U.S. markets settled mostly higher on Wednesday with the blue-chips lagging following disappointing earnings from a number of Dow components. The small-caps showed the most strength but Tech and the overall market stole the headlines after tapping fresh all-time highs.Volatility continues to cool after falling below another key level of support and comes ahead of Thursday’s earnings parade. Despite slightly overbought levels, signs are pointing towards continued strength ahead of next week’s key decision on interest rates.The Russell 2000 rallied 1.6% after surging to an intraday high of 1,581. Prior and upper resistance at 1,560-1,575 was cleared and held with fresh hurdles at 1,585-1,600 back in focus.The Nasdaq rose 0.9% following the close at 8,321 and fresh all-time high. New and lower resistance at 8,300-8,350 was cleared and held with blue-sky territory towards 8,425-8,500 on continued closes above the latter.The S&P 500 climbed 0.5% following the run to 3,019 into the closing bell and new record peak. Fresh and lower resistance at 3,025-3,050 was challenged but held on the 2nd-straight close above the 3,000 level.The Dow was down 0.3% after trading in negative territory throughout the session and tapping a low of 27,191. Prior and upper support at 27,250-27,000 was breached but held with a close below the latter being a slightly bearish development.Financials paced sector strength after rising 1% while Communication Services and Technolgy gained 0.9% and 0.8%, respectively.Consumer Staples led sector laggards after sinking 0.7% while Materials and Real Estate were lower by 0.1% to round out the losers.
PATTERN Predicts Rapid 10-40%+ Gains Every 14 Days or LESS…Turning $10,000 into Over $2.6 Million in 6 Years!
This FORMULA Never Lies: 0.95 > 1.5 > 0.66
See Trades Like…
Celanese (CE) upgraded to Overweight from Neutral at JPMorganMedical Properties Trust (MPW) upgraded to Buy from Hold at StifelSnap (SNAP) upgraded to Buy from Hold at Summit InsightsAkamai (AKAM) downgraded to Neutral from Buy at GuggenheimSteel Dynamics (STLD) downgraded to Neutral from Buy at BofA/MerrillTrade Desk (TTD) downgraded to Neutral from Buy at Citi
THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: 3M (MMM), AB InBev (BUD), Bristol-Myers Squibb (BMY), Comcast (CMCSA), First Data (FDC), Hershey (HSY), International Paper (IP), Lab Corp (LH), Masco (MAS), Old Dominion (ODFL), Raytheon (RTN), Southwest (LUV), Tractor Supply (TSCO), Vulcan Materials (VMC)After the close: Amazon.com (AMZN), Alphabet (GOOG), Boston Beer (SAM), CubeSmart (CUBE), Cypress Semiconductor (CY), Deckers Brands (DECK), Expedia (EXPE), Flex (FLEX), Hilltop Holdings (HTH), Intel (INTC), LogMeIn (LOGM), MGM Resorts (MGM), ResMed (RMD), Starbucks (SBUX), Taubman Centers (TCO), USA Truck (USAK), VeriSign (VRSN), Werner Enterprises (WERN)
UPCOMING ECONOMIC NEWSThursday’s economic reports (EST): Jobless Claims – 8:30amInternational Trade – 8:30amDurable Goods Orders – 8:30amRetail Sales – 8:30amWholesale Inventories – 8:30amKansas City Fed Manufacturing Index – 11:00am
METALS / OILGold closed at $1,423.60 an ounce,