Bears Growl for 3rd-Straight Session

U.S. markets

U.S. markets showed weakness throughout Thursday’s session despite a pick-up in trade optimism. Specifically, China has invited U.S. negotiators to Beijing for additional talks, and the U.S. may delay the December 15th tariffs.

The upbeat reports soothed worries of a breakdown in talks and President Trump's threat to increase levies. However, the major indexes settled lower across the board after trading in rather tight ranges with volatility continuing to hold a key level of resistance.

The Russell 2000 fell 0.4% following the intraday back-test to 1,581. Current and upper support at 1,585-1,570 was breached and failed to hold with risk towards 1,560-1,545 and the 50-day moving average on a move below the latter.

The Nasdaq was down 0.2% after trading to a midday low of 8,487. Current and upper support at 8,450-8,400 easily held with a move below the latter signaling risk towards 8,350-8,300.

The S&P 500 extended its losing streak to 3-straight sessions after giving back 0.2% while tapping a first half low of 3,094. Near-term and upper support at 3,100-3,075 was breached but held with a move below the latter opening up risk towards 3,050-3,025 and the 50-day moving average.

The Dow also dipped 0.2% following the intraday pullback to 27,708. Near-term and upper support at 27,750-27,500 was breached but held with a close below the latter getting 27,250-27,000 and the 50-day moving average in play.

Energy surged 1.6% to lead sector strength while Healthcare and Communications Services added 0.3% to round out the winners. Real Estate paced laggards after tanking 1.4% while Technology and Consumer Staples dropped 0.5%.

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GlaxoSmithKline (GSK) upgraded to Buy from Neutral at UBS
Lowe's (LOW) upgraded to Conviction Buy from Buy at Goldman Sachs
NorthWestern (NWE) upgraded to Outperform from Market Perform at Wells Fargo

Applied Materials (AMAT) downgraded to Sell from Neutral at UBS
Cubic (CUB) downgraded to Neutral from Overweight at JPMorgan
MacroGenics (MGNX) downgraded to Underweight from Equal Weight at Morgan Stanley

Before the open: Atkore International Group (ATKR), Buckle (BKE), Corporación América Airports (CAAP), Destination XL Group (DXLG), Foot Locker (FL), Hibbett Sports (HIBB), IEC Electronics (IEC), J.M. Smucker (SJM), RMR Group (RMR), Sunlands Technology Group (STG)

After the close: None

PMI Composite Flash - 9:45am
Consumer Sentiment - 10:00am
Kansas City Fed Manufacturing Index - 11:00am
Baker-Hughes Rig Count - 1:00pm

Gold closed at $1,463.60 an ounce, down $10.60
Silver settled at $17.07 an ounce,  down $0.04
Copper finished at $2.62 a pound, down $0.02
Crude Oil  was at $58.39 a barrel, up $1.48
Bitcoin Investment Trust (GBTC) ended at $9.31,  down $0.38

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

   Todd Mitchell

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