Bears Snag 3rd-Straight Weekly Win


U.S. markets settled higher to end the week and for the first time in 3 Friday sessions but closed lower for the 3rd-straight week as the continued gains weren’t enough to offset the midweek selloff. Momentum held throughout the session after President Trump said a call is planned with China's President Xi, soon.

The steepening in the U.S. yield curve was likely a more important catalyst the major indexes showed strength as the resurgence in U.S./ China trade talk hopes may have been of less conviction. Volatility also simmered for h 2nd-straight session after trading and closing below key levels of support.

The Russell 2000 zoomed 2.2% while closing a point off its session high of 1,494. Prior and lower resistance at 1,485-1,500 was cleared and held with more important hurdles at 1,510-1,525 and the 200-day moving average.

The Nasdaq jumped 1.7% after snapping a 2-session slide and trading to a high of 7,907. Near-term and upper resistance at 7,850-7,900 was cleared but held with continued closes above 7,950 getting 8,000-8,050 and the 50-day moving average in focus.

The S&P 500 soared 1.4% to extend its winning streak to 2-straight following the late day run to 2,893. Current and lower resistance at 2,875-2,900 was cleared and held with continued closes above the latter getting 2,925-2,950 and the 50-day moving average back in play.

The Dow was up for the 3rd time in 4 sessions after rallying 1.2% and tapping a high of 25,886. Near-term and lower resistance at 25,600-25,800 and the 200-day moving average was reclaimed with continued closes above the 26,000 level being a more bullish signal selling pressure has abated.

For the week, the Dow was lower by 1.5% and the Russell 2000 was down 1.3%. The S&P 500 fell 1% and the Nasdaq was off 0.8%.

Industrials and Technology led sector strength on Friday after rising 1.9% while Financials and Materials advanced 1.8%. There was no sector weakness.

The best performing and only sector higher for the week was Utilities (0.4%). Energy (-5.8%) was the leading sector laggard, followed by Materials (-4.4%), Financials and Industrials (-4.2%), and Communication Services (-4.1%).

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Brinker (EAT) upgraded to Overweight from Equal Weight at Stephens
Intel (INTC) upgraded to Market Perform from Underperform at Northland
PetMed Express (PETS) upgraded to Hold from Sell at Craig-Hallum

BHP Group (BHP) downgraded to Underperform from Neutral at BofA/Merrill
Tapestry (TPR) downgraded to Perform from Outperform at Oppenheimer
Whiting Petroleum (WLL) downgraded to Market Perform from Outperform at Wells Fargo

Before the open: Estee Lauder (EL), Leju Holdings (LEJU), Qiwi (QIWI), Sina (SINA), Weibo (WB), X Financial (XYF)

After the close: ​Baidu (BIDU), Evolving Systems (EVOL), Fabrinet (FN), iQIYI (IQ), Taronis Technologies (TRNX)

Monday’s economic reports (EST): 

E-Commerce Retails Sales - 10:00am

Gold closed at $1,523.60 an ounce, down $7.60
Silver settled at $17.12 an ounce, down $0.09
Copper finished at $2.59 a pound, Unchanged 
Crude Oil was at $54.91 a barrel, up $0.30
Bitcoin Investment Trust (GBTC) ended at $13.45, up $0.74

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

   Todd Mitchell

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