Market Mixed After Consolidating

U.S. markets traded in a tight range throughout Tuesday’s session while consolidating recent gains to finish mixed. The broader market and Tech tested higher 2019 highs while the blue-chips and small-caps lagged.

Meanwhile, volatility continues to deflate after testing a 6th-straight lower low while closing below a key level of support for the 2nd-straight session.

The Nasdaq rose 0.3% after trading to an intraday high of 7,854. Major resistance at 7,850 was cleared but held with a lose above this level signaling additional strength towards 7,950-8,000.

The S&P 500 edged up less than a point, or 0.0% following the opening push to 2,872. Fresh and lower resistance at 2,875-2,900 was challenged but held with a close above the latter getting 2,925-2,950 and all-time high in focus.

The Dow fell 0.3% after trading in negative territory throughout the session and tapping a low of 26,122. Fresh and upper support at 26,000-25,750 easily held with a move below the latter being a slightly bearish signal.

The Russell 2000 dipped 0.2% following the morning fade to 1,545. Fresh and upper support at 1,545-1,535 held with a move back below the latter and the 50-day moving average signaling a near-term top.

Real Estate and Communication Services were sector leaders after rising 0.8% and 0.5%, respectively.

Consumer Staples and Energy led sector weakness with declines of 0.8% and 0.7%.

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Amphenol (APH) upgraded to Buy from Hold at SunTrust
Exelon (EXC) upgraded to Outperform from Market Perform at Wells Fargo
Quest Diagnostics (DGX) and LabCorp (LH) upgraded to Buy from Hold at Jefferies

AstraZeneca (AZN) downgraded to Sell from Neutral at UBS
Pacific Biosciences (PACB) downgraded to Equal Weight from Overweight at Stephens
Wingstop (WING) downgraded to Neutral from Buy at Guggenheim

Before the open (EST):
​Acuity Brands (AYI), Signet Jewelers (SIG)

After the close(EST):
​​Ascendis Pharma (ASND), Landec (LNDC), Midwest Energy Emissions (MEEC), Resources Connections (RECN)

Wednesday’s economic reports (EST): 
MBA Mortgage Applications - 7:00am
ADP Employment Report - 8:15am
PMI Services Index - 9:45am
ISM Non-Manufacturing Index - 10:00am

Gold closed at $1,295.40 an ounce, up $1.20
Silver settled at $15.06 an ounce, down $0.04
Copper finished at $2.90 a pound, down $0.02
Crude Oil was at $62.59 a barrel, up $0.90
Bitcoin Investment Trust (GBTC) ended at $5.74 up $0.77

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

   Todd Mitchell

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