U.S. markets showed strength throughout Monday’s action following confirmation President Trump will extend the March 1st tariff deadline. The President also cited substantial progress on key issues was made following U.S./ China trade talks that also helped market enthusiasm.
The gains propelled the major indexes toward prior resistance levels from mid-October with support levels from early November in play on a pullback. The breakout to higher levels looks bullish on the charts, however, volatility stayed elevated throughout the session while holding the 15 level.The Nasdaq advanced 0.4% following opening push to 7,602. Lower and upper resistance from early November at 7,550-7,660 was tested on the close above the former with the 200-day moving average also holding for the 2nd-straight session.
The Dow added 0.2% after testing a high of 26,241. Fresh and lower resistance at 26,250-26,500 held on the 2nd-straight close above the 26,000 level.
The S&P 500 was up 0.1% following the morning run to 2,814 shortly after the opening bell. Lower resistance from early November at 2,800-2,825 was cleared but failed to hold.
The Russell 2000 slipped 0.1% after trading to a first half high of 1,602. Fresh and lower resistance at 1,600-1,615 was cleared but held on the 2nd-straight close above the 200-day moving average.
Materials led sector strength after rising 0.7%. Technology gained 0.5% while Financials and Industrials rose 0.4%.
Utilities were the worst performing sector after falling 0.8%. Real Estate and Consumer Staples were down 0.7% and 0.6%, respectively.
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Brunswick (BC) upgraded to Overweight from Neutral at JPMorgan
Infinera (INFN) upgraded to Neutral from Sell at MKM Partners
Norwegian Cruise Line (NCLH) upgraded to Outperform from Neutral at Macquarie
Allegion (ALLE) downgraded to In-Line from Outperform at Imperial Capital Imax (IMAX) downgraded to Hold from Buy Canaccord PayPal (PYPL) downgraded to Neutral from Buy at Buckingham
EARNINGS Tuesday Before the Open (EST):AutoZone (AZO), Bank of Montreal (BMO), Cracker Barrel (CBRL), Discovery Communications (DISCA), Eaton Vance (EV), Heska (HSKA), Home Depot (HD), JM Smucker (SJM), KBR (KBR), LendingTree (TREE), Macy’s (M), Perficient (PRFT), Realogy Holdings (RLGY), Shutterstock (SSTK), TopBuild (BLD), TRI Pointe Homes (TPH), US Concrete (USCR), Vitamin Shoppe (VSI), Worldpay (WP)Tuesday After the close(EST):B&G Foods (BGS), CoreLogic (CLGX), EOG Resources (EOG), Freshpet (FRPT), Getty Realty (GTY), Heico (HEI), Imax (IMAX), Masimo (MASI), Mylan (MYL), Outfront Media (OUT), Palo Alto Networks (PANW), Planet Fitness (PLNT), Red Robin Gourmet Burgers (RRGB), Systemax (SYX), Tivo (TIVO), Vivus (VVUS), Weight Watchers International (WTW)
UPCOMING ECONOMIC NEWS Tuesday’s Economic Reports (EST):Housing Starts – 8:30amBuilding Permits – 8:30amS&P Case-Shiller – 9:00amConsumer Confidence – 10:00am
New Home Sales – 10:00am
METALS / OIL
Gold closed at $1,329.50 an ounce, down $3.30Silver settled at $15.83 ounce, down $0.08
Copper finished at $2.94 a pound, down $0.01
Crude Oil is at $55.36 a barrel, down $1.90
Bitcoin Investment Trust (GBTC) ended at $4.65, down $0.19
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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