Bulls Get Win in Volatile Session

U.S. markets were tentative to start Thursday’s session as Wall Street awaited disappointing news that came out shortly after the open that reaffirmed weakness in the manufacturing sector. The major indexes tapped session lows shortly afterwards but sharply reversed course and moved into positive territory after President Trump said China was on track to meet with U.S. trade officials next week at the White House.

Nervousness was also attributed to reports the U.S. will impose tariffs on European Union goods after getting a victory from the World Trade Organization. The major indexes held August support levels before pushing new resistance levels into the closing bell with volatility settling a tad lower.

The Nasdaq soared 1.1% following the 172-point trading range that reached a low of 7,700. Major support levels at 7,750-7,700 and the 200-day moving average were triggered but held on the close back above lower resistance at 7,850-7,900.

The S&P 500 gained 0.8% while closing back above the 2,900 level after trading in a 55-point range and an intraday low of 2,855. Prior and lower support from late August at 2,875-2,850 was challenged but held with a move below 2,840 and the 200-day moving average being an ongoing bearish development.

The Dow added 0.5% despite testing a first half low of 25,743. Crucial and lower support 26,000-25,800 and the 200-day moving average was breached but held on the 2nd-straight close above the former.

The Russell 2000 was also up 0.5% after kissing a morning low of 1,462. Upper support at the 1,465 level was breached but held with a close below key and lower support at the 1,450 level signaling additional weakness. Lowered resistance at 1,480-1,500 was reclaimed into the closing bell with the high reaching 1,487.

Technology and Real Estate led sector strength after rallying 1.2% while Energy and Communications Services rallied 1.1% and 1%, respectively. There were no sector laggards.

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ANALYST UPGRADES/DOWNGRADES

Crowdstrike (CRWD) upgraded to Buy from Hold at SunTrust
Newmont Goldcorp (NEM) upgraded to Buy from Hold at Deutsche Bank
Raytheon (RTN) upgraded to Outperform from Neutral at Credit Suisse

Delta Air Lines (DAL) downgraded to Neutral from Buy at Buckingham
Insulet (PODD) downgraded to Neutral from Buy at Guggenheim
Tesla (TSLA) downgraded to Market Perform from Outperform at JMP Securities

FRIDAY'S EARNINGS ANNOUNCEMENTS  
Before the open: None
After the close: None

UPCOMING ECONOMIC NEWS
Friday's economic reports (EST): 
Employment Report - 8:30am
International Trade - 8:30am
Baker-Hughes Rig Count - 1:00pm

METALS / OIL
Gold closed at $1513.80 an ounce, up $5.90
Silver settled at $17.68 an ounce,  down $0.01
Copper finished at $2.55 a pound, unchanged
Crude Oil was at $52.30 a barrel, down $0.32
Bitcoin Investment Trust (GBTC) ended at $9.75 up $0.09


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


   Todd Mitchell


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