Table of Contents:
Systems Update Reversion to mean and KISS Trend
1. General Market Analysis: SPX and Other Major Indices
2. Indicators and Bonds (TLT/JNK)
3. Major Sectors
4. US Dollar, Commodities, Precious Metals and GDX
5. Trade Ideas
On Tuesday morning the market sold but then quickly recovered and rallied up to a new high, perfectly tagging the 200 day MA on the SPX, and the weekly ATR average true range) and then reversed off these major resistance areas yesterday afternoon. It was to be expected for the market to get rejected at the 200 day MA on the first re-test. This morning the market gapped down strongly on the open and proceeded to sell off for the last couple hrs, however it then found support and put in a decent recovery bounce in the afternoon but sold off the last hr with the SPX closing down 31 points.
Remember guys: topping is a process, where's bottoming tends to be a one event thing.
The indexes still remain in these tight uptrend channel patterns (have not broken). However in the short-term we are monitoring today's lower high bounce within the confines of a downtrend channel with the lower high being a wave b or 2 (see the 15 and 10 min SPX views).
The systems continue to kick ass, what else can I say? The ES Bear Long remains long, no changes and no other systems have taken any trades (we need volatility for that).
The KISS daily systems have done well this time, from their market re-entry long in mid July with 6 higher low DVT's now in place to protect profits.
I'm not seeing much in the idea of trade ideas. On Tuesday Steve added the inverse ETF's SPXU and SQQQ as quick shorts on the market and those played out this morning.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number (very few in volatile market). Lastly, it's best to wait at times for valid setups to form - sometimes less is more. Big moves tend to occur first and last hour and overnight sessions.
Major Indexes | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
---|---|---|---|---|---|
Dow Jones | INDU - W | DIA - W | -0.50% | 0.65% | 33,980.32 |
S&P 500 | SPX - W | SPY - W | -0.72% | -0.14% | 4,274.04 |
Wilshire 5000 | WLSH - W | -0.94% | -0.38% | 42,704.82 | |
Nasdaq | COMPQ - W | -1.25% | -0.84% | 12,938.12 | |
NDX 100 | NDX - W | QQQ - W | -1.21% | -0.70% | 13,470.86 |
Russel 2000 (Small Caps) | IWM - W | -1.68% | -1.37% | 197.61 |
Market Sectors | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
---|---|---|---|---|---|
Transports | TRAN - W | IYT - W | -1.94% | -1.53% | 14,915.48 |
Banks | BKX - W | -1.00% | -0.41% | 114.39 | |
Financials | XLF - W | -0.50% | 0.20% | 35.63 | |
Brokers | XBD - W | -0.43% | 0.40% | 468.45 | |
XLE (Energy Select) | XLE - W | 0.83% | -1.36% | 77.40 | |
Oil Service Holders | OIH - W | 0.34% | -5.12% | 230.39 | |
Technology | XLK - W | -0.71% | -0.36% | 150.07 | |
Semiconductor | SOX - W | SMH - W | -2.48% | -3.19% | 2,970.12 |
Communication Services | XLC - W | -1.94% | -1.39% | 58.73 | |
Retail | XRT - W | -2.85% | 1.13% | 72.23 | |
Consumer Staples | XLP - W | -0.29% | 1.84% | 76.90 | |
Consumer Discretionary | XLY - W | -1.08% | 0.71% | 171.11 | |
Industrials | XLI - W | -0.80% | -0.11% | 99.73 | |
Real Estate | IYR - W | -0.42% | -0.30% | 102.38 | |
Homebuilders | HGX - W | XHB - W | -1.36% | -1.36% | 417.97 |
Materials | XLB - W | -1.37% | -0.89% | 80.40 | |
Metals And Mining | XME - W | -2.67% | -3.37% | 50.72 | |
Biotechnology | BTK - W | XBI - W | -1.69% | -1.74% | 4,963.56 |
Healthcare | XLV - W | -0.58% | -0.35% | 133.15 | |
Drugs | DRG - W | -0.47% | -0.58% | 800.69 | |
Utilities | UTIL - W | XLU - W | 0.00% | 1.18% | 1,053.86 |
Currencies | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
