TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
TheStrategyLab Reviews: http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
TheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://stocktwits.com/wrbtrader (24/7)
http://twitter.com/wrbtrader (24/7)


click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $1075.00 dollars or +21.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1075.00 dollars

Disclaimer: Today's trading performance is not an indication of my future performance and not an indication of the future performance for any trader that decides to learn/apply WRB Analysis.

Russell 2000 Emini RTY Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup (formerly as TF @ The ICE)
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Today's Trade Log: All of my live trades are posted real-time in the timestamp ##TheStrategyLab free chat room via the user name wrbtrader for anyone to do a real-time review. The live trade is posted 3.2 seconds on average after the trade confirmation via an auto script to minimize delays in posting of my trades. You can review today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion. In addition, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility even though the free chat room is not design to be an education chat room because the education is only performed at the forums in the private threads. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=170&t=2629

##TheStrategyLab Chat Room is free. The free chat room is not a signal calling trading room. I do not mentor (never have) although I get many requests to do mentoring. There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. Thus, the primary purpose of TheStrategyLab free chat room is for you to use as your trade journal so that you can use as valuable feedback and for members to help each other...as in more eyes on the market. In addition, we highly recommend that you use the free chat room with a professional trade journal software like tradebench.com, edgewonk.com, tradervue.com, tradingdiarypro.com, stocktickr.com, journalsqrd.com, tradingdiary.pro, mxprofit.com or trademetria.com because they can provide you with the quantitative statistical analysis of your trading. You can then download your results and post them in your private thread at the forum. Also, you can use TheStrategyLab free chat room to ask real-time WRB Analysis questions. Yet, please do not post your brokerage statements in the free chat room. Instead, its highly recommended that you only post your brokerage statements in your private thread for security reasons. TheStrategyLab free chat room is on IRC via users request because the IRC servers are located in many different countries, software in many different languages, many different mobile apps and many different types of social media software can be used to log in. I'm the moderator of the free chat room via the user name wrbtrader. Thus, I keep the peace between members without hesitation in removing trouble makers so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets without being trolled.

TheStrategyLab free chat room is not for traders looking for someone to hold their hands and tell them when to buy or sell. TheStrategyLab is for you to post your real-time analysis or trades so that you can review as feedback for any trading day to provide valuable information about the results in your broker statements. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164


Also, posted below for you to review are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=327&t=3486 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives for easy review to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker PnL statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.


click on the above image to view today's price action of key markets


The Market at 04:25PM ET
Dow: -87.80… | Nasdaq: -19.07… | S&P: -8.47…
NASDAQ Vol: 1.52 bln… Adv: 1249… Dec: 1566…
NYSE Vol: 682.0 mln… Adv: 1525… Dec: 1358…

Moving the Market

President Trump threatens government shutdown if his promised barrier along the U.S.-Mexico border doesn't secure funding

New York Times article highlights rift between President Trump and Senate Majority Leader McConnell

Sector Watch
Strong: Financials, Energy, Materials, Telecom Services, Real Estate
Weak: Consumer Discretionary, Industrials, Health Care
04:25PM ET

[BRIEFING.COM] The equity market moved modestly lower on Wednesday amid concerns of a potential government shutdown and following a New York Times article that highlighted a rift between President Trump and Senate Majority Leader Mitch McConnell. The Nasdaq (-0.3%) and the Dow (-0.4%) settled roughly in line with the S&P 500, which dropped 0.4%. The major averages closed the session near the bottom of their relatively narrow trading ranges.

Soon after Wall Street cheered Tuesday reports suggesting that White House aids and Congressional leaders have worked together to make significant strides in framing a tax-reform proposal, the New York Times published an article that painted the relationship between Congress and the White House in a different light. Specifically, the NY Times reported that President Donald Trump and Senate Majority Leader Mitch McConnell haven't spoken to one another in weeks.

Mr. McConnell said in an interview on Wednesday afternoon that he and President Trump are "committed to advancing [their] shared agenda together and anyone who suggests otherwise is clearly not part of the conversation." The equity market did not react to the senator's remarks.

It's also worth mentioning that, on Tuesday night, President Trump put the possibility of a government shutdown on the table if he is unable to secure funding for his promised barrier along the U.S.-Mexico border and expressed his belief that the U.S. will likely pull out of the North American Free Trade Agreement (NAFTA). Both actions would likely ruffle some feathers within the GOP.

