Bulls Get First Weekly Win in a Month

U.S. markets were choppy throughout Friday’s action but traded in a much tighter trading range while closing mixed. The major indexes closed higher for the week for the first time since the end of November but are still down sharply for the month.

The ongoing government shutdown is likely to stretch into January after no progress toward a deal over wall funding was reached. Additionally, President Trump threatened to close the southern border entirely as a new caravan forms in Honduras.

The Nasdaq rose 0.4% extended its winning streak to 3-straight sessions after tapping a high of 6,684. Fresh resistance at 6,650-6,700 held with continued closes above the latter being a bullish signal.

The Russell 2000 advanced 0.5% after reaching a peak of 1,356. Lower resistance at 1,350-1,365 was cleared but failed to hold with a close above 1,375 being a more bullish development and confirming a possible near-term bottom.

Tech surged 4% for the week while the small-caps soared 3.6%.

The Dow gave back 0.3% despite trading to a late day high of 23,381. Resistance at 23,200-24,400 was challenged for the 2nd-straight session with continued closes above 23,500 signaling additional strength.

The S&P 500 slipped 0.1% after trading in a 48-point range. The second-half high reached 2,520 on the close below lower at resistance 2,500-2,525.

For the week, the S&P was up 2.9% while the blue-chips gained 2.8%.

Real Estate and Utilities led sector strength after rising 0.4% and 0.3%.

Energy sank 0.8% and was the weakest sector while Materials gave back 0.5%.

For the week, Healthcare and Materials were up 3.1% and 2.1%. Utilities and Real Estate were down 3.3% and 3.1%, respectively.


Casella Waste (CWST) upgraded to Buy from Hold at Stifel
Wingstop (WING) upgraded to Outperform from Neutral at Wedbush

Inter Parfums (IPAR) downgraded to Hold from Buy at BWS Financial


Monday's earnings announcements (EST):
No major announcements

Monday's Economic Reports (EST):
Dallas Fed Manufacturing Survey - 10:30am


Gold closed at $1,283.00 an ounce, up $1.90
Silver settled at $15.44 an ounce, up $0.13

Copper finished at $2.68 a pound, up $0.01

Crude Oil is at $45.12 a barrel, down $0.26

Bitcoin Investment Trust (GBTC) ended at $4.17, 
up $0.13

  I hope this helps you prepare for the trading day. Make it a great one!

   Todd Mitchell

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Bulls Get First Weekly Win in a Month

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