U.S. markets showed weakness throughout Friday’s session while ending mostly lower for the first time in 6 sessions. There was strength into the closing bell with the major indexes making a strong push to see green on the flat session.
The small-caps showed strength after holding positive territory throughout the second half of action with the Russell 2000 extending its winning streak to 6-straight sessions. Meanwhile, volatility continues to sink with the VIX down another 6.7% after holding a key level of resistance on the opening market lows.The Russell 2000 edged up 2 points, or 0.1%, despite the backtest to 1,437 at the start of trading. Fresh support at 1,435-1,425 held with the latter representing a possible near-term double-bottom.The Nasdaq was the weakest link after giving back 0.2% and tapping a session low of 6,933 shortly after the open. Fresh and upper support at 6,950-6,900 was breached but held to keep 7,000 and the 50-day moving average in play.The Russell 2000 surged 5.2% while Tech produced a weekly return of 3.5%.The S&P 500 slipped less than a half-point, or 0.01%, after testing a low of 2,577 while closing just below the 2,600 level for the 2nd-straight session. Near-term support at 2,575-2,550 held with a move below the latter being a slightly bearish signal.The Dow dipped 6 points, or 0.02%, following the opening pullback to 23,798 and close just below the 24,000 level. Fresh and lower support at 24,000-23,800 was breached but held with a move below 23,500 signaling a possible near-term top.For the week, the S&P 500 soared 2.5% and the Dow darted 2.4% higher.Healthcare and Consumer Staples led sector strength after gaining 0.3%. Energy and Communication Services paced sector weakness after falling 0.5%.For the week, Industrials and Real Estate were up 4.2% and 4%, respectively.Industrials and Utilities were up 1.4%. Consumer Discretionary and Energy added 3.7% and 3.6%.
Colgate-Palmolive (CL) upgraded to Buy from Neutral at Goldman SachsNetflix (NFLX) upgraded to Buy from Neutral at UBSRalph Lauren (RL) upgraded to Equal Weight from Underweight at BarclaysGap (GPS) downgraded to Underweight from Overweight at BarclaysHanesbrands (HBI) downgraded to Hold from Buy at Deutsche BankStarbucks (SBUX) downgraded to Neutral from Buy at Goldman Sachs
EARNINGS Monday Before the Open (EST):Citigroup (C), PolarityTE (PTE), Shaw Communications (SHAW)
Monday After the Close (EST): None
PCOMING ECONOMIC NEWS Monday’s Economic Reports (EST):No major reports
METALS / OIL
Gold closed at $1,289.50 an ounce, up $2.10Silver settled at $15.66 an ounce, up $0.02
Copper finished at $2.66 a pound, up $0.02
Crude Oil is at $51.70 a barrel, down $0.50
Bitcoin Investment Trust (GBTC) ended at $4.32, unchanged
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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