The aforementioned headlines don't bode well for the belief that Mr. Trump will be able to work with Congress in passing the pro-growth promises of his presidential campaign. However, it's also important to not lose sight of the fact that Wednesday's slide was modest in scope and retraced only a small portion of Tuesday's rally. The S&P 500 still trades solidly higher for the week, up 0.8%.

Eight of the eleven sectors finished Wednesday's session in negative territory with the consumer discretionary (-0.8%), industrials (-0.9%), and health care (-0.7%) sectors leading the retreat. One of the consumer discretionary space's weakest components was Lowe's (LOW 73.01, -2.81), which dropped 3.7% in reaction to worse than expected earnings and disappointing earnings guidance.

Within the industrial space, transports showed notable weakness, sending the Dow Jones Transportation Average lower by 1.3%. However, on a positive note, Dow component United Technologies (UTX 117.03, +1.34) jumped 1.2% after the New York Post reported that an unidentified hedge fund has been accumulating a stake in the company and is pressuring the aerospace giant to spin off its non-core businesses.

On the flip side, the real estate (+1.0%), utilities (+0.3), and energy (+0.4%) spaces finished in the green. The energy sector benefited from a rise in the price of crude oil, which climbed 1.2% to $48.41/bbl. The commodity was trading modestly lower in the morning session, but moved sharply higher after the Energy Information Administration (EIA) reported that U.S. crude stockpiles declined by 3.3 million barrels for the week ended August 18.

In the bond market, U.S. Treasuries rallied in a curve-flattening trade on Wednesday with the 10-yr yield dropping four basis points to 2.17% and the 2-yr yield ticking one basis point lower to 1.31%.

Reviewing Wednesday's economic data, which included July New Home Sales and the weekly MBA Mortgage Applications Index:

New Home Sales in July hit an annualized rate of 571,000, which is below the revised June rate of 630,000 (from 610,000), and lower than the Briefing.com consensus of 615,000.
The key takeaway from the report is that new home sales growth is continuing at a frustratingly slow pace despite the tailwinds of low mortgage rates and low unemployment.
The weekly MBA Mortgage Applications Index ticked down 0.5% to follow last week's 0.1% increase.

On Thursday, investors will receive two pieces of economic data--the weekly Initial Claims Report (Briefing.com consensus 237K) and July Existing Home Sales (Briefing.com consensus 5.56 million). The two reports will be released at 8:30 ET and 10:00 ET, respectively.

Nasdaq Composite +16.6% YTD
Dow Jones Industrial Average +10.4% YTD
S&P 500 +9.2% YTD
Russell 2000 +0.9% YTD

Dow: -87.80… | Nasdaq: -19.07… | S&P: -8.47…

NASDAQ Adv/Dec 1249/1566. …NYSE Adv/Dec 1525/1358.

03:15PM ET

[BRIEFING.COM] Commodities end the day higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.35% at 83.2723
Dollar index is down 0.43% at 93.14.
Oct WTI crude rallied to regain most of the losses experienced on Monday, following EIA Inventory data today.
Crude oil inventories had a draw of 3.3 mln barrels
Futures settled $0.59 higher to $48.44/barrel.
In other energy, Sept natural gas settled down $0.03 at $2.93/MMBtu
Precious metals finish higher:
Dec gold gained $3.80 to settle at $1294.70/oz, while September silver gained $0.06 to $17.05/oz
September copper lost $0.01 to $2.98/lb
Finally, agriculture:
September corn is $0.04 lower at $3.56/bu.
November soy is flat at $9.38/bu.
September wheat is flat at $4.30/bu.

Dow: -68.6… | Nasdaq: -14.98… | S&P: -6.3…

NASDAQ Adv/Dec 1337/1519. …NYSE Adv/Dec 1555/1299.

02:55PM ET

[BRIEFING.COM] Equity indices are hovering in the middle of their trading ranges moving into the final stretch. The Nasdaq and the Dow are trading roughly in line with the S&P 500, which currently shows a loss of 0.2%.

The U.S. Dollar Index (93.13, -0.29) has lost some ground today, dropping 0.3%, with the greenback losing 0.4% against the euro (1.1810) and 0.5% against the yen (109.03). Central bankers will kick off a three-day meeting in Jackson Hole, Wyoming on Thursday, but investors are expecting the meeting to be a nonevent. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are scheduled to speak on Friday.

