U.S. markets showed strength for a 2nd-straight session but settled mixed as the blue-chips struggled. Some of the nervousness came after White House trade chief Robert Lighthizer warned that negotiations to end the tariff war with China were at risk of failing.
Lighthizer went on to say major issues needed to be resolved before an agreement was reached and that he could not predict success at this point. Despite the somber statement, volatility settled near a monthly low and is pushing major support levels.
The Nasdaq led for the 2nd-straight session after rising 0.4% while testing a 2nd-half high of 7,611. Prior and lower resistance at 7,600-7,650 was cleared but held with the early March peak at 7,643.
The S&P 500 added 0.3% following the late day push to 2,798. Fresh and lower resistance at 2,800-2,825 held with continued closes above the latter being a more bullish signal.
The Russell 2000 edged up 0.1% after trading an midday peak of 1,555. Prior and resistance at 1,550-1,560 was split but held with a move above the latter getting 1,575-1,585 and the 200-day moving average in play.
The Dow declined 0.4% following the intraday pullback to 25,522. Current and upper support at 25,500-25,250 held with a golden cross in the process of forming on higher highs.
Healthcare, Utilities and Energy were the strongest sectors after rising 0.7%. Technology was higher by 0.6%
Industrials and were the only sector laggard after falling 0.8%.
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American Electric (AEP) upgraded to Overweight from Neutral at JPMorganEaton (ETN) upgraded to Overweight from Sector Weight at KeyBancRanger Energy (RNGR) upgraded to Overweight from Equal Weight at BarclayBoeing (BA) downgraded to Hold from Buy at Edward JonesCoca-Cola (KO) downgraded to Hold from Buy at HSBCMonster Beverage (MNST) downgraded to Market Perform from Outperform at BMO Capital
EARNINGS Wednesday Before the Open (EST):Build-A-Bear Workshop (BBW), Daqq New Energy (DQ), Express (EXPR), Great Elm Capital (GECC), Northstar Realty Europe (NRE), Peak Resorts (SKIS), Surgery Partners (SGRY), Trevena (TRVN), Vera Bradley (VRA)Wednesday After the close(EST):Allied Motion Technologies (AMOT), Cloudera (CLDR), Domo (DOMO), Fluent (FLNT), Kingstone Companies (KINS), Northwest Pipe (NWPX), Semtech (SMTC), Tailored Brands (TLRD), U.S. Well Services (USWS), Viking Therapeutics (VKTX)
UPCOMING ECONOMIC NEWS Wednesday’s Economic Reports (EST):MBA Mortgage Applications – 7:00amDurable Goods Orders – 8:30amPPI-FD – 8:30amAtlantic Fed Business Inflation Expectations – 10:00amE-Commerce Retail Sales – 10:00amConstruction Spending – 10:00am
METALS / OILGold closed at $1,298.10 an ounce, up $7.00Silver settled at $15.41 an ounce, up $0.14Copper finished at $2.92 a pound, up $0.02Crude Oil was at $57.09 a barrel, up $0.26Bitcoin Investment Trust (GBTC) ended at$4.60, down $0.02
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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