Bears Push Near-Term Support

Federal Reserve

U.S. markets showed weakness for a 2nd-straight session while closing slightly lower in anticipation of what the Fed may or may not do ahead of next week’s FOMC update. The pullback held near-term support levels with the possibility of a mini-trade range developing into the announcement on interest rates.

The Nasdaq was down 0.4% after testing a morning low of 7,773 and failing to clear its 50-day moving average for the 3rd-straight session. Near-term and upper support at 7,750-7,700 easily held with a close below the latter opening up risk towards 7,650-7,600.

The Dow was lower by 0.2%, after trading to an intraday low of 25,958. Near-term and upper support at 26,000-25,750 and the 50-day moving average was breached but held with a close below the latter being a bearish development.

The S&P 500 also slipped 0.2% following the intraday pullback to 2,874. Fresh and upper support at 2,875-2,850 was breached but held with the index holding its 50-day moving average for the 4th-straight session.

The Russell 2000 bucked the trend after edging up less than a point, or 0.05%, while testing a 2nd-half high of 1,522. Upper support at 1,515-1,500 was breached but held following the opening pullback to 1,512.

Utilities led sector strength after jumping 1.3%. Healthcare and Real Estate were higher by 0.5% and 0.4%.

Energy and Financials were the weakest sectors after dropping 1.4% and 1%, respectively.

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Brinker (EAT) upgraded to Outperform from Market Perform at Telsey Advisory
CommScope (COMM) upgraded to Buy from Neutral at Rosenblatt
NXP Semiconductors (NXPI) upgraded to Overweight from Equal Weight at Morgan Stanley

Amcor (AMCR) reinstated with a Sell from Neutral at Goldman Sachs
Beyond Meat (BYND) downgraded to Market Perform
Dave & Buster's (PLAY) downgraded to Hold from Buy at Gordon Haskett

Before the open: Crown Crafts (CRWS), Duluth Holdings (DLTH), LiveXLive Media (LIVX), Secoo Holdings (SECO), Tufin (TUFN)

After the close: Broadcom (AVGO), Pure Bioscience (PURE), Urovant Sciences (UROV), Vince Holding (VNCE)

Thursday's economic reports (EST): 
Jobless Claims - 8:30am
Import and Export Prices - 8:30am

Gold closed at $1,336.80 an ounce, up $5.60
Silver settled at $14.75 an ounce, up $0.01
Copper finished at $2.65 a pound, down $0.02
Crude Oil was at $51.12 a barrel, down $1.95
Bitcoin Investment Trust (GBTC) ended at $10.45, up $0.65

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

   Todd Mitchell

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