U.S. markets showed strength for the majority of the session with some late day selling pressure resulting in a mixed finish. A report that White House trade advisor Peter Navarro would not be attending a Trump-Xi meeting helped fuel the rebound following 2 days of heavy selling pressure.
Although there are signs of a
The news could be interpreted as a more hopeful omen on the trade front ahead of the G20 meetings in a couple of weeks.
However, volatility remains slightly elevated after near-term support levels held ahead of Thursday’s holiday and Friday’s shortened session.
The Russell 2000 rallied 1.3% after trading to an intraday high of 1,499. Fresh resistance at 1,490-1,500 held with continued closes above the latter signaling a possible near-term bottom.
The Nasdaq rose 0.9% with the morning peak tapping 7,029. Resistance at 7,000-7,050 was split with both levels holding into the closing bell.
The S&P 500 was higher by 0.3% following the intraday push to 2,670. Prior resistance at 2,675-2,700 held with the close below 2,650 being a slightly bearish signal for Friday.
The Dow dipped a point, or 0.0%, despite testing a session high of 24,669. Lower resistance at 24,600-24,800 was breached but a level that held into the closing bell.
Energy led sector strength after rising 1.6%. Communication Services and Consumer Discretionary were up 1.2% and 1.1%, respectively.
Utilities paced sector laggards after sinking 1.5% while Consumer Staples fell 0.8%.
Best Buy (BBY) upgraded to Neutral from Underperform at Wedbush / Tandem Diabetes (TNDM) upgraded to Outperform from Neutral at Baird / Wix.com (WIX) upgraded to Outperform from Sector Perform at RBC Capital
Alliant Energy (LNT) downgraded to Underperform from Neutral at BofA/Merrill / Credit Suisse (CS) downgraded to Market Perform from Outperform at Keefe Bruyette / Lowe's (LOW) downgraded to Hold from Buy at Stifel
Friday's earnings announcements (EST):
Before the open: Diana Containerships (DCIX), StealthGas (GASS), Sunlands Online Education (STG)
After the close: No major announcements.
UPCOMING ECONOMIC NEWS
Friday's Economic Reports (EST):
PMI Composite Flash - 10:00am
METALS / OIL
Gold closed at $1,228.00 an ounce, up $6.80
Silver settled at $14.50 an ounce, up $0.23
Copper finished at $2.79 a pound, up $0.02
Crude Oil is at $54.50 a barrel, up $1.26
Bitcoin Investment Trust (GBTC) ended at $5.03
I hope this helps you prepare for the trading day. Make it a great one!
Rebound Rally Unimpressive as Blue-Chips Slip
Todd Mitchell is the CEO & Founder of Trading Concepts, Inc. He's been trading since 1994 and has mentored over 12,000 traders from Wall Street to Main Street. He's an expert at developing strategies for creating more consistent daily, weekly and monthly income.
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