HP (HPQ 18.95, -0.07) will headline tonight's earnings lineup while Dollar Tree (DLTR 74.08, -0.87), JM Smucker (SJM 119.02, -0.81), and Tiffany & Co (TIF 88.78, +0.28) will deliver their latest reports on Thursday morning.

Dow: -63.08… | Nasdaq: -13.19… | S&P: -5.87…

NASDAQ Adv/Dec 1369/1473. …NYSE Adv/Dec 1592/1263.

02:30PM ET

[BRIEFING.COM] The major U.S. indices continue to hover a step below their unchanged marks.

July New Home Sales crossed the wires early this morning, showing a disappointing annualized rate of 571,000 (Briefing.com consensus 615,000). The report underlined the notion that new home sales growth is continuing at a frustratingly slow pace despite the tailwinds of low mortgage rates and low unemployment. The iShares U.S. Home Construction ETF (ITB 33.18, -0.48) has slid 1.4% today in the wake of the reading.

Tomorrow, investors will receive two pieces of economic data--the weekly Initial Claims Report (Briefing.com consensus 237K) and July Existing Home Sales (Briefing.com consensus 5.56 million). The two reports will be released at 8:30 ET and 10:00 ET, respectively.

Dow: -72.30… | Nasdaq: -18.69… | S&P: -7.85…

NASDAQ Adv/Dec 1313/1550. …NYSE Adv/Dec 1541/1309.

02:00PM ET

[BRIEFING.COM] Stocks have been slipping as of late, sending the major averages back to their opening levels. The S&P 500 currently shows a loss of 0.4%.

The energy sector (+0.7%) is still going strong this afternoon as crude oil oil hovers near a fresh session high; the commodity is up 1.3% at a price of $48.45/bbl. However, for the month, the energy space still trades at the bottom of the leaderboard with a month-to-date loss of 5.8%. For comparison, the S&P 500 holds a month-to-date decline of 1.1% and the second weakest sector--consumer discretionary--has dropped 3.2% in August thus far.

In corporate news, Twitter (TWTR 16.86, +0.24) moved sharply higher in recent action, extending its gain to 1.4% from 0.5%, following chatter that Walt Disney (DIS 101.86, -0.91) is interested in buying the social media company. TWTR shares currently hover at their best level of the month.

Dow: -81.89… | Nasdaq: -28.98… | S&P: -9.71…

NASDAQ Adv/Dec 1238/1605. …NYSE Adv/Dec 1498/1345.

01:35PM ET

[BRIEFING.COM] The major U.S. indices have seen additional selling pressure since our last update as stocks surrender a portion of yesterday's gains.

A look inside the Dow Jones Industrial Average shows that Home Depot (HD 147.96, -1.95), Johnson & Johnson (JNJ 133.18,-1.52), & Boeing (BA 237.41, -2.34) are underperforming. Home Depot is the Dow's biggest laggard after DIY-retailing peer Lowe's (71.12, -4.70) reported light second quarter results.

Conversely, United Technologies (UTX 117.80, +2.11) is the best-performing Dow component after the New York Post reported than an unidentified hedge fund has been accumulating a stake and is pressuring the aerospace giant to spin off its non-core businesses.

For the week, the DJIA is currently up 0.73% following yesterday's rally.

Dow: -66.73… | Nasdaq: -23.52… | S&P: -8.11…

NASDAQ Adv/Dec 1268/1570. …NYSE Adv/Dec 1531/1307.

01:05PM ET

[BRIEFING.COM] The equity market has retraced a small portion of yesterday's rally today amid concerns of a possible government shutdown and following a reported rift between President Trump and Senate Majority Leader Mitch McConnell. The Nasdaq and the Dow trade roughly in line with the benchmark S&P 500, which is currently down 0.2%.

Investors pushed the stock market solidly higher on Tuesday, underpinned by a Politico report that the White House and Congressional leaders have made great progress on a tax reform effort. However, a New York Times report that President Trump and Senate Majority Leader Mitch McConnell have not spoken to one another in weeks suggests that relations between the White House and Congress aren't as cheerful as they appeared yesterday.

In addition, Mr. Trump threatened to shut down the government last night at a rally in Phoenix if he doesn't secure funding for his promised barrier along the U.S.-Mexico border. The president's comments come just a few weeks before lawmakers will begin budget and debt ceiling discussions.

