U.S. markets opened in negative territory as Wall Street awaited the semi-annual testimony from Fed Chair Powell and his comments before the Senate Banking committee. There was little reaction from the market as the major indexes got a lift ahead of the event on a super Consumer Confidence number.
The choppy action afterwards lasted into the closing bell with the market giving back its gains to finish slightly lower. Despite the pullback, the consolidation phase following the Monday morning breakout is looking bullish for higher highs as near-term support levels held.The Russell 2000 was the weakest link after falling 0.7% while closing at its session low of 1,577. Fresh and upper support at 1,575-1,565 held on the close back below the 200-day moving average.The Nasdaq was down 0.1% after testing an opening low of 7,524. Upper support at 7,525-7,475 was breached and failed to hold with a close below the latter and the 200-day moving average signaling additional weakness.The Dow dipped 0.1% following morning pullback to 25,966. Fresh and upper support at 26,000-25,750 held with a close below the latter being a slightly bearish signal.The S&P 500 also slipped 0.1% after testing to a low of 2,789. Current and upper support at 2,775-2,750 with a close below the latter and the 200-day moving average signaling a possible near-term top.Technology led sector strength after adding 0.2%. Consumer Discretionary and Consumer Staples were up 0.1% to round out the winners.Materials paced sector weakness after declining 0.6%. Healthcare dropped 0.4% while Energy and the Financial were lower by 0.3%.
INSTANTLY identify markets with the Highest Relative Strengththat will allow you to Minimize Risk & Maximize yourProfit Potential!
Ally Financial (ALLY) upgraded to Buy from Hold at Sandler O’NeillExact Sciences (EXAS) upgraded to Buy from Neutral at Goldman SachsSiemens (SIEGY) upgraded to Overweight from Neutral at JPMorgan
Caterpillar (CAT) downgraded to Sell from Buy at UBSFoot Locker (FL) downgraded to Hold from Buy at Pivotal ResearchWindstream (WIN) downgraded to Underperform from Market Perform at Wells Fargo
EARNINGS Wednesday Before the Open (EST):American Tower (AMT), Best Buy (BBY), Clean Harbors (CLH), Dean Foods (DF), Energous (WATT), Frontdoor (FTDR), Horizon Pharma (HZNP), Lowe’s (LOW), MGP Ingredients (MGPI), Office Depot (ODP), Steve Madden (SHOO), TJX Companies (TJX), United Therapeutics (UTHR)Wednesday After the close(EST):American Tower (AMT), Best Buy (BBY), Clean Harbors (CLH), Dean Foods (DF), Energous (WATT), Frontdoor (FTDR), Horizon Pharma (HZNP), Lowe’s (LOW), MGP Ingredients (MGPI), Office Depot (ODP), Steve Madden (SHOO), TJX Companies (TJX), United Therapeutics (UTHR)
UPCOMING ECONOMIC NEWS Wednesday’s Economic Reports (EST):MBA Mortgage Applications – 7:00amDurable Goods Orders – 8:30amPending Home Sales – 10:00amFactory Orders – 10:00am
METALS / OIL
Gold closed at $1,328.50 an ounce, down $1.00Silver settled at $15.83 ounce, unchanged
Copper finished at $2.95 a pound, up $0.01
Crude Oil is at $55.99 a barrel, up $0.63
Bitcoin Investment Trust (GBTC) ended at $4.36, down $0.29
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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