---|---|---|---|---|---|
US Dollar | UUP - W | 0.14% | 0.99% | 28.53 | |
Euro | XEU - W | FXE - W | 0.09% | -0.81% | 101.82 |
Yen | XJY - W | FXY - W | -0.64% | -1.20% | 74.04 |
Australian | XAD - W | FXA - W | -1.28% | -2.72% | 69.34 |
British Pound | XBP - W | FXB - W | -0.38% | -0.78% | 120.47 |
Chinese Yuan | CYB - W | 0.11% | -0.80% | 25.49 | |
Canadian Dollar | CDW - W | FXC - W | -0.50% | -1.04% | 77.45 |
Swiss Franc | XSF - W | FXF - W | -0.21% | -1.10% | 105.06 |
Cryptocurrencies | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
---|---|---|---|---|---|
Bitcoin | BTCUSD - W | -1.95% | -3.78% | 23,394.00 | |
Bitcoin Cash | BCHUSD - W | -1.08% | -3.23% | 134.96 | |
Etherium | ETHUSD - W | -1.43% | -4.43% | 1,850.30 | |
Monero | XMRUSD - W | 0.07% | 2.56% | 169.38 | |
Litecoin | LTCUSD - W | -0.72% | -3.59% | 60.89 | |
Ripple | XRPUSD - W | 1.43% | 1.81% | 0.38 |
Commodities | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
---|---|---|---|---|---|
Commodities | DBC - W | 0.39% | -1.95% | 25.58 | |
Crude Oil | WTIC - W | USO - W | 1.83% | -4.32% | 88.11 |
Gasoline | GASO - W | 1.93% | -2.52% | 2.71 | |
Natural Gas | NATGAS - W | UNG - W | -0.91% | 5.43% | 9.24 |
Copper | COPPER - W | JJCB - W | -1.13% | -2.32% | 3.58 |
Agriculture | DBA - W | 0.00% | -2.18% | 20.21 | |
Corn | CORN - W | CORN - W | 0.29% | -4.71% | 612.00 |
Wheat | WHEAT - W | WEAT - W | -2.77% | -3.16% | 780.50 |
Coffee | JO - W | 0.12% | -3.54% | 59.70 | |
Sugar | CANE - W | 0.00% | -2.40% | 8.95 |
Precious Metals | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
---|---|---|---|---|---|
Gold Metal | GLD - W | -0.65% | -2.10% | 164.35 | |
Silver | SLV - W | -1.72% | -4.80% | 18.25 | |
Platinum | PPLT - W | -1.26% | -3.84% | 85.86 | |
Palladium | PALL - W | -0.37% | -3.16% | 198.76 | |
GDX Gold Miners ETF | GDX - W | -3.55% | -5.29% | 25.78 |
Bonds | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
---|---|---|---|---|---|
High Yield Corporate Bond | HYG - W | -1.03% | -1.67% | 77.62 | |
TLT 20 Year Bond ETF | TLT - W | -1.04% | -0.72% | 114.72 | |
10 Year Treasury Yield | TNX - W | 2.44% | 1.54% | 28.93 | |
30 Year Treasury Yield | TYX - W | 1.06% | 0.90% | 31.46 |
Release | ET | For | Trading Impact | Forecast | Consensus | Prior |
---|---|---|---|---|---|---|
Aug 15 | ||||||
Empire State Manufacturing | 08:30 | Aug | Low | 8.5 | 5.0 | 11.1 |
NAHB Housing Market Index | 10:00 | Aug | Medium | 56 | 55 | 55 |
TIC Net Long-Term Transactions | 16:00 | Jun | Low | NA | NA | $155.3B |
Aug 16 | ||||||
Housing Starts | 08:30 | Jul | High | 1550K | 1543K | 1599K |
Building Permits | 08:30 | Jul | High | 1630K | 1647K | 1696K |
Industrial Production | 09:15 | Jul | Medium | 0.5% | 0.3% | 0.0% |
Capacity Utilization | 09:15 | Jul | Medium | 80.4% | 80.2% | 79.9% |
Aug 17 | ||||||
MBA Mortgage Applications Index | 07:00 | 08/13 | Low | NA | NA | 0.2% |
Retail Sales | 08:30 | Jul | High | 0.1% | 0.2% | 0.8% |
Retail Sales ex-auto | 08:30 | Jul | High | 0.2% | 0.1% | 0.9% |
Business Inventories | 10:00 | Jun | Low | 1.5% | 1.5% | 1.4% |
EIA Crude Oil Inventories | 10:30 | 08/13 | High | NA | NA | +5.45M |
FOMC Minutes | 14:00 | July 26-27 | High | NA | NA | NA |
Aug 18 | ||||||
Initial Claims | 08:30 | 08/13 | High | 265K | 266K | 262K |
Continuing Claims | 08:30 | 08/06 | High | NA | NA | 1428K |
Philadelphia Fed Index | 08:30 | Aug | Low | -6.0 | -4.0 | -12.3 |
Existing Home Sales | 10:00 | Jul | High | 4.91M | 4.85M | 5.12M |
Leading Economic Index | 10:00 | Jul | Low | NA | NA | -0.8% |
EIA Natural Gas Inventories | 10:30 | 08/13 | Low | NA | NA | +44 bcf |
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