Seven of the eleven sectors are trading in the red this afternoon with the consumer discretionary (-0.9%), industrials (-0.8%), and health care (-0.6%) groups pacing the retreat. The consumer discretionary sector's weakest component is Lowe's (LOW 71.18, -4.66), which has dropped 6.2% in reaction to worse than expected earnings and disappointing earnings guidance.

Within the industrial space, transports are struggling, evidenced by the 1.2% decrease in the Dow Jones Transportation Average. Airlines show particular weakness with names like American Airlines (AAL 44.42, -1.00), United Continental (UAL 63.21, -1.45), and Delta Air Lines (DAL 46.21, -0.94) showing losses between 2.0% and 2.3%.

On the flip side, the heavily-weighted financials sector is outperforming, up 0.1%, as are the lightly-weighted telecom services (+0.2%) and real estate (+0.9%) groups. Energy (+0.6%) also holds a gain, thanks in large part to crude oil's positive performance. The commodity is up 1.0% at $48.28/bbl, moving up from its flat line after the EIA reported a draw of 3.3 million barrels for the week ended August 18.

In the bond market, U.S. Treasuries are trading higher across the curve, pushing the benchmark 10-yr yield three basis points lower to 2.18%. The 2-yr yield is also down, dropping two basis points to 1.31%.

Reviewing today's economic data, which included July New Home Sales and the weekly MBA Mortgage Applications Index:

New Home Sales in July hit an annualized rate of 571,000, which is below the revised June rate of 630,000 (from 610,000), and lower than the Briefing.com consensus of 615,000.
The key takeaway from the report is that new home sales growth is continuing at a frustratingly slow pace despite the tailwinds of low mortgage rates and low unemployment.
The weekly MBA Mortgage Applications Index ticked down 0.5% to follow last week's 0.1% increase.

Dow: -49.40… | Nasdaq: -16.54… | S&P: -6.15…

NASDAQ Adv/Dec 1366/1442. …NYSE Adv/Dec 1616/1194.

12:30PM ET

[BRIEFING.COM] Equities have been trending sideways as of late, leaving the S&P 500 (-0.2%) within a two-point range over the last hour of action. Both the Nasdaq (-0.2%) and the Dow (-0.2%) trade in line with the benchmark index.

Within the Dow, United Technologies (UTX 118.02, +2.32) is by far the top performer, jumping 2.0% on the heels of a New York Post report suggesting that activist investor Dan Loeb's Third Point hedge fund has been buying up UTX shares, pressuring the defense contractor to spin off its core business. United Technologies is currently trading at a two-week high.

In the bond market, U.S. Treasuries have moved higher today in a curve-flattening trade; the 2-yr yield has slipped one basis point to 1.31% while the 10-yr yield has dropped three basis points to 2.18%.

Dow: -46.94… | Nasdaq: -16.57… | S&P: -5.67…

NASDAQ Adv/Dec 1380/1416. …NYSE Adv/Dec 1658/1148.

12:00PM ET

[BRIEFING.COM] The major averages have ticked up in recent action, hitting new session highs. The S&P 500 has trimmed its loss to 0.2%.

Transports have really struggled this morning, sending the Dow Jones Transportation Average lower by 1.3%. 18 of the DJTA's 20 components are showing losses with airlines leading the retreat; American Airlines (AAL 43.95, -1.45), United Continental (UAL 62.87, -1.83), and Delta Air Lines (DAL 46.03, -1.12) show losses between 2.4% and 3.1%. The US Global Jets ETF (JETS 28.56, -0.42) is down 1.5%, extending its five-week loss to 12.6%.

Five sectors are currently trading in the green--financials (+0.3%), energy (+0.7%), materials (+0.1%), telecom services (+0.3%), and real estate (+0.9%)--while six sectors are trading in the red--consumer discretionary (-0.8%), industrials (-0.6%), technology (-0.1%), health care (-0.4%), consumer staples (-0.4%), and utilities (-0.1%).

Dow: -38.61… | Nasdaq: -7.74… | S&P: -3.90…

NASDAQ Adv/Dec 1381/1403. …NYSE Adv/Dec 1616/1162.

11:30AM ET

[BRIEFING.COM] The stock market has given back a portion of Tuesday's advance this morning, but still trades solidly higher for the week. The S&P 500 currently holds a loss of 0.2% for the day, but a gain of 0.9% for the week.

