Market Mixed Ahead of Fed Minutes

major indexes

U.S. markets showed overall strength for the 5th time in 6 sessions before a mixed finish with the overall market and Tech continuing their run to fresh 2019 highs. The blue-chips continue to make higher highs and the small-caps are making a move out of a 5-session trading range.

The action was bullish although slightly overbought levels are starting to come into play. Wednesday’s Fed minutes and comments afterwards could provide some near-term fireworks with volatility currently favoring lower market lows.

The Nasdaq edged up 0.1% after trading to a high of 7,767. Fresh and lower resistance at 7,750-7,800 was cleared but held on the 2nd-straight close above the 7,700 level.

The S&P 500 slipped a third-point, or 0.01%, despite the intraday push to 2,852. Lower resistance at 2,850-2,875 was cleared but held following the fresh 2019 high.

The Dow declined 0.1% following the intraday run to 26,109. Lower resistance at 26,000-26,250 held for the 3rd-straight session with the blue-chips snapping a 4-session winning streak on the slightly lower close.

The Russell 2000 dropped 0.6% after tapping a morning high of 1,570. Lower resistance at 1,570-1,585 held before the pullback to 1,552 and close above the 1,550 level.

Healthcare led sector strength after adding 0.8%. Consumer Discretionary was up 0.5% while Technology and Communication Services advanced 0.2% to round out the winners.

Utilities led sector weakness with a decline of 1.1%. Financials fell 0.8% while Industrials dropped 0.4%.

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Domino's Pizza (DPZ) upgraded to Overweight from Neutral at JPMorgan
Five Below (FIVE) upgraded to Buy from Hold at Loop Capital (FLWS) upgraded to Buy from Neutral at DA Davidson
iRobot (IRBT) downgraded to Hold from Buy at Needham
ImmunoGen (IMGN) downgraded to Underweight from Neutral at JPMorgan
Vertex (VRTX) downgraded to Market Perform from Outperform at SVB Leerink

Before the open (EST):
Bio-Path Holdings (BPTH), General Mills (GIS), Medical Tranion Billing (MTBC), Pintec Technology (PT), Rada Electronic Industries (RADA)

After the close(EST):
Establishment Labs (ESTA), Guess (GES), Herman Miller (MLHR), Micron Technology (MU), Navigator Holdings (NVGS), Priority Technology (PRTH), Qada (QAD), Raven Industries (RAVN), Williams-Sonoma (WSM), Worthington Industries (WOR)

Wednesday’s economic reports (EST): 
MBA Mortgage Applications - 7:00am
FOMC Minutes - 2:00pm

Gold closed at $1,306.50 an ounce, up $5.00
Silver settled at $15.37 an ounce, up $0.05
Copper finished at $2.92 a pound, up $0.02
Crude Oil was at $58.89 a barrel, down $0.06
Bitcoin Investment Trust (GBTC) ended at$4.99, up $0.11

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

   Todd Mitchell

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