|NYSE||Adv 1075||Dec 1835||Vol 800.5 mln|
|Nasdaq||Adv 1360||Dec 1488||Vol 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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- 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.
- 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.
VIX – 14.63
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.
SOLON’S TRADING THOUGHTS
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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