Yesterday's rally was aided by a Politico report that President Trump's team and congressional leaders have made significant strides in shaping a tax overhaul, a positive sign that the White House can play nice with Congress. However, a recent New York Times article paints a somewhat conflicting picture, saying that Mr. Trump and Senate Majority Leader Mitch McConnell have not spoken to each other in weeks. The latter report has weighed on investor sentiment today as it doesn't do much to boost the market's confidence in the feasibility of a tax overhaul.

In addition, Mr. Trump said last night that he is willing to shut down the government if he doesn't secure funding for his promised barrier along the U.S.-Mexico border. The president's statement comes just a few weeks before lawmakers will begin budget and debt ceiling discussions.

Dow: -55.73… | Nasdaq: -12.25… | S&P: -5.00…

NASDAQ Adv/Dec 1310/1446. …NYSE Adv/Dec 1530/1226.

11:00AM ET

[BRIEFING.COM] The major U.S. indices are still trading lower this morning, but have reclaimed a small portion of their opening losses. The S&P 500 is currently hovering 0.2% below its unchanged mark.

Crude oil has been ticking up as of late after the Energy Information Administration (EIA) reported that U.S. crude stockpiles declined by 3.3 million barrels for the week ended August 18. The consensus expected a draw of 3.5 million barrels. The commodity held a loss of 0.2% going into the reading but now trades higher by 0.4% at a price of $48.01/bbl.

The energy sector (+0.5%) has also advanced in the wake of the EIA reading and currently hovers at its best mark of the morning. Only the lightly-weighted real estate group (+0.6%) holds a greater gain.

Dow: -59.35… | Nasdaq: -22.55… | S&P: -6.89…

NASDAQ Adv/Dec 1162/1559. …NYSE Adv/Dec 1465/1274.

10:50AM ET

[BRIEFING.COM] Commodities begin the day flat:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently flat at 83.0054
Dollar index is currently down 0.33% at 93.24.
Oct WTI crude is up on the day.
Futures are $0.21 higher to $48.04/barrel.
In other energy, Sept natural gas is up $0.009 at $2.93/MMBtu
On to metals:
Dec gold gained $2.50 and trades at $1293.50/oz, while Sept silver gained $0.018 to $17.00/oz
Sept copper lost $0.01 to $2.977/lb
Finally, agriculture:
Sept corn is $0.01 lower at $3.59/bu.
Nov soy is down $0.0325 at $9.3425/bu.
Sept wheat is up $0.03 at $4.32/bu.

Dow: -46.77… | Nasdaq: -15.34… | S&P: -5.23…

NASDAQ Adv/Dec 1195/1485. …NYSE Adv/Dec 1497/1218.

10:00AM ET

[BRIEFING.COM] The major averages continue drifting along near their opening marks.

Just in, New Home Sales in July hit an annualized rate of 571,000, which is below the revised June rate of 630,000 (from 610,000), and lower than the Briefing.com consensus of 615,000.

Dow: -57.26… | Nasdaq: -14.80… | S&P: -6.30…

NASDAQ Adv/Dec 1090/1513. …NYSE Adv/Dec 1093/1515.

09:45AM ET

[BRIEFING.COM] The major averages opened Wednesday's session in negative territory with the S&P 500 showing a loss of 0.4%.

Ten of the eleven sectors are trading in the red with losses ranging from 0.1% to 0.7%. Consumer discretionary (-0.7%) is the weakest sector, thanks in part to Lowe's (LOW 71.95, -3.87), which has dropped 5.1% in reaction to worse than expected earnings and disappointing earnings guidance. The lightly-weighted telecom services space (+0.1%) is the only sector currently trading in the green.

U.S. Treasuries are mostly higher with the benchmark 10-yr yield slipping three basis points to 2.19%. Today's only notable economic report--New Home Sales for July (Briefing.com consensus 615K)--will be released shortly at 10:00 ET.

Dow: -73.00… | Nasdaq: -21.00… | S&P: -7.71…

NASDAQ Adv/Dec 791/1761. …NYSE Adv/Dec 770/1809.

09:11AM ET

[BRIEFING.COM] S&P futures vs fair value: -10.00. Nasdaq futures vs fair value: -26.50.

The U.S. equity market is on track to open Wednesday's session in the red as the S&P 500 futures currently hover around ten points below fair value.

