Bulls Snag 2nd-Straight Weekly Win

major indexes

U.S. markets closed higher for the 2nd-straight week following a positive Friday and progressive trade talks with China along with a goldilocks jobs report. President Trump said the two sides were making swift progress in trade talks, adding we should know over the next 4 weeks if an agreement can be reached.

Chinese Vice Premier Liu He also stated a new consensus has been reached by both parties over the text of a deal. The continued momentum has pushed the major indexes within 2%-3% of their all-times highs with volatility at its lowest levels of the year.

The Russell 2000 showed the most strength after rallying 0.9% while closing at its session high of 1,582. Major resistance at 1,575 and the 200-day moving average was cleared and held with momentum towards 1,600-1,625 on continued strength. The index, however, remains just over 10% away from fresh all-time highs but is on the verge of coming out of correction territory.

The Nasdaq gained 0.6% following the run to 7,940 ahead of the closing bell. Fresh and lower resistance from mid-September at 7,900-7,950 was cleared and held with a move above the latter leading towards 8,100-8,150 and new lifetime highs.

The S&P 500 was up for the 7th-straight session after rising 0.5% while reaching a late day peak of 2,893. Lower resistance at 2,900-2,925 was challenged but held with a move above the latter getting 2,950-2,975 and fresh all-time highs in play.

The Dow edged up 0.2% after testing a high of 26,487 shortly after the opening bell. Upper resistance at 26,250-26,500 was cleared on the close above the former with upside potential towards 26,750-27,000 and new all-time highs on move above the latter.

For the week, the Russell 2000 soared 2.9% and the Nasdaq jumped 2.7%. The Dow and S&P were higher by 2.7% and 2.1%, respectively.

Energy led sector strength after advancing 1.8%. Utilities and Real Estate were up 0.9% and 0.8%, respectively. Materials slipped 0.03% and was the only sector in the red.

For the week, Materials zoomed 4.2% while Financials surged 3.5%.
Communication Services and Consumer Discretionary rose 3.3% and 3.2%, respectively. Consumer Staples was the only sector laggard after falling 0.9%.

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Bed Bath & Beyond (BBBY) upgraded to Equal Weight from Underweight at Morgan Stanley
Snap (SNAP) upgraded to Hold from Sell at Summit Insights
Weyerhaeuser (WY) upgraded to Overweight from Equal Weight at Stephens

Boston Beer (SAM) downgraded to Sell from Neutral at Goldman Sachs
Ford (F) downgraded to Reduce from Neutral at Nomura Instinet
Intel (INTC) downgraded to Market Perform from Outperform at Wells Fargo

Before the open (EST):
​Kenon Holdings (KEN), RenaSola (SOL)

After the close(EST):
​​​Legacy Housing (LEGH)

Monday’s economic reports (EST): 
Factory Orders - 10:00am
TD Ameritrade IMX - 12:30pm

Gold closed at $1,295.60 an ounce, up $1.30
Silver settled at $15.09 an ounce, up $0.01
Copper finished at $2.89 a pound, down $0.01
Crude Oil was at $63.26 a barrel, up $1.14
Bitcoin Investment Trust (GBTC) ended at $6.26 up $0.44

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

   Todd Mitchell

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