The Closing Print live trading and financial blog during market hours.

It has been a busy weekend, having made another trip back to New Jersey to retrieve our remaining belongings. The wife and I are exhausted, after 10 hours on the road back to Jersey and 10 hours back in the same weekend. Please bear with me as this post will replace the weekend video for the week. The format is the same.

My apologies for those of you who like the video and dislike reading. Insert a bit of sarcasm on my part.

We start every week with a review of the previous week, so here is a screencap of the important points to focus on this week.

The Opening Monologue

Everyone knows the US market indices were under selling pressure last week. Japan and the United Kingdom faired best. That said, the most important data to note is at the bottom, as there were (2) bullish, (14) neutral, and (4) bearish indicators to end the week.

Click to enlarge

Proceed with caution.

Indices were weak as they printed bases. We will wait until institutions are ready to start buying again. If they do SPX/SPY absolute gamma resistance exists at 3500/350 respectively. Support is the put wall at 3200/320.

Monthly OPEX – Expected moves for the week.

SPY is printing a base. We will wait patiently for institutions to show us which direction they plan to take the markets. SPY expected move for the week is (+/- 10.28) into September OPEX.

That gives us a 100 point range with futures presently (+24 points) in the Globex session tonight.

QQQ Expected move for the week (+/- 10.98)

IWM Expected move for the week (+/- 5.57)

Bonds / Yields

Caution is warranted as bonds are flat. Yields pulled in to close the week. Despite the lack of momentum in treasuries, high yield and junk bonds show a lack of concern at the moment. Both are bullish and printing a base just under 52-week highs. The bond stock ratio is bearish to neutral.

Currencies

The British pound weakened versus the US dollar last week, benefitting the FTSE in the process. The dollar is basing, forming a rounding bottom, with RSI pointing to a potential bullish follow through.

Click to enlarge

Commodities

Gold is flat for the past few weeks. Crude is weak. Copper suggests strength in construction-related stocks. Look for builders and home improvement to remain bullish.

Sectors

Watch for strength in materials (XLB), financials (XLF), industrials (XLI), and transportation stocks (IYT), as the XLY/XLP ration remains bullish.

Stocks on the watchlist: IBD and DOW Industrials

ADBEAMDALAMBABABIGDHIDGDOYUIRLOWNVDAPANWPKITHO
AAPLCATDDHDKOMMMMRKNKEVZ

The bottom line? I’m personally waiting for the indices to form a base. We have support at 3200 and resistance at 3500. OPEX is this week.

Check my youtube channel in the morning before the opening bell for the live link to the broadcast.

https://www.youtube.com/user/CousinVinnyDayTrade

Thanks again for your patience as we transition to our new offices in Myrtle Beach, South Carolina, and consider joining us in the trading room for our Youtube LIVE broadcast during market hours. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.

Happy Trading, 

Vinny

Want to become a member? Check details here:

Disclaimer:  Do your Own Research

Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional investment advisor in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Trades and or positions listed and taken from the watchlist are my own and should not be considered “advice” to enter any particular position or asset.

Investment Warnings

We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.

Live Sessions

Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned. 

*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. 

As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends. 

These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.