Last night, President Trump threatened a government shutdown if his plan to build a wall along the Mexican border does not get funding. Meanwhile, The New York Times posted a piece last night that made it sound as if the president and Senate Majority Leader McConnell aren't even on speaking terms at the moment -- or at least polite speaking terms.

These latest developments have given the bears an edge this morning as they aren't exactly engendering a great deal of confidence that the budget and debt ceiling discussions next month will have a harmonious ring to them.

In corporate news, Lowe's (LOW 72.52, -3.30) has dropped 4.4% in early action after missing bottom-line estimates and issuing disappointing earnings guidance. Meanwhile, Salesforce.com (CRM 92.95, +1.19) has slipped 1.2% despite beating both top and bottom line estimates and issuing above-consensus guidance.

On a positive note, American Eagle Outfitters (AEO 12.45, +1.21) has surged 10.8% after reporting better than expected earnings and revenues.

U.S. Treasuries are higher across the curve this morning with the benchmark 10-yr yield dropping three basis points to 2.19%. Meanwhile, the U.S. Dollar Index (93.24, -0.18) shows a loss of 0.2%.

On the data front, investors will receive just one notable economic report today--New Home Sales for July (Briefing.com consensus 615K)--which will be released at 10:00 ET.

08:50AM ET

[BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -21.90.

The S&P 500 futures trade eight points below fair value.

Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note while Hong Kong's Hang Seng was closed due to Typhoon Hato. New Zealand doubled its budget surplus forecast for the current fiscal year, but cut its growth forecast to 2.6% from 3.2% and lowered next year's outlook to 3.5% from 3.7%. Finance Minister Steven Joyce said another round of tax cuts will not be possible before 2020. U.S. Secretary of State Rex Tillerson said talks with North Korea could happen soon, considering North Korea has not conducted new missile or ballistic tests since the imposition of UN sanctions. China's Finance Ministry plans to roll over CNY600 billion worth of special bonds that were issued ten years ago to launch a sovereign wealth fund.

In economic data:
Japan's August Flash Manufacturing PMI 52.8 (expected 52.3; last 52.1) Singapore's July CPI +0.6% year-over-year (consensus 0.8%; last 0.5%)

---Equity Markets---

Japan's Nikkei added 0.3%. Showa Denko, Tosoh, J Front Retailing, Ebara, Fast Retailing, Nikon, Softbank, Sony, and Tokyo Electron gained between 0.9% and 4.6%. On the downside, JFE Holdings, Yaskawa Electric, Shiseido, Kobe Steel, and Hitachi Construction posted losses between 1.0% and 3.5%.
Hong Kong's Hang Seng was closed.
China's Shanghai Composite slipped 0.1%. Tangshan Sanyou Chemical, Xiamen Tungsten, Shanghai Lingang Holdings, Fangda Special Steel Technology, and Louyang Glass posted losses between 4.9% and 5.6%
India's Sensex rose 0.9% with help from most components. Growth-sensitive names like Adani Ports, Tata Steel, Infosys, Tata Motors, Reliance Industries, and Maruti Suzuki gained between 1.0% and 2.8%. On the downside, Sun Pharma fell 0.5% and Hindustan Unilever lost 1.1%.

Major European indices trade in negative territory. British Prime Minister Theresa May is reportedly no longer looking to completely cut ties with the European Court of Justice following Brexit, but looking to ensure the court does not have jurisdiction over the UK. European Central Bank President Mario Draghi spoke in Germany, defending the ECB's ultra-loose policy, adding that investors and policymakers should prepare for new challenges.

In economic data:
Eurozone August Flash Manufacturing PMI 57.4 (expected 56.3; last 56.6) and August Flash Services PMI 54.9 (expected 55.4; last 55.4)
Germany's August Flash Manufacturing PMI 59.4 (consensus 57.7; previous 58.1) and August Flash Services PMI 53.4 (expected 53.3; last 53.1)
France's August Flash Manufacturing PMI 55.8 (expected 54.5; last 54.9) and August Flash Services PMI 55.5 (consensus 55.8; previous 56.0)

