Bulls Take a Breather

U.S. markets showed opening strength on Tuesday before closing slightly lower following renewed tariff threats with China. President Trump continued his stance that immediate tariffs would be imposed on a further $300 billion of Chinese goods if President Xi does not attend this month’s G-20 meeting.

The Nasdaq was lower by a half-point, or 0.01%, following the fist half push to of 7,910. Lower resistance at 7,900-7,950 held with the 50-day moving average holding for the 2nd-straight session.

The S&P 500 slipped a point, or 0.03%, to snap a 5-session winning streak despite the opening run to 2,910. Prior and lower resistance at 2,900-2,925 was cleared but held for the the 2nd-straight close with the index closing above its 50-day moving average for the 3rd-straight session.

The Dow dipped 14 points, or 0.05%, after trading to a morning high of 26,248. Near-term and lower resistance from late March at 26,250-26,500 was challenged but held on the 2nd-straight close above the 50-day moving average.

The Russell 2000 gave back 0.3% with the late session low reaching 1,513. Current and upper support at 1,515-1,500 was breached but held with a close below the latter being a slightly bearish signal.

Consumer Discretionary and Communication Services were up 0.4% to lead sector strength while Consumer Staples added 0.3%.

Industrials and Utilities were the weakest sectors with losses of 0.9% and 0.6%, respectively.


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ANALYST UPGRADES/DOWNGRADES

Dollar Tree (DLTR) resumed with an Overweight from Neutral at JPMorgan
JetBlue (JBLU) upgraded to Buy from Neutral at Citi
Lyft (LYFT) upgraded to Positive from Neutral at Susquehanna

Beyond Meat (BYND) downgraded to Neutral from Overweight at JPMorgan
Denny's (DENN) downgraded to Hold from Buy at Maxim
Symantec (SYMC) downgraded to Underweight from Equal Weight at Morgan Stanley

WEDNESDAY'S EARNINGS ANNOUNCEMENTS  
Before the open: Hooker Furniture (HOFT), Summit Therapeutics (SMMT)

After the close: Culp (CULP), Lululemon (LULU), Neptune Technologies (NEPT), Oxford Industries (OXM), RH (RH), Tailored Brands (TLRD)

UPCOMING ECONOMIC NEWS 
Wednesday's economic reports (EST): 
MBA Mortgage Applications - 7:00am
CPI - 8:30am
Atlantic Fed Business Inflation Expectations - 10:00am
Treasury Budget - 2:00pm

METALS / OIL
Gold closed at $1,331.20 an ounce, up $1.90
Silver settled at $14.74 an ounce, up $0.10
Copper finished at $2.67 a pound, up $0.01
Crude Oil was at $53.07 a barrel, down $0.20
Bitcoin Investment Trust (GBTC) ended at $9.80, down $0.45



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

   Todd Mitchell


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