Bulls Get Weekly Win as Dow Trips 29,000

U.S. markets showed strength throughout the first half of Friday’s action despite a jobs report that was a tad disappointing, but not troublesome, as the data still showed strong momentum in the labor market. The major indexes tripped another round of all-time highs before fading later in the day and into the closing bell.

The pullback wasn’t too surprising as traders took profits ahead of the weekend and the upcoming start of the 4Q earnings season. Volatility settled slightly higher but is still giving a bullish reading heading into next week as sentiment on trade deals, particularly with China, continues to keep the major indexes near record levels.

The Dow was down 0.5% despite testing a lifetime high of 29,009 shortly after the opening bell. Current and upper resistance at 28,800-29,000 was cleared but held on the 2nd-straight close above the former.

The Russell 2000 dropped 0.4% after trading in negative territory for much of the session while topping out at 1,666 and failing to hold the 1,665 level for the 6th-straight session. Crucial and upper support at 1,650-1,635 held on the afternoon fade to 1,654.

The Nasdaq gave back 0.3% after trading in a 71-point range while testing an intraday all-time high of 9,235. Upper resistance at 9,200-9,250 was challenged but held before the backtest to 9,164 and close below the former.

The S&P 500 fell 0.3%, as well, with the record high reaching 3,282 within the first 30 minutes of trading. Fresh and lower resistance at 3,275-3,300 was cleared but held before the fade to 3,260 afterwards and close above the 3,250 level.

The Nasdaq was up for the 5th-straight week after surging 1.8% while the Russell 2000 was down for the 2nd-straight week after slipping 0.2%. The S&P 500 showed strength for the 5th time in 6 weeks after jumping 0.9% while the Dow was up for the 4th time in 5 weeks after gaining 0.7%.

Real Estate and Utilities paced sector leaders after rising 1% and 0.3%, respectively, while Healthcare nudged up 0.03% to round out the winners. Industrials and Financials were down 0.7% to pace sector laggards.

Over the past 5 sessions, the best performing sectors were Communication Services (2.1%), Technology (1.3%) and Utilities (0.7%). Materials (-1.5%) and Energy (-0.7%) were the weakest sectors.

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Edwards Lifesciences (EW) upgraded to Outperform from Perform at Oppenheimer
Square (SQ) upgraded to Overweight from Equal Weight at Stephens
Qorvo (QRVO) upgraded to Buy from Neutral at Mizuho

CME Group (CME) downgraded to Market Perform from Outperform at Bernstein
Dropbox (DBX) downgraded to Hold from Buy at Jefferies
Six Flags (SIX) downgraded to Equal Weight from Overweight at Wells Fargo

Before the open: 

After the close: 
​ Limoneira (LMNR)

Treasury Budget - 2:00pm

Gold closed at $1,563.20 an ounce,up $8.90
Silver settled at $18.10 an ounce,  up $0.17
Copper finished at $2.81 a pound, unchanged
Crude Oil was at $59.12 a barrel,
down $0.48
Bitcoin Investment Trust (GBTC) ended at $9.60,  up $0.30

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

   Todd Mitchell

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