Bulls Get 2nd-Straight Weekly Win

U.S. markets settled mixed on Friday as a somewhat lackluster monthly jobs report solidified bets that the Federal Reserve will cut rates again when it meets later this month. The mixed and lackluster session closed out another strong week for the market with the major indexes recovering much of the losses from August following the 2nd-straight week of gains.

The Dow added 0.3% to extend its winning streak to 3-straight sessions following the midday run to 26,860. Near-term and lower resistance at 26,800-27,000 was cleared but held by a few points with a move above the latter getting 27,250-27,500 and the all-time high at 27,398 back in focus.

The S&P 500 was also up for the 3rd-straight session after advancing 0.1% while testing an intraday peak of 2,985 for the 2nd-straight day. Near-term and lower resistance at 3,000-3,025 easily held with July’s all-time high at 3,027.

The Nasdaq dipped 0.2% despite tapping an intraday high of 8,134 while holding 8,100 and its the 50-day moving average into the close. Lower resistance at 8,150-8,200 was challenged but held with upside potential towards 8,250-8,300 and the all-time high at 8,339 on a move above the latter.

The Russell 2000 slipped 0.1% after trading within a 13-point range while reaching a midday peak 1,517 and holding the 1,500 level afterwards. Lower resistance at 1,515-1,530 and the 200-day moving average was cleared but held for the 2nd-straight session with a close above the latter and the 50-day moving average getting 1,545-1,560 in play.

For the week, the S&P 500 and the Nasdaq rose 1.8%. The Dow rallied 1.5% and the Russell 2000 gained 0.6%.

Energy and Materials led sector strength after climbing 0.5% and 0.4%, respectively. Utilities and Communication Services were lower by 0.4% and 0.2% to lead sector weakness.

The best performing sectors for the week were Energy (2.7%) followed by Technology (2.5%) and Communication Services (2.4%). There were no sector laggards.

If you can follow lines on a graph, you could steadily build your account by Tunnel Trading one $500 investment at a time...

My good friend Joshua Martinez is
putting on a LIVE trading demonstration,
for FREE, to all my valued subscribers, like you,
Tuesday at 12pm ET.


Cheesecake Factory (CAKE) upgraded to Outperform from Market Perform at Wells Fargo
DocuSign (DOCU) upgraded to Outperform from Neutral at Wedbush
Kellogg (K) upgraded to Buy from Neutral at Goldman Sachs

Antero Resources (AR) downgraded to Neutral from Buy at Goldman Sachs
Bank of America (BAC) downgraded to Market Perform from Outperform at Keefe Bruyette
Entergy (ETR) downgraded to Equal Weight from Overweight at Morgan Stanley

Before the open: LitInTheBox Holding (LITG), Wanda Sports Group (WSG)
After the close: Aspen Group (ASPU), Ctrip.com International (CTRP), Lakeland Industries (LAKE), Limoneira (LMNR), Phreesia (PHR)

Monday’s economic reports (EST): 
TD Ameritrade IMX - 12:30pm
Consumer Credit - 3:00pm

Gold closed at $1,515.50 an ounce, down $10.00
Silver settled at $18.82 an ounce, down $0.69
Copper finished at $2.63 a pound, down $0.01
Crude Oil was at $56.73 a barrel, up $0.49
Bitcoin Investment Trust (GBTC) ended at $12.65, down $0.20

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

   Todd Mitchell

Not sure the best way to get started?

Follow these 3 simple steps ...

Step #1: Get These FREE Reports & Videos

Options INCOME  Profits   8 Video  Series    Habits that Kill Traders...

Step #2: Enroll in an Advisory or Educational Program
Premium Advisories | Featured  Educational  Programs 

Step #3: Connect with The Community
Trading Concepts Official Facebook Page