Bulls Regain Momentum for the Week

U.S. markets showed continued follow thru following the turnaround off the previous session lows with the major indexes posting strong gains and recovering near-term resistance levels. The rebound in global bond yields helped sentiment as concerns over slowing economic growth slightly eased.

The gains helped recover roughly half of Monday’s steep losses with the Nasdaq and S&P 500 in positive territory by 35 and 6 points for the week. The blue-chips and small-caps are within striking distance of 97 and 2 points from turning the week around and heading into Friday’s action as volatility returned to more normal levels.

The Nasdaq surged 2.2% after reaching a late session high of 8,041 while closing back above its 50-day moving average. Near-term and lower resistance at 8,000-8,050 was cleared and held with the latter representing support from early July.

The Russell 2000 zoomed 2.1% following the second half run to 1,533 and close back above the 200-day moving average. Prior and lower resistance at 1,525-1,540 was cleared and held with a close above the later and the 50-day moving average signaling additional strength

The S&P 500 soared 1.9% following the close on the session high of 2,938 while regaining the 2,900 level. Current and lower resistance at 2,925-2,950 and the 50-day moving average was cleared and held with a close above the latter being an ongoing bullish signal.

The Dow jumped 1.4% after testing a midday peak of 26,383 while holding the 26,000 level for the 2nd-straight session. Fresh and lower support at 26,250-26,500 was cleared and held with a close above the latter and the 50-day moving average signaling additional strength.

Energy and Technology led sector strength after rallying 2.9% and 2.5%, respectively. Materials, Consumer Discretionary and Financials were all up 1.9%. There was no sector weakness.

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Disney (DIS) upgraded to Outperform from Neutral at Credit Suisse
Hertz (HTZ) upgraded to Overweight from Equal Weight at Barclays
Lyft (LYFT) upgraded to Outperform from Neutral at Wedbush

3D Systems (DDD) downgraded to Underweight from Neutral at JPMorgan
Inogen (INGN) downgraded to Hold from Buy at Stifel
PlayAGS (AGS) double downgraded to Underperform from Buy at BofA/Merrill

Before the open: ​Brf-Brasil Foods (BRFS), Cambrex (CBM), Colony Financial (CLNY), Diplomat Pharmacy (DPLO), Enerplus (ERF), Harvest Capital Credit (HCAP), Hospitality Properties Trust (HPT), IMV (IMV), Melinta Therapeutics (MLNT), RMR Group (RMR), Tecnoglass (TGLS), Twin Disc (TWIN), U.S. Concrete (USCR), YRC Worldwide (YRCW)
After the close: ​​​​​​Garrison Capital (GARS), J. Alexander’s Holdings (JAX)

Friday’s economic reports (EST): 
PPI-FD - 8:30am
Baker-Hughes Rig Count - 1:00pm

Gold closed at $1,509.50 an ounce, down $10.10
Silver settled at $16.94 an ounce, down $0.25
Copper finished at $2.60 a pound, up $0.03
Crude Oil was at $52.87 a barrel, up $0.60
Bitcoin Investment Trust (GBTC) ended at $14.50, down $0.47

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

   Todd Mitchell

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