Bears Win Choppy Session

trade negotiations

The market traded on both sides of the ledger on Thursday following elevated tensions between The White House and China and another round of poor economic data. Specifically, Initial Jobless Claims check in at 2,438,000 to bring the 9-week total to over 38 million job losses in America.

The mostly lower close held near-term support levels with the bulls also holding strong weekly gains heading into the last trading day of the week and the upcoming 3-day weekend.

The Russell 2000 tested a morning high of 1,354 while closing at 1,347 (+0.1%). Key resistance at the 1,350 level was breached but held for the 2nd-straight session with continued closes above this level signaling strength towards 1,375.

The Nasdaq traded to a low of 9,254 while finishing at 9,284 (-1%). Prior support at 9,250 was challenged but held with a close below this level signaling weakness towards 9,100-9,000.

The S&P 500 tested a low of 2,938 before closing at 2,948 (-0.8%). Crucial support at 2,950 was breached and failed to hold to with weakness towards the 2,925-2,900 on continued closes below this level.

The Dow settled at 24,474 (-0.4%) following the intraday pullback to 24,370. Key support at 24,500 failed to hold with continued closes below this level signaling downside risk towards the 24,000 level.

  • Takes LESS Than 10 Minutes a Week
  • Averaged 32.26% Gains in Weekly Income Over the Last Year
  • Made 1,677.96% Returns in the Last 12 Months

ANALYST UPGRADES/DOWNGRADES

Avis Budget (CAR) upgraded to Equal Weight from Underweight at Morgan Stanley
Honeywell (HON) upgraded to Buy from Hold at HSBC
Las Vegas Sands (LVS) upgraded an Outperform from Neutral at Credit Suisse

Expedia (EXPE) downgraded to In Line from Outperform at Evercore ISI
Logitech (LOGI) downgraded to Neutral from Overweight at JPMorgan
Square (SQ) downgraded to Sell from Neutral at UBS

FRIDAY'S EARNINGS ANNOUNCEMENTS
Before the open:  Alibaba (BABA), Burberry Group (BURBY), Cae (CAE), Deere & Company (DE), Foot Locker (FL), iClick Interactive Asia Group Limited (ICLK), Pinduoduo (PDD), Teligent(TLGT)

After the close: None

FRIDAY'S ECONOMIC NEWS
Baker-Hughes Rig Count - 1:00pm

METALS/ OIL
Gold closed at $1,721.90  an ounce, down $30.20
Silver settled at $17.37 an ounce, down $0.67
Copper finished at $2.43  a pound, down $0.03
Crude Oil was at $34.07 a barrel,
 up $0.5.3
Bitcoin Investment Trust (GBTC) ended at $10.58 down $0.65


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


   Todd Mitchell


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