatch September 20 Rate Hike Probability for September 7: 1.4% (View the probability chart here)


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

  • RSI is at 50.
  • On Balance Volume is above its moving average.
  • The market is somewhat neutral with a slight bullish skew. It’s currently trading within a range that was created with a high of around 2480 (2490 was briefly tested) and a low of 2420.
  • Over the past month, there were some significant selloffs which means that volatility has steadily re-entered the market.

 


A Look Into the Heat Map

The Market was very polarized today with most Financials generally suffering while large-cap Technology, Industrial Goods, Utilities, and Healthcare were up.

 

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

VIX – 11.55

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 7, 2017”

  1. Avatar KENNETHLAWRENCE says:

    Thanks, Solon!

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