Dow, S&P 500 Fail 50-Day MA’s

MARKET SUMMARY

U.S. markets showed continued momentum on Monday with key levels of resistance back in play amid hopes for cooling trade tensions between the U.S. and China. Economic news was light but picks up throughout the week with Friday’s jobs report taking center stage. Fedspeak will also be present along with Q1 earnings as the major indexes continue to try and establish the next major trend.

The Russell 2000 showed the most strength after rising 0.9% and trading to a high of 1,586 with major resistance at 1,590 now in play. The Nasdaq climbed 0.8% after tapping an intraday high of 7,291 while pushing resistance at 7,300 and the mid-April intraday high at 7,319.

The Dow gained 0.4% after making a morning run to 24,479 while closing above the 24,000 level for the 2nd-straight session. The S&P 500 was also up 0.4% after reaching a peak of 2,683 and mid-April highs. Both indexes cleared their 50-day moving averages but levels that failed to hold.

TRADE OF THE DAY
TIMING IS EVERYTHING
ANALYST UPGRADES / DOWNGRADES 

AutoZone (AZO) upgraded to Conviction Buy from Buy at Goldman Sachs
First Industrial Realty (FR) upgraded to Buy from Neutral at Mizuho
Illumina (ILMN) upgraded to Overweight from Equal Weight at Barclays

Buckeye Partners (BPL) downgraded to Neutral from Buy at Citi
Flir Systems (FLIR) downgraded to Hold from Buy at Drexel Hamilton
SiriusXM (SIRI) downgraded to Neutral from Buy at Buckingham

EARNINGS

Tuesday’s earnings:
Before the open: Autohome (ATHM), Camping World Holdings (CWH), Dean Foods (DF), Federal Signal (FSS), Hain Celestial Group (HAIN), JD.com (JD), MFA Financial (MFA), Novanta (NOVT), Perrigo (PRGO), Sanchez Energy (SN), TopBuild (BLD), USA Technologies (USAT), Zebra Technologies (ZBRA)

After the close: Bojangles (BOJA), CA Technologies (CA), Diodes (DIOD), Etsy (ETSY), Farmer Brothers (FARM), Fossil (FOSL), GoDaddy (GDDY), InnerWorkings (INWK), Kronos Worldwide (KRO), Marriott International (MAR), Papa John’s (PZZA), Rapid7 (RPD), ScanSource (SCSC), TripAdvisor (TRIP), Walt Disney (DIS), Wendy’s (WEN), Zagg (ZAGG)

UPCOMING ECONOMIC NEWS

Tuesday's economic reports (EST): 

Redbook - 8:55am
NFIB Small Business Optimism Index - 6:00am
Jolts - 10:00am

METALS / OIL

Gold closed at $1,314.10 an ounce, down $0.60

Silver settled at $16.50 an ounce, down $0.02

Copper finished at $3.07 a pound, down $0.01

Crude Oil is at $70.02 a barrel, up $0.30

Bitcoin Investment Trust (GBTC) ended at $14.97 down $0.62


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Todd Mitchell

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