Bulls Fall Just Shy of All-Time Highs

U.S. markets

U.S. markets continued their assault on prior all-time highs on Thursday after President Trump announced a 2-week delay to the increased tariffs on $250 billion worth of Chinese imports expected on October 1st to the 15th.

The good faith gesture renewed hoped of resolving a more than yearlong international trade dispute and comes ahead of next month’s scheduled meeting at the White House.

The Nasdaq gained 0.3% following the morning run to 8,243. Prior and lower support at 8,250-8,300 was challenged but held with a close above the latter and the all-time high at 8,339 opening up blue-sky territory towards 8,450-8,500.

The S&P 500 was also higher by 0.3% after extending its winning streak to 3-straight sessions while kissing a midday high of 3,020. Major resistance at 3,025 and the late July closing high held with upside potential towards 3,050-3,075 and new all-time highs on a move above 3,028.

The Dow posted its 7-straight win after adding 0.2% and reaching an intraday peak of 27,306. Major resistance at 27,250 was cleared but held with a close above the July all-time high at 27,398 getting 27,500-27,750 in focus.

The Russell 2000 slipped less than a point, or 0.04%, after trading mostly lower throughout the session and stalling at 1,580. Fresh and upper support at 1,570-1,555 was breached but held following the intraday backtest to 1,562 with a move below 1,540 signaling a near-term top.

Materials were the strongest sector after rallying 0.8% while Real Estate and Financials gained 0.6%. Energy was the main sector laggard after falling 0.6% while Healthcare dipped 0.03% to round out the losers.

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ANALYST UPGRADES/DOWNGRADES

Activision Blizzard (ATVI) upgraded to Buy from Neutral at Nomura Instinet
PayPal (PYPL) assumed at Buy, up from Hold at Canaccord
Voya Financial (VOYA) upgraded to Conviction Buy from Buy at Goldman Sachs

Caterpillar (CAT) were downgraded to Market Perform from Outperform at Wells Fargo.
DXC Technology (DXC) was downgraded to In Line from Outperform at Evercore ISI a
Square (SQ) assumed with a Hold from Buy at Canaccord

FRIDAY'S EARNINGS ANNOUNCEMENTS  
Before the open: Acorn International (AVT), Concrete Pumping Holdings (BBCP), HeadHunter Group (HHR), ReneSola (SOL)

After the close: Frequency Electronics (FEIM)

UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST): 
Retail Sales - 8:30am
Import and Export Prices - 8:30am
Baker-Hughes Rig Count - 1:00pm
Consumer Sentiment - 10:00am
Business Inventories -10:00am

METALS / OIL
Gold closed at $1,507.40 an ounce, up $4.20
Silver settled at $18.18 an ounce, up $0.01
Copper finished at $2.64 a pound, up $0.03
Crude Oil was at $55.24 a barrel, down $0.71
Bitcoin Investment Trust (GBTC) ended at $12.68, up $0.40


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


   Todd Mitchell


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