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Market Recap – Tuesday, July 10th 2018

July 10, 2018

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MARKET SNAPSHOT
Dow24919.66+143.07(0.58%)
Nasdaq7759.22+3.00(0.04%)
SP 5002793.58+9.67(0.35%)
10-yr Note-1/322.866
NYSEAdv 1513Dec 1423Vol 709.4 mln
NasdaqAdv 1176Dec 1795Vol 1.7 bln
IN THE NEWS HIGHLIGHTS:
  • Buying momentum as stocks looks to extend a three-session winning streak.
  • Heavily-weighted financial sector lags; tech group also underperforms.
  • Consumer staples rally after upbeat earnings report from PepsiCo (PEP).
  • Crude oil slightly higher following volatile trading.
  • US dollar closes flat.

 

RECAP– The market continued to trade higher today although it looks like momentum has slowed down as resistance of 2800 has been met. Crude oil finished the day slightly higher following a volatile trading session that was all over the map. The US dollar spiked early prior to closing flat heading into the close.

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

  • July 11: Crude Oil Inventories
  • July 12: CPI m/m
  • July 12: Core CPI m/m
  • July 12: Unemployment Rate

 

FedWatch August 1 Rate Hike Probability for July 10  2.5% (View the probability chart here)


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

  • RSI is above 50 signifies some form of bullishness.
  • On Balance Volume is above its moving average.
  • The market had been in consolidation for the better part of a week and a half confined to a range between 2700 and 2740.
  • Pressure was building in that range, ready for a break in either direction. The market broke to the upside on Friday and carried that momentum into today.
  • The market traded sideways today with a slight bullish skew as clear resistance was put in under 2800.
  • The sharp selloff after the market close is worrisome heading into tomorrow’s open.

 


A Look Into the Heat Map

The market was lethargic today with Consumer Goods outperforming and Utilities rebounding.

 

(click on symbol for chart)
SPX – Bullish 
DOW– Bullish
Nasdaq– Bullish
Russell – Bullish

VIX – 12.64

COMMODITIES

Oil (USO)Bullish
Ag (DBA)Neutral
GLD Neutral 
SLVNeutral 

THE DOLLAR

UUP USD weighted ETF – Bullish – The fundamentals in the dollar have been bullish and I’d expect it to stay that way against other weakening currencies.

 


SOLON’S TRADING THOUGHTS

This should serve as a slow week for news. There aren’t many notable economic reports or FOMC activity that should move the markets a whole lot in either direction. Look for the bullish sentiment to continue for a little longer until it hits that resistance level of 2790. After that we will see if the market has any more momentum to break out further, but I would expect 2790 to hold for now.

The sharp market selloff after the close is very worrisome. Watch the futures market carefully overnight as it should give a signal to tomorrow’s open.


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