U.S. markets were in a holding pattern on Wednesday following the latest round of earnings reports and slightly weaker-than-expected economic news. The major indexes traded in tight ranges before closing mostly lower with the small-caps showing strength.The slack session was a slightly bullish signal as Financials and the Transports closed higher and are important sectors that will need to lead the next leg higher for the market. Volatility rose slightly but is still giving a bullish reading after holding near-term resistance levels.The Russell 2000 gained 0.1% after testing an intraday high of 1,529 while closing above its 50-day moving average for the 2nd-straight session. Lower resistance at 1,530-1,345 and the 200-day moving average was challenged but held with a close above the latter signaling additional strength towards 1,560-1,575.The Nasdaq fell 0.3% after trading in the red throughout the session while bottoming at 8,103. Upper support at 8,100-8,050 held with a close below the latter getting 8,000 and the 50-day moving average back in play.The S&P 500 traded in a 12-point range before slipping 0.2% and failing key resistance at the 3,000 level by 3 points. Upper support at 2,975-2,950 held on the opening fade to 2,985 with a move below the latter and the 50-day moving average at 2,941 opening up risk towards 2,925-2,900.The Dow was lower by 0.1% following the intraday pullback to 26,943. Upper support at 27,000-26,800 was breached but held by a 2 points below with a close below the latter leading to a possible retest towards 26,600-26,400 and the 50-day moving average.Consumer Discretionary paced sector leaders after rising 0.4% while Materials, Utilities, and Communications nudged up 0.2%. Energy and Technology were the leading sector laggards with declines of 1.4% and 0.7%, respectively.
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THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: Atlantic Union Bankshares (AUB), BB&T (BBT), Chart Industries (GTLS), Dover (DOV), Ericsson (ERIC), Genuine Parts Company (GPC), Honeywell International (HON), KeyCorp (KEY), Morgan Stanley (MS), Philip Morris (PM), Snap-On (SNA), Sonoco (SON), Textron (TXT), Union Pacific (UNP), Watsco (WSO)After the close: Bank OZK (OZK), E*Trade Financial (ETFC), First Financial Bancorp (FFBC), Intuitive Surgical (ISRG), Peoples United Financial (PBCT), Vicor (VICR), WD-40 (WDRC)
THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amHousing Starts – 8:30amPhiladelphia Fed Business Outlook Survey – 8:30amIndustrial Production – 9:15am
METALS / OILGold closed at $1494.00 an ounce, up $10.50Silver settled at $17.43 an ounce,