Bulls Stay Aggressive

U.S. markets settled mostly higher following new trade developments that China would ease foreign financial ownership restrictions in 2020, which is a year earlier than anticipated. While this was a relatively small concession, it was another positive sign the relationship between the U.S. and China continues to improve.

Volume was light as traders were slightly hesitant ahead of Wednesday’s shortened session, Thursday's holiday, and Friday’s monthly job report. Volatility continues to slide after closing below another key level of support.

The S&P 500 rose 0.3% after trading to a high of 2,973 ahead of the closing bell. Current and lower resistance at 2,975-3,000 held on the 2nd-straight record close for the index.

The Dow was also up 0.3% following the late day run to 26,787 and 1-point close below this level. Near-term and lower resistance at 26,750-27,000 was cleared and held with the all-time record peak at 26,951.

The Nasdaq extended its winning streak to 5-straight sessions after adding 0.2% while closing at its session high of 8,109. Resistance remains at 8,150-8,200 with the record high at 8,176.

The Russell 2000 bucked the trend after falling 0.6% while tapping a late day low of 1,552. Fresh and key support at 1,550 held with a close below this level getting 1,545-1,530 and the 50/200-day moving averages back in play.

Real Estate paced sector leaders after jumping 1.8% while Utilities soared 1.2%.

Energy was the weakest sector after sinking 1.8%. Financials fell 0.3% while Materials and Industrials were down 0.2%.

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CenterPoint Energy (CNP) upgraded to Conviction Buy from Buy at Goldman Sachs
Landstar System (LSTR) upgraded to Market Perform from Underperform at Raymond James
Medical Properties Trust (MPW) upgraded to Buy from Hold at SunTrust

Dave & Buster's (PLAY) downgraded to Hold from Buy at Jefferies
Roku (ROKU) downgraded to Sector Perform from Outperform at RBC Capital
Stryker (SYK) downgraded to In Line from Outperform at Evercore ISI

Before the open: ​International Speedway (ISCA)
After the close: None - market closes at 1pm (EST)

Wednesday's economic reports (EST): 
MBA Mortgage Applications - 7:00am
Challenger Job-Cut Report - 7:30am
ADP Employment Report - 8:15am
International Trade in Goods - 8:30am
Jobless Claims - 8:30am
PMI Services Index - 9:45am
Factory Orders - 10:00am
ISM Non-Manufacturing Index - 10:00am

Gold closed at $1,408.00 an ounce, up $18.70​
Silver settled at $15.24 an ounce, up $0.05
Copper finished at $2.65 a pound, down $0.03
Crude Oil was at $56.26 a barrel, down $2.83
Bitcoin Investment Trust (GBTC) ended at $13.96, up $1.23

Please note: the markets are closed July 4th in observance of Independence Day. Our next market update will post on Monday, July 8th.

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

   Todd Mitchell

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