U.S. markets closed closed higher for the 5th-straight session despite opening weakness and a back-test to near-term and mid-December support levels. Fed Speak and more rhetoric over the DC gridlock and partial government shutdown led to the choppiness before the midday rebound into positive territory.
The major indexes also cleared previous session highs and remain on track for a possible push past the 50-day moving averages. The VIX also tested a higher high but settled below the 20 level for the 2nd-straight session.The Dow rose 0.5% after testing a high of 24,014 ahead of the closing bell. Fresh support is at 24,250-24,500 and the 50-day moving average following the close above the 24,000 level.The S&P 500 was up 0.5% following the late day run to 2,597. Near-term and major support at 2,600 held with a close above this level getting 2,625-2,650 and the 50-day moving average in play.The Russell 2000 was also higher by 0.5% after its session high of 1,445. Fresh resistance at 1,450-1,455 and the 50-day moving average held with a close above the latter signaling additional momentum 1,475-1,500.The Nasdaq gained 0.4% after trading to a late session high of 6,991. Major resistance at 7,000 and the 50-day moving average held for the 2nd-straight session with fluff up of 7,150-7,200 on continued closes above these levels.Real Estate was the strongest sector after rising 1.6%, respectively. Industrials and Utilities were up 1.4%.Consumer Discretionary was the only sector laggard after falling 0.3%..
Constellation Brands (STZ) upgraded to Buy from Neutral at Goldman SachsTwitter (TWTR) double upgraded to Buy from Underperform at BofA/Merrill United Continental (UAL) upgraded to Overweight from Neutral at JPMorganDollar Tree (DLTR) downgraded to Perform from Outperform at OppenheimerJetBlue (JBLU) downgraded to Neutral from Overweight at JPMorganLockheed Martin (LMT) downgraded to Equal Weight from Overweight at Morgan Stanley
EARNINGS Friday Before the Open (EST):Aphria (APHA), Infosys Technologies (INFY) (FCEL)
Friday After the Close (EST): None
UPCOMING ECONOMIC NEWS Friday’s Economic Reports (EST):Consumer Price Index – 8:30amBaker-Hughes Rig Count – 1:00pmTreasury Budget – 2:00pm
METALS / OIL
Gold closed at $1,287.40 an ounce, down $4.60Silver settled at $15.64 an ounce, down $0.09
Copper finished at $2.64 a pound, down $0.02
Crude Oil is at $52.47 a barrel, up $0.27
Bitcoin Investment Trust (GBTC) ended at $4.32, down $0.39
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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