Bulls Recover From Opening Blow

U.S. markets resumed their recent downtrend on Wednesday’s open following turmoil in the bond market and the 10-year treasury yield. The benchmark rate briefly dipped below 1.6% intraday to hit a 2016 low while pushing the major indexes towards near-term support levels.

The rebound afterwards was impressive as higher highs than the previous session were made before a mixed finish. Volatility held the monthly high while making a lower low and closing below a key level of support.

The Nasdaq rose 0.4% after trading in a 179-point range while testing an intraday low of 7,702. Upper support at 7,702 held for the 3rd-straight session before the rebound to 7,881 and close just below the 7,900 level.

The S&P 500 added 0.1% despite tapping a low of 2,825 shortly after the open. Upper support at 2,850-2,825 was breached but held before the rebound to 2,892 and close just below the 2,900 level.

The Russell 2000 slipped 0.1% after testing an opening low of 1,478. Near-term and upper support at 1,475-1,460 held for the 3rd-straight session with the index holding the 1,500 level for the 2nd-straight session.

The Dow also dipped 0.1% following the morning plunge to 25,440. Upper support at 25,500-25,250 and the 200-day moving average was breached but held with the blue-chips powering back to hold the 26,000 level into the closing bell.

Materials and Consumer Staples were sector standouts after rising 1.4% and 1.2%, respectively. Financials and Energy led sector weakness after giving back 1.3% and 0.8%.

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Boston Beer (SAM) upgraded to Outperform from Neutral at Macquarie
Dunkin' Brands (DNKN) upgraded to Buy from Hold at Argus
Electronic Arts (EA) upgraded to Overweight from Neutral at Atlantic Equities

Aramark (ARMK) downgraded to Neutral from Outperform at Baird
Casey's General Stores (CASY) downgraded to Hold from Buy at Gabelli
SiteOne Landscape (SITE) downgraded to Hold from Buy at Berenberg

Before the open: AMC Entertainment (AMC), Cott (COT), Gogo (GOGO), Keurig Dr Pepper (KDP), Kraft Heinz (KHC), Lifetime Brands (LCUT), Perrigo (PRGO), RadNet (RDNT), Viacom (VIAB)
After the close: ​​​​​3D Systems (DDD), AIG (AIG), Booking Holdings (BKNG), Camping World (CWH), CenturyLink (CTL), Fox Corporation (FOXA), Hostess Brands (TWNK), IAC/InterActiveCorp (IAC), (LYFT), Monster Beverage (MNST), Rent-A-Center (RCII), Roku (ROKU), Skyworks Solutions (SWKS), Switch (SWCH), TripAdvisor (TRIP), Wright Medical (WMGI), Zillow Group (ZG)

Thursday’s economic reports (EST): 
Jobless Claims - 8:30am
Wholesale Trade - 10:00am

Gold closed at $1,519.60 an ounce, up $35.40
Silver settled at $17.20 an ounce, up $0.75
Copper finished at $2.57 a pound, up $0.02
Crude Oil was at $52.27 a barrel, down $1.26
Bitcoin Investment Trust (GBTC) ended at $14.97, up $0.20

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

   Todd Mitchell

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