All Eyes on Fed Update

U.S. markets were weak for a 2nd-straight session as Wall Street awaits testimony from Fed Chairman’s Jerome Powell's congressional testimony midweek. The start of 2Q earnings season also had investors slightly nervous as estimates have been coming down in recent weeks with a major conglomerate company reporting numbers Tuesday morning.

The Dow fell 0.4% following the intraday pullback to 26,744. Near-term and upper support at 26,750-26,500 held with a close below the latter likely getting 26,250-26,000 and the 50-day moving average in play.

The S&P 500 was down 0.5% after testing a low of 2,770 during the 2nd half of action. Near-term and upper support at 2,975-2,950 was breached but held by a point with a close below the latter being a bearish development with risk toward 2,925-2,900 and the 50-day moving average.

The Nasdaq declined 0.8% after tapping an intraday low of 8,078. Current and upper support at 8,100-8,050 was breached and failed to hold by a couple of points with a close below the 8,000 level signaling additional weakness.

The Russell 2000 dropped 0.9% following the intraday back-test to 1,559. Upper support at 1,560-1,545 held by just over a point with a close below the later and the 50-day moving average being a bearish development.

Real Estate led sector strength after gaining 0.4% while Utilities added 0.2%.

Materials and Communication Services led sector weakness after falling 1.2% and 0.9%, respectively.

Mess Up ALL Your Trades & Still PROFIT
Every Week Like Clockwork!

A unique income strategy allows you to profit regardless if the market goes up, down or sideways…as high as 92.7% accuracy & puts money into your account as soon as you place the trade!

These unique ‘Income Trades’ have limited risk and they typically play out in a few days.

Perfect for boosting your weekly income and building your retirement account.

Go here to learn more about Creating a Steady 
Stream of Profits Each Week Like Clockwork

ANALYST UPGRADES/DOWNGRADES

Cabot Oil & Gas (COG) upgraded to Outperform from Market Perform at Wells Fargo
JetBlue (JBLU) upgraded to Neutral from Underperform at Credit Suisse
Life Storage (LSI) upgraded to Outperform from Market Perform at Raymond James

Apple (AAPL) downgraded to Sell from Neutral at Rosenblatt
F5 Networks (FFIV) downgraded to Sell from Neutral at Goldman Sachs
Verizon (VZ) downgraded to Neutral from Buy at Citi

TUESDAY'S EARNINGS ANNOUNCEMENTS  
Before the open:  Lindsay Manufacturing (LNN), Northern Technologies International (NTIC), PepsiCo (PEP)
After the close: Aspen Group (ASPU), Helen of Troy (HELE), Levi Strauss & Co. (LEVI), WD-40 (WDFC)


UPCOMING ECONOMIC NEWS 
Tuesday's economic reports (EST): 
NFIB Small Business Optimism Index - 6:00am
Redbook - 8:55am
Jolts - 10:00am

METALS / OIL
Gold closed at $1,400.00 an ounce, down $0.10
Silver settled at $15.05 an ounce, up $0.05
Copper finished at $2.67 a pound, unchanged
Crude Oil was at $57.50 a barrel, down $0.23
Bitcoin Investment Trust (GBTC) ended at $15.73, up $1.06


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


   Todd Mitchell


Not sure the best way to get started?

Follow these 3 simple steps ...

Step #1: Get These FREE Reports & Videos

Options INCOME  Profits   8 Video  Series    Habits that Kill Traders...



Step #2: Enroll in an Advisory or Educational Program
Premium Advisories | Featured  Educational  Programs 



Step #3: Connect with The Community
Trading Concepts Official Facebook Page