Blue-Chips Weak but Bulls Maintain Strength

major indexes

U.S. markets showed strength for a 2nd-straight session but settled mixed as the blue-chips struggled. Some of the nervousness came after White House trade chief Robert Lighthizer warned that negotiations to end the tariff war with China were at risk of failing.

Lighthizer went on to say major issues needed to be resolved before an agreement was reached and that he could not predict success at this point. Despite the somber statement, volatility settled near a monthly low and is pushing major support levels.

The Nasdaq led for the 2nd-straight session after rising 0.4% while testing a 2nd-half high of 7,611. Prior and lower resistance at 7,600-7,650 was cleared but held with the early March peak at 7,643.

The S&P 500 added 0.3% following the late day push to 2,798. Fresh and lower resistance at 2,800-2,825 held with continued closes above the latter being a more bullish signal.

The Russell 2000 edged up 0.1% after trading an midday peak of 1,555. Prior and resistance at 1,550-1,560 was split but held with a move above the latter getting 1,575-1,585 and the 200-day moving average in play.

The Dow declined 0.4% following the intraday pullback to 25,522. Current and upper support at 25,500-25,250 held with a golden cross in the process of forming on higher highs.

Healthcare, Utilities and Energy were the strongest sectors after rising 0.7%. Technology was higher by 0.6%

Industrials and were the only sector laggard after falling 0.8%.

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American Electric (AEP) upgraded to Overweight from Neutral at JPMorgan
Eaton (ETN) upgraded to Overweight from Sector Weight at KeyBanc
Ranger Energy (RNGR) upgraded to Overweight from Equal Weight at Barclay
Boeing (BA) downgraded to Hold from Buy at Edward Jones
Coca-Cola (KO) downgraded to Hold from Buy at HSBC
Monster Beverage (MNST) downgraded to Market Perform from Outperform at BMO Capital

Wednesday Before the Open (EST):
​Build-A-Bear Workshop (BBW), Daqq New Energy (DQ), Express (EXPR), Great Elm Capital (GECC), Northstar Realty Europe (NRE), Peak Resorts (SKIS), Surgery Partners (SGRY), Trevena (TRVN), Vera Bradley (VRA)

Wednesday After the close(EST):
Allied Motion Technologies (AMOT), Cloudera (CLDR), Domo (DOMO), Fluent (FLNT), Kingstone Companies (KINS), Northwest Pipe (NWPX), Semtech (SMTC), Tailored Brands (TLRD), U.S. Well Services (USWS), Viking Therapeutics (VKTX)

Wednesday's Economic Reports (EST):
MBA Mortgage Applications - 7:00am
Durable Goods Orders - 8:30am
PPI-FD - 8:30am
Atlantic Fed Business Inflation Expectations - 10:00am
E-Commerce Retail Sales - 10:00am
Construction Spending - 10:00am

Gold closed at $1,298.10 an ounce, up $7.00
Silver settled at $15.41 an ounce, up $0.14
Copper finished at $2.92 a pound, up $0.02
Crude Oil was at $57.09 a barrel, up $0.26
Bitcoin Investment Trust (GBTC) ended at$4.60, down $0.02

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

   Todd Mitchell

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