Another Sluggish Session

U.S. markets were sluggish throughout Tuesday’s session after showing weakness in the morning and slight strength in the afternoon. The tight action extended ongoing trading ranges for the major indexes as they now enter a 3rd-straight week of consolidation.

Economic news was better-than-expected along with ongoing 4Q earnings from a number of companies in the retail space. Volatility was slightly higher but continues to hold key levels of resistance and support in a wider trading range that has been ongoing since mid-February.

The Russell 2000 fell 0.5% following the intraday pullback to 1,567. Near-term and upper support at 1,575-1,560 was breached and failed to hold with a close below 1,550 being a bearish development.

The Dow slipped 0.1% after trading in a 152-point range while testing a low of 25,725. Current and upper support at 25,750-25,500 was breached but held on the 2nd-straight close above the 25,800 level.

The S&P 500 edged down 0.1% after failing near-term resistance at 2,800. Current and upper support at 2,775-2,750 easily held on the morning pullback to 2,782 with a close below the latter and the 200-day moving average being a slightly bearish development.

The Nasdaq was down a point, or 0.02% despite making a late day run to 7,598. Near-term resistance at 7,600-7,650 held for the 3rd-straight session with continued closes above the former being a slightly bullish signal.

Communication Services led sector with a gain 0.6%. Real Estate and Consumer Discretionary rose 0.3% to round out the winners.

Industrials led sector weakness after giving back 0.6%. Material were off 0.5% while Financials fell 0.4%.

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Alnylam (ALNY) upgraded to Overweight from Equal Weight at Morgan Stanley
Ctrip (CTRP) upgraded to Overweight from Neutral at JPMorgan
Veritiv (VRTV) upgraded to Buy from Neutral at BofA/Merrill
Adamas Pharmaceuticals (ADMS) downgraded to Underperform from Neutral at Mizuho
Inter Parfums (IPAR) downgraded to Neutral from Buy at DA Davidson
Uniti Group (UNIT) downgraded to Underperform from Market Perform at Wells Fargo

Wednesday Before the Open (EST):
Abercrombie & Fitch (ANF), BJ’s Wholesale (BJ), Chico’s FAS (CHS), Dollar Tree Stores (DLTR), Donaldson Company (DCI), Interxion (INXN), J Jill (JILL), Meet Group (MEET), Optinose (OPTN), Stars Group (TSG), Thor Industries (THO), WhiteHorse Finance (WHF)
Wednesday After the close(EST):
AMB Industries (ABM), Berry Petroleum (BRY), Craft Brew Alliance (BREW), Evoke Pharma (EVOK), Guidewire Software (GWRE), Hudson Technologies (HDSN), Myr Group (MYRG), Nine Energy Service (NINE), Pure Bioscience (PURE), Rosetta Stone (RST), TransAct Technologies (TACT), USD Partners (USDP), Yext (YEXT)

Wednesday's Economic Reports (EST):
MBA Mortgage Applications - 7:00am
ADP Employment Report - 8:15am
International Trade in Goods - 8:30am
Beige Book - 2:00pm


Gold closed at $1,284.70 an ounce, down $2.80

Silver closed at $15.10 an ounce, unchanged

Copper finished at $2.93 a pound, up $0.02

Crude Oil is at $56.32 a barrel, down $0.12

Bitcoin Investment Trust (GBTC) ended at $4.57, up $0.28

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

   Todd Mitchell

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