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Market Recap – Tuesday, May 15th 2018

May 15, 2018

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SP 5002711.45-18.68(-0.68%)
10-yr Note-19/323.071
NYSEAdv 1075Dec 1835Vol 800.5 mln
NasdaqAdv 1360Dec 1488Vol 2.08 bln


  • Stocks pull back following an impressive start to the month.
  • Treasury yields return to multi-year highs; 10-yr yield comfortably above 3.00%.
  • Crude oil flat.
  • US dollar continues to rise.


RECAP– The market pulled back today as it sold off following the opening bell before consolidating. Crude oil was exceptionally volatile today as it rose as high as $71 before crashing back down and closing flat on the day. The US dollar continues to rise as it closed above 93 Dollar Index.

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Economic Calendar


  • May 15: Core Retail Sales m/m – Actual: 0.3% Forecast: 0.5%  Previous:  0.4%
    • Core retail sales excludes automobiles which tends to be volatile and last month’s figure came in lower than expected.
  • May 15: Retail Sales m/m – Actual: 0.3% Forecast: 0.4%  Previous:  0.8%
    • Consumer spending came in lower than expected last month, but is still relatively high.


Upcoming Reports

  • May 16: Building Permits
  • May 16: Crude Oil Inventories
  • May 17: Unemployment Claims


FedWatch June 13 Rate Hike Probability for May 15:  100.0% (View the p robability 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 has been experiencing major volatility over the past three months.
  • The market is in consolidation for the past month as it steadies itself in search of a new trend.
  • The market has had a very bullish run last week. Previous short term resistance of 2720 was broken and the market looks to be putting in a new “higher high”. The market looks to be slowing down just shy of the 2740 area, although a bearish pivot has not yet formed. With a “higher low”  and a “higher high” currently in place, this is beginning to look like a bottoming pattern.
  • The market pulled back today as it sold off following the opening bell before consolidating.


A Look Into the Heat Map

The market showed broad weakness in today’s selloff.


(click on symbol for chart)
SPX – Neutral – (Turning slightly bullish, but could hit resistance soon)
DOW– Neutral
Nasdaq– Neutral
Russell – Neutral

VIX – 14.63


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


UUP USD weighted ETF – Slightly bullish – The US dollar looks to have put in a new support of 92 on the Dollar Index as it looks to be rounding out and possibly breaking out.



The market looks to be bottoming out in its medium-long term trend, but could be overextended on the short term and in need of a pullback.

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