Holding Pattern Remains Intact


U.S. markets showed strength throughout Monday’s action, despite disappointing economic news and continued chatter over China tariffs. Commerce Secretary, Wilbur Ross, said President Trump would be perfectly happy imposing tariffs on the remaining $300 billion of Chinese imports if they fail to agree a deal.

Additionally, Ross also said that Trump is giving very serious thought to slapping tariffs on all auto imports, including those from the European Union. Volatility stayed slightly elevated given the fresh comments and ahead of the Fed’s decision on interest rates midweek.

The Russell 2000 rose 0.6% following the intraday push to 1,538. Lower and prior resistance at 1,525-1,540 was reclaimed with a move above the latter getting 1,545-1,560 and the 200/50-day moving averages in focus.

The Nasdaq was also up 0.6% after reaching a 2nd half high of 7,865. Near-term and lower resistance at 7,850-7,900 and the 50-day moving average was cleared but held.

The S&P 500 nudged up 0.1% while trading to a high of 2,897 shortly after the open. Lower resistance at 2,900-2,925 held for the 6th-straight session with a close above the latter being a more bullish signal.

The Dow also gained 0.1% following the intraday push to 26,165. Near-term and lower resistance at 26,250-26,500 also held for the 6th-straight session along with the 26,000 level and the 50-day moving average.

Communication Services and Real Estate led sector strength after rallying 1%, while Energy rose 0.9%. Materials and Financials were the weakest sectors after giving back 1%.

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Ashford Hospitality (AHT) downgraded to Neutral from Buy at DA Davidson
Disney (DIS) downgraded to In-Line from Outperform at Imperial Capital
Endo (ENDP) downgraded to Neutral from Buy at Citi

Corteva (CTVA) upgraded to Buy from Hold at Deutsche Bank
Keurig Dr Pepper (KDP) upgraded to Outperform from Market Perform at BMO Capital
Symantec (SYMC) upgraded to Buy from Neutral at Mizuho

Before the open: Hexindai (HX), Parsons (PSN)

After the close: Adobe (ADBE), Cherokee (CHKE), Jabil Circuit (JBL), La-Z-Boy (LZB)

Tuesday's economic reports (EST): 
Housing Starts - 8:30am
Redbook - 8:55am

Gold closed at $1,342.90 an ounce, down $1.60
Silver settled at $14.80 an ounce, down $0.09
Copper finished at $2.64 a pound, up $0.01
Crude Oil was at $51.99 a barrel, down $0.52
Bitcoin Investment Trust (GBTC) ended at $12.00, up $1.20

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

   Todd Mitchell

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