U.S. markets were sluggish on the open and throughout Thursday’s action following a number of disappointing economic reports. The pullback ended 8-session and 3-session winning streaks for the major indexes but was much needed as overbought levels remain in play.
Near-term support levels easily held while volatility closed below current resistance levels with the major indexes now slightly lower for the week. A weak session on Friday would the market’s overall 8-week winning streak but any possible news concerning the U.S./ China trade talks could lift spirits.The Nasdaq fell 0.4% after testing an opening low of 7,431. Upper support at 7,425-7,350 held on the close back below the 200-day moving average with a move below the latter signaling a possible near-term top.The Russell 2000 was also lower by 0.4% following the late session dip to 1,569. Fresh and upper support at 1,565-1,550 held with a move below the latter being a slightly bearish signal.The S&P 500 slipped 0.4% after testing to a low of 2,764 an hour ahead of the closing bell. Current and upper support at 2,750-2,725 and the 200-day moving average held with a move below 2,700 being a bearish development.The Dow also declined 0.4% following intraday pullback to 25,762. Fresh and upper support at 25,750-25,500 held with a close below the latter opening up risk towards 25,250-25,000 and the 200-day moving average.Utilities led sector strength after rallying 0.8%. Consumer Staples added 0.2% while Real Estate edged up 0.1% to round out the winners.Energy sank 1.7% to lead sector laggards while Communication Services and Healthcare dropped 1.2% and 1.1%, respectively.
Pinpoint Big Price Moves with Consistent, Low-Risk,High Probability Trade Set-Ups That Grew $50,000 Into Over $328,839In 2 Years & 6 Months!Go here tolearn how you can get these incredible returns too…
Boston Beer (SAM) upgraded to Neutral from Underperform at MacquarieCanon (CAJ) upgraded to Neutral from Sell at Goldman SachsU.S. Steel (X) upgraded to Buy from Hold at BerenbergBiogen (BIIB) downgraded to Hold from Buy at StifelGarmin (GRMN) downgraded to Neutral from Buy at LongbowGeneral Mills (GIS) downgraded to Hold from Buy at Standpoint Research
EARNINGS Friday Before the Open (EST):Cott (COT), ITT Industries (ITT), Royal Bank of Canada (RY), Wayfair (W)Friday After the Close (EST): No major announcements.
UPCOMING ECONOMIC NEWS Friday’s Economic Reports (EST):Baker-Hughes Rig Count – 1:00pm
METALS / OIL
Gold closed at $1,327.80 an ounce, down $20.10Silver settled at $15.80 ounce, down $0.38
Copper finished at $2.89 a pound, down $0.03
Crude Oil is at $56.82 a barrel, down $0.08
Bitcoin Investment Trust (GBTC) ended at $4.72, down $0.10
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
Step #2: Enroll in an Advisory or Educational ProgramPremium Advisories | Featured Educational Programs
Step #3: Connect with The CommunityTrading Concepts Official Facebook Page
