Bears Stay Aggressive

U.S. markets showed overall weakness for the 2nd-straight session with the small-caps bucking the trend to close higher. Corporate earnings and economic news dominated the headlines once again with Friday’s jobs report now in focus.

The Russell 2000 rose 0.4% following the morning pop to 1,587. Major resistance at 1,600 held for the 4th-straight session along with the 50/200-day moving averages on the midday weakness.

The Nasdaq dipped 0.2% following pullback to 7,976. Fresh and upper support at 8,000-7,950 was breached but held with a move below the latter signaling additional weakness.

The Dow dropped 0.5% after testing an intraday low of 26,180. Upper support at 26,250-26,000 was breached but held with a close below the latter being a bearish development.

The S&P 500 gave back 0.4% following the morning backtest to 2,900.
This level has been holding for 14-straight sessions with a close below 2,900 opening up risk towards 2,875-2,850.

Healthcare led strength strength after gaining 0.4% while Real Estate climbed 0.2%.

Energy was the weakest sector for the 2nd-straight session after sinking 1.7%. Materials and Technology were down 0.5%.

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Arconic (ARNC) upgraded to Buy from Neutral at Goldman Sachs
Clorox (CLX) upgraded to Hold from Sell at Deutsche Bank
Qualcomm (QCOM) was upgraded to Strong Buy from Outperform at Raymond James

Estee Lauder (EL) was downgraded to Sector Perform from Outperform at RBC Capital
Hilton (HLT) downgraded to Hold from Buy at Deutsche Bank
Scotts Miracle-Gro (SMG) downgraded to Underperform from Neutral at BofA/Merrill

Before the open (EST):
​American Tower (AMT), Brookfield Infrastructure (BIP), CBOE Global Markets (CBOE), Dish Network (DISH), Dominion Energy (D), Fiat Chrysler (FCAU), GasLog (GLOG), ITT Industries (ITT), Johnson Outdoors (JOUT), Newell Brands (NWL), Ruth’s Hospitality Group (RUTH), Titan International (TWI), Vistra Energy (VST), WP Carey (WPC)

After the close(EST):

Friday's economic reports (EST): 
Employment Report - 8:30am
Retail Inventories - 8:30am
International Trade - 8:30am
Wholesale Inventories - 8:30am
PMI Services Index - 9:45am
ISM Non-Manufacturing Index - 10:00am
Baker-Hughes Rig Count - 1:00pm

Gold closed at $1,272.20 an ounce, down $12.20
Silver settled at $14.62 an ounce, down $0.11
Copper finished at $2.78 a pound, down $0.02
Crude Oil was at $61.54 a barrel, down $2.01
Bitcoin Investment Trust (GBTC) ended at $6.85 up $0.10

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

   Todd Mitchell

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