Bulls Stay Strong as Momentum Carries On

U.S. markets set another round of record highs on Wednesday after President Trump said that the U.S. and China were in the the final throes of hammering out a phase 1 trade deal. The rhetoric continues to reaffirm a deal may be announced in the near-term, however, the next phases are expected to be much more difficult.

Upbeat economic news also helped sentiment as GDP and employment numbers came in better than expected. The extended gains helped keep the major indexes on track for their best month since June with volatility still signaling a relaxed trading environment.

The Nasdaq jumped 0.7% while closing at an all-time and session high of 8,705. Fresh and lower resistance at 8,700-8,750 was cleared and held with a close above the latter getting 8,800-8,850 in focus.

The Russell 2000 rallied 0.6% on the closing high of 1,634 and fresh 52-week peak. Lower resistance at 1,625-1,640 was cleared and held to keep upside potential towards 1,650-1,665 in play.

The S&P 500 added 0.4% after testing a late day record peak of 3,154. Key resistance at 3,150 was cleared and held with fresh hurdles now at 3,175-3,200.

The Dow was higher by 0.2% with the record high reaching 28,174 ahead of the closing bell. Near-term and lower resistance at 28,200-28,400 was challenged but held with momentum towards 28,600-28,800 on closes above the latter levels.

Consumer Discretionary paced sector strength with a gain of 0.9% while Technology and Healthcare added 0.5%. Industrials were the only sector laggard after giving back 0.2%.

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Dick's Sporting (DKS) upgraded to Outperform from In Line at Evercore ISI
BioMarin (BMRN) upgraded to Overweight from Equal Weight at Barclays
Under Armour (UA) upgraded to Strong Buy from Outperform at Raymond James

BrightView (BV) downgraded to Hold from Buy at Stifel
Dollar Tree (DLTR) downgraded to Market Perform from Outperform at Telsey Advisory
Neon Therapeutics (NTGN) downgraded to Neutral from Buy at H.C. Wainwright

Before the open: None

After the close: ePlus (PLUS)

Chicago PMI - 9:45am

Gold closed at $1,460.80 an ounce, up $0.50
Silver settled at $17.05 an ounce,  up $0.16
Copper finished at $2.69 a pound, up $0.02
Crude Oil  was at $58.09 a barrel, down $0.24
Bitcoin Investment Trust (GBTC) ended at $9.58, up $0.58

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

   Todd Mitchell

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