---Equity Markets---

France's CAC is down 0.2%. Consumer names like Carrefour, L'Oreal, and Pernod Ricard are up between 0.1% and 0.9%. Automakers are mixed with Peugeot up 0.2% and Renault down 0.1% while financials trade mostly lower. AXA, Credit Agricole, BNP Paribas, and Societe Generale show losses between 0.3% and 0.8%.
UK's FTSE has shed 0.1%. Advertiser WPP has tumbled 10.3% in reaction to a weak outlook. Consumer names like Pearson, Paddy Power, Dixons Carphone, Merlin Entertainments, Barratt Developments, Persimmon, Burberry, and InterContinental Hotels show losses between 0.9% and 1.6%. On the upside, drugmakers like Hikma Pharmaceuticals, AstraZeneca, and GlaxoSmithKline are up between 1.0% and 2.5%.
Germany's DAX is lower by 0.3%. Deutsche Bank and BASF are up 0.3% and 0.2%, respectively. On the downside, Prosiebensat 1 has slid 2.8% while Continental, Volkswagen, and Lufthansa are down between 0.5% and 0.9.
Italy's MIB has slid 0.7%, surrendering its opening gain. Mediaset is down 1.8% while financials like UBI Banca, Banca Pop Emilia Romagna, UniCredit, Banca Generali, Mediobanca, and Intesa Sanpaolo hold losses between 0.8% and 2.2%.

08:29AM ET

[BRIEFING.COM] S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -18.80.

The S&P 500 futures currently trade seven points below fair value.

Wall Street rallied on Tuesday with the top-weighted technology sector pacing the advance and six of the eleven sectors finishing with gains of at least 1.0%. The benchmark S&P 500 hit some resistance at its 50-day simple moving average (2,450.29), but managed to break through the key technical level, finishing the session near its best mark of the day.

Following yesterday's advance, the benchmark index now hovers 1.1% below the record close (2,480.91) it posted a little over two weeks ago on August 7.

07:55AM ET

[BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -13.50.

Equity futures are pointing to a lower open this morning following a largely positive performance in Asia and amid a flat performance in Europe. The S&P 500 futures currently trade six points, or 0.3%, below fair value.

Last night, at a rally in Arizona, President Trump promised to build a wall on the U.S.-Mexico border, even if it means shutting down the government to secure the funding. The president also expressed his belief that the U.S. will likely terminate NAFTA at some point.

U.S. Treasuries are trading modestly higher this morning, sending the benchmark 10-yr yield one basis point lower to 2.20%. Meanwhile, crude oil is down 0.4% at $47.65/bbl, the U.S. Dollar Index (93.23, -0.19) is down 0.2%, and gold is up 0.3% at $1,294.89/ozt.

On the data front, investors will receive New Home Sales for July (Briefing.com consensus 615K) at 10:00 ET. Also of note, the weekly MBA Mortgage Applications Index ticked down 0.5% to follow last week's 0.1% increase.

In U.S. corporate news:

Lowe's (LOW 71.00, -4.82): -6.4% after missing bottom-line estimates and issuing disappointing earnings guidance.
Salesforce.com (CRM 91.89, -1.06): -1.1% despite beating both top and bottom line estimates and issuing above-consensus guidance.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note while Hong Kong's Hang Seng was closed due to Typhoon Hato. Japan's Nikkei +0.3%, China's Shanghai Composite -0.1%, India's Sensex +0.9%.
In economic data:
Japan's August Flash Manufacturing PMI 52.8 (expected 52.3; last 52.1) Singapore's July CPI +0.6% year-over-year (consensus 0.8%; last 0.5%)
In news:
New Zealand doubled its budget surplus forecast for the current fiscal year, but cut its growth forecast to 2.6% from 3.2% and lowered next year's outlook to 3.5% from 3.7%. Finance Minister Steven Joyce said another round of tax cuts will not be possible before 2020.
U.S. Secretary of State Rex Tillerson said talks with North Korea could happen soon, considering North Korea has not conducted new missile or ballistic tests since the imposition of UN sanctions.
China's Finance Ministry plans to roll over CNY600 billion worth of special bonds that were issued ten years ago to launch a sovereign wealth fund.

