Bulls Get 2nd-Straight Monthly Win

tariffs

The market settled mostly higher on Friday while booking sharp gains for the week, and month, after a news conference from President Donald Trump on China turned out to be not as disruptive to trade and finance as had been anticipated.

The Nasdaq tested a late session high of 9,505 while closing at 9,489 (+1.3%). Current resistance at 9,500 was breached but held with a move above the 9,575 level getting 9,650 in focus.

The S&P 500 closed at 3,044 (+0.5%) with the session peak tapping 3,049. Key resistance at 3,050 was cleared and held with continued closes above this level signaling additional momentum towards the 3,100 area.

The Russell 2000 went out at 1,394 (-0.5%) with the intraday low kissing 1,372. Key support at 1,375 was tripped but held with a close below this level signaling weakness towards 1,350.

The Dow settled at 25,383 (-0.1%) following the afternoon pullback to 25,031. Key support at 25,000 was challenged but held with a move below this level keeping downside risk towards 24,750-24,500 in play.

For the week, the Dow was up 3.8%; the S&P 500 and Russell 2000 rose 3%; and the Nasdaq was gained 1.8%. For the month, the Nasdaq soared 6.8%; the Russell 2000 zoomed 6.7%; the Dow added 4.3%; and the S&P 500 jumped 4.5%.

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ANALYST UPGRADES/DOWNGRADES

Bloomin' Brands (BLMN) upgraded to Buy from Hold at Jefferies
Domino's Pizza (DPZ) upgraded to Buy from Neutral at Northcoast
Fox Factory (FOXF) upgraded to Buy from Neutral at BofA

Generac (GNRC) downgraded to Neutral from Buy at Northcoast
Halliburton (HAL) downgraded to Market Perform from Outperform at Cowen
VF Corp. (VFC) downgraded to Hold from Buy at Argus

MONDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Autohome (ATHM), China XD Plastics (CXDC), HeadHunter Group (HHR), Protalix BioTherapeutics (PLX)

After the close: Capital Southwest (CSWC), EnerSys (ENS), Golden Matrix Group (GMGI), NGL Energy Partners (NGL), Perceptron (PRCP), Salem Media Group (SALM)

MONDAY'S ECONOMIC NEWS
PMI Manufacturing Index - 9:45am
Construction Spending - 10:00am
ISM Manufacturing Index - 10:00am

METALS/ OIL
Gold closed at $1,751.70  an ounce, up $23.40
Silver settled at $18.50 an ounce, up $0.53
Copper finished at $2.43  a pound,  up $0.02
Crude Oil was at $35.32 a barrel, 
up $1.82
Bitcoin Investment Trust (GBTC) ended at $10.89 up $0.01


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


   Todd Mitchell


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