Bears Take Volatile Week


U.S. markets were weak on Friday’s open following more uncertainty over trade developments with China. President Trump said the U.S. is not ready to strike a trade deal with China and that the U.S. government will no longer have any dealings with a major Chinese telecom company.

The ongoing dispute led to another volatile session with the major indexes hitting session lows midday. The slight rebound afterwards pushed the blue-chip into positive territory during the final hour of trading but the lower closes across the board gave the bears the weekly win.

The Russell 2000 sank 1.3% after tapping a first half low of 1,509 while closing back below its 200-day moving average. Prior and upper support at 1,510-1,500 was breached and held with a close below the latter signaling a retest towards 1,480-1,470.

The Nasdaq gave back 1% following the midday backtest to 7,910 and close back below the 8,000 level and the 50-day moving average. Shaky and upper support at 7,900-7,850 held with risk towards 7,800-7,750 on a move below the latter.

The S&P 500 was down 0.7% after trading to an intraday low of 2,914 and also closing back below its 50-day moving average. Near-term and upper support at 2,900-2,875 held with a close below the latter reopening risk towards 2,850-2,825.

The Dow declined 0.3% following the pullback to 26,097. Upper support at 26,250-26,000 was breached but held with a close below the latter signaling a possible retest towards 25,750-25,500 the 200-day moving average.

For the week, the Russell 2000 was lower by 1.3% and the Dow was down 0.8%. The Nasdaq fell 0.6% and the S&P 500 was off 0.5%.

Healthcare and Utilities were the only sectors that showed strength on Friday after edging up 0.1%. Technology, Communication Services, and Energy led sector weakness after falling -1.1%.

The best performing sectors for the week were Real Estate (2.6%), Utilities (1.1%), and Consumer Staples (0.7%). Energy (-2.5%) and Financials (-1.3%) were the leading laggards, followed by Technology (-1.2%) and Communication Services (-0.7%).

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Copa Holdings (CPA) upgraded to Outperform from Market Perform at Raymond James
Jack in the Box (JACK) upgraded to Outperform from Neutral at Wedbush
STMicroelectronics (STM) upgraded to Buy from Neutral at Goldman Sachs

Kraft Heinz (KHC) downgraded to Sell from Neutral at Guggenheim
Maximus (MMS) downgraded to Market Perform from Outperform at Wells Fargo
Synaptics (SYNA) downgraded to Underweight from Neutral at JPMorgan

Before the open: ​​Brady (BRC), Consolidated Water (CWCO), Evolus (EOLS), Hydrogenics (HYGS), Key Energy Services (KEG), Pyxis Tankers (PXS), Stars Group (TSG), Sysco (SYY), Tidewater (TDW), Twin River Worldwide (TRWH)

After the close: ​ Biocept (BIOC), Bloom Energy (BE), Eyenovia (EYEN), FlexShopper (FPAY), LRAD Corp. (LRAD), New Fortress Energy (NFE), Optinose (OPTN), Palomar Holdings (PLMR), Polar Power (POLA), RumbleOn (RMBL), Tencent Music Entertainment (TME), Victory Capital Holdings (VCTR), Village Farms International (VFF)

Monday’s economic reports (EST): 
Treasury Budget - 2:00pm

Gold closed at $1,508.50 an ounce, down $1.00
Silver settled at $16.93 an ounce, down $0.01
Copper finished at $2.59 a pound, down $0.01
Crude Oil was at $54.27 a barrel, up $1.40
Bitcoin Investment Trust (GBTC) ended at $14.88, up $0.38

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

   Todd Mitchell

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