U.S. markets were mostly higher on Thursday after making higher highs while trading in tighter ranges ahead of Friday’s Employment Report. Other economic news concerning jobs came in soft and led to the opening choppiness along with ongoing trade concerns with Mexico over the near-term.Mexican President Obrador believes a deal could be achieved with more talks scheduled on Friday and ahead of a 5% tariff set to be imposed on Monday. Ongoing frictions with China also remain in play, though President Trump said he wouldn’t decide until after the G20 on additional tariffs.The Dow closed in positive territory for the 4th-straight session after adding 0.7% and tapping an intraday peak of 25,800. Near-term and lower resistance at 25,750-26,000 was cleared but held on the 2nd-straight close above the 200-day moving average.The S&P 500 gained 0.6% to extend its winning streak to 3-straight sessions while tapping an intraday high of 2,852. Fresh and lower resistance at 2,850-2,875 held with a close above the latter and the 50-day moving average signaling additional strength.The Nasdaq was higher by 0.5% after testing a 2nd-half high of 7,634. Current and lower resistance at 7,600-7,650 was cleared and held with a close above the latter signaling additional strength towards 7,700-7,750.The Russell 2000 fell for the 2nd-straight session after giving back 0.2% with the intraday low reaching of 1,490. Near-term and upper support at 1,500-1,485 was breached but held with a close below the latter reopening risk towards 1,475-1,460.Energy led sector strength after rallying 1.9% while Materials andTechnology jumped 1.2%. There were no sector laggards.
Pinpoint Big Price Moves with Consistent, Low-Risk, High Probability Trade Set-Ups That Grew $50,000 Into Over $328,839 In 2 Years & 6 Months!
Go here to learn how you can get these incredible returns too…
AMD (AMD) upgraded to Equal Weight from Underweight at Morgan StanleyFlex (FLEX) upgraded to Conviction Buy from Neutral at Goldman SachsOutfront Media (OUT) upgraded to Outperform from In-Line at Imperial CapitalCloudera (CLDR) downgraded two notches to Hold from Strong Buy at NeedhamQorvo (QRVO) downgraded to Equal Weight from Overweight at BarclaysSpirit Airlines (SAVE) downgraded to Neutral from Buy at Goldman Sachs
FRIDAY’S EARNINGS ANNOUNCEMENTS There are no major announcements scheduled.
UPCOMING ECONOMIC NEWS Friday’s economic reports (EST): Employment Report – 8:30amWholesale Trade – 10:00amBaker-Hughes Rig Count – 1:00pm
METALS / OILGold closed at $1,342.70 an ounce, up $9.10Silver settled at $14.90 an ounce, up $0.11Copper finished at $2.65 a pound, up $0.03Crude Oil was at $53.18 a barrel, up $1.48Bitcoin Investment Trust (GBTC) ended at $9.25, down $0.57
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