Most major European indices trade near their flat lines. France's CAC unch, UK's FTSE unch, Germany's DAX unch, Italy's MIB -0.5%.
In economic data:
Eurozone August Flash Manufacturing PMI 57.4 (expected 56.3; last 56.6) and August Flash Services PMI 54.9 (expected 55.4; last 55.4)
Germany's August Flash Manufacturing PMI 59.4 (consensus 57.7; previous 58.1) and August Flash Services PMI 53.4 (expected 53.3; last 53.1)
France's August Flash Manufacturing PMI 55.8 (expected 54.5; last 54.9) and August Flash Services PMI 55.5 (consensus 55.8; previous 56.0)
In news:
British Prime Minister Theresa May is reportedly no longer looking to completely cut ties with the European Court of Justice following Brexit, but looking to ensure the court does not have jurisdiction over the UK.
European Central Bank President Mario Draghi spoke in Germany, defending the ECB's ultra-loose policy, adding that investors and policymakers should prepare for new challenges.

06:10AM ET

[BRIEFING.COM] S&P futures vs fair value: -5.30. Nasdaq futures vs fair value: -12.00.
06:10AM ET

[BRIEFING.COM] Nikkei

...19435...+50.80

...+0.30%

Hang Seng

...Holiday.........
06:10AM ET

[BRIEFING.COM] FTSE

...7377.61...-4.10

...-0.10%

DAX

...12218.80...-10.50

...-0.10%

04:30PM ET

[BRIEFING.COM] Wall Street rallied on Tuesday as investors bought the dip that has dented the major averages in recent weeks. Equities crept higher throughout the morning, hit some resistance at the S&P 500's 50-day simple moving average (2,450.29), and then overcame the key technical level in the late afternoon. The Nasdaq (+1.4%) led the advance, followed by the S&P 500 (+1.0%), and then the Dow (+0.9%).

Tax reform came back into focus on Tuesday following a Politico report that President Trump's team has made significant progress on a tax-reform proposal. The potential framework laid out in the article fell somewhat short of the market's original expectations, but Wall Street took it as a positive nonetheless as investors have been starved for some sense of progress on tax reform.

Strength was broad-based on Tuesday with six sectors--financials, consumer discretionary, industrials, materials, technology, and health care--settling with gains of at least 1.0%. The top-weighted technology sector (+1.5%) led the charge, breaking a three-session losing streak. Within the tech group, chipmakers showed notable strength, sending the PHLX Semiconductor Index higher by 1.6%.

Like chipmakers, biotechnology names outperformed, evidenced by the 1.9% increase in the iShares Nasdaq Biotechnology ETF (IBB 310.52, +5.84). The biotech rally helped the influential health care sector (+1.2%) settle just a step below the technology group at the top of the sector standings. The lightly-weighted materials space also outperformed, adding 1.2%.

On the flip side, the consumer staples (unch), utilities (+0.2%), and real estate (-0.1%) sectors struggled, finishing solidly behind the broader market. The energy space (+0.7%) did notably better, but also finished a ways behind the broader market. Crude oil reclaimed some of Monday's plunge, climbing 0.6% to $47.64/bbl, but not enough to really excite the bulls within the energy space.

As for earnings, DSW (DSW 18.43, +2.74) surged 17.5% after beating both top and bottom line estimates. Conversely, Medtronic (MDT 81.76, -1.76) and Toll Brothers (TOL 37.27, -0.99) dropped 2.1% and 2.6%, respectively, despite reporting better than expected earnings.

In the bond market, U.S. Treasuries tumbled across the yield curve with longer-dated issues settling at their session lows. The benchmark 10-yr yield climbed four basis points to 2.22% while the 2-yr yield advanced three basis points to 1.32%. Meanwhile, the U.S. Dollar Index (93.45, +0.45) jumped 0.5%, reclaiming all of Monday's slide.

Reviewing Tuesday's economic data, which was limited to the FHFA Housing Price Index for June:

The FHFA Housing Price Index for June rose 0.1%. The prior month's reading was revised to 0.3% (from 0.4%).

On Wednesday, investors will receive just two pieces of economic data--the weekly MBA Mortgage Applications Index and July New Home Sales (Briefing.com consensus 615K). The two reports will cross the wires at 7:00 ET and 10:00 ET, respectively.

Nasdaq Composite +17.0% YTD
Dow Jones Industrial Average +10.8% YTD
S&P 500 +9.5% YTD
Russell 2000 +1.0% YTD

Dow: +196.14… | Nasdaq: +84.35… | S&P: +24.14…

NASDAQ Adv/Dec 2024/858. …NYSE Adv/Dec 2092/818.

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Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. Also, thank you for the review of TheStrategyLab performance record...hopefully the links will be useful for you.

Best Regards,
M.A. Perry
Online user name wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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