Dow Down 3-Straight Sessions

U.S. markets closed mostly higher on Tuesday after spending much of the session underwater and showing caution ahead of Fed Chairman Jerome Powell's testimony on Wednesday and Thursday. Powell didn't comment on policy or the economy in his video recorded welcome remarks at a Boston Fed conference.

Developing trade talks between the U.S. and China helped sentiment but volatility remains slightly elevated after closing slightly higher for the 3rd-straight session.

The Nasdaq rose 0.5% after trading to an intraday high of 8,146. Lower resistance at 8,150-8,200 held with the late April all-time high at 8,176.

The S&P 500 nudged up 0.1% after testing a high of 2,981 ahead of the closing bell. Lower resistance at 2,980-3,000 held with last week’s all-time high at 2,995.

The Russell 2000 was higher by 0.1% after closing at its session peak of 1,562. Near-term resistance is at 1,570-1,575 with a close above the latter getting 1,600 back in focus.

The Dow extended its losing streak to 3-straight sessions after dipping 0.1% while testing a morning low 26,665. Near-term and upper support at 26,750-26,500 held for the 2nd-straight session with risk towards 26,250-26,000 and the 50-day moving average on a move below the latter.

Communication Services and Real Estate paced sector leaders with gains of 0.6% and 0.5%.

Materials and Consumer Staples led sector laggards after falling 1% and 0.6%, respectively.

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Six Flags (SIX) upgraded to Outperform from Market Perform at Wells Fargo
Square (SQ) upgraded to Market Perform from Underperform at Raymond James
Veon (VEON) upgraded to Buy from Neutral at BofA/Merrill

3M (MMM) downgraded to Sector Perform from Outperform at RBC Capital
Alcoa (AA) downgraded to Neutral from Outperform at Macquarie
Myriad Genetics (MYGN) downgraded to Market Perform from Outperform at Cowen

Before the open:  AngioDynamics (ANGO), MSC Industrial (MSM)
After the close: AAR Corp. (AIR), Bed Bath & Beyond (BBBY), Exfo (EXFO), SemiLEDs (LEDS), Simulations Plus (SLP), Voxx (VOXX), Yirendai (YRD)

Wednesday's economic reports (EST): 
MBA Mortgage Applications - 7:00am
Atlantic Fed Business Inflation Expectations - 10:00am
Wholesale Trade - 10:00am
FOMC Minutes - 2:00pm

Gold closed at $1,400.50 an ounce, up $0.50
Silver settled at $15.15 an ounce, up $0.10
Copper finished at $2.64 a pound, down $0.03
Crude Oil was at $58.37 a barrel, up $0.87
Bitcoin Investment Trust (GBTC) ended at $16.35, up $0.62

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

   Todd Mitchell

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