U.S. markets traded mostly to the upside throughout Monday’s session with the blue-chips lagging for the 4th-straight session as trade talks between the Trump administration and China began in Beijing.
The Russell 2000 rallied 0.8% following the late day surge to 1,519 into the close.
Upper resistance at 1,510-1,520 held with continued closes above 1,525 being a more bullish development.
The Nasdaq added 0.1% after testing an opening high of 7,343. Prior and lower resistance from last week at 7,350-7,400 held with a close above the latter signaling additional strength towards 7,450 and the 200-day moving average.The S&P 500 was also up 0.1% after tapping a high of 2,718 shortly after the opening bell. Lower resistance at 2,725 easily held with a more important hurdle to clear at 2,750 and the 200-day moving average.The Dow was down 0.2% following the intraday backtest to 25,009. Upper support at 25,000-24,800 and the 200-day moving average held for the 3rd-straight session with a close below the latter being a slight bearish signal.Industrial and Energy were sector leaders after gaining 0.5%. Consumer Staples, Financials and Real Estate advanced 0.3%.Communication Services paced sector laggards after giving back 1%. Healthcare declined 0.1% while Technology and Utilities slipped 0.04% to round out the losers.
Avis Budget (CAR) upgraded to Buy from Sell at Goldman SachsElectronic Arts (EA) upgraded to Buy from Neutral at BofA/MerrillTesla (TSLA) upgraded to Buy from Hold at CanaccordAramark (ARMK) downgraded to Neutral from Conviction Buy at Goldman SachsBed Bath & Beyond (BBBY) downgraded to Sell from Hold at Loop CapitalNvidia (NVDA) downgraded to Market Perform from Outperform at Bernstein
EARNINGS Tuesday Before the Open (EST):Aircastle (AYR), Fidelity National Information Services (FIS), Huntsman (HUN), IPG Photonics (IPGP), Jones Land LaSalle (JLL), Kamada (KMDA), Molson Coors Brewing (TAP), Newmark Group (NMRK), Omnicom Group (OMC), Shopify (SHOP), Tower International (TOWR), Under Armour (UA), US Foods Holdings (USFD), Welltower (WELL)
Tuesday After the Close (EST): Activision NFIB Small Business Optimism Index – 6:00amRedbook – 8:55amIndustrial Production – 9:15amJolts – 10:00am
UPCOMING ECONOMIC NEWS Tuesday’s Economic Reports (EST):NFIB Small Business Optimism Index – 6:00amRedbook – 8:55amIndustrial Production – 9:15amJolts – 10:00am
METALS / OIL
Gold closed at $1,311.90 an ounce, down $6.60Silver settled at $15.69 an ounce, down $0.12
Copper finished at $2.79 a pound, down $0.01
Crude Oil is at $52.39 a barrel, down $0.14
Bitcoin Investment Trust (GBTC) ended at $4.23, down $0.23
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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