Market Mixed Ahead of Fed News



​U.S. markets were choppy throughout Tuesday’s session after opening in positive territory while struggling to keep momentum. Nervousness ahead of the Fed’s two-day meeting on interest rates and key corporate earnings kept bullish traders on the sidelines.

The mixed closed has pushed the major indexes back into a mini 9-day trading range that is showing more strength to the upside than the downside, providing near-term support levels hold. Volatility stayed slightly elevated but held key levels of resistance for the 2nd-straight session.

The Nasdaq dropped 0.8% following the intraday pullback to 7,011. Upper support at 7000-6,950 held with a move below the latter and the 50-day moving average being a bearish development.

The S&P 500 slide 0.2% after testing a early morning low of 2,631. Near-term and upper support at 2,625-2,600 held for the 2nd-straight session with near-term resistance at 2,650.

The Russell 2000 slipped 0.1% following the backtest to 1,469. Upper support at 1,465-1,450 held with a close below 1,440 and the 50-day moving average being a bearish signal.

The Dow was up 0.2% after reaching an intraday peak of 24,674. Prior and lower resistance at 24,600-24,800 was breached but held with more important hurdles at 25,000 and the 200-day moving average.

Industrials and Materials led sector strength after rallying 1.4% and 1%.

Communication Services and Technology paced sector weakness after falling 1.2% and 1.1%, respectively.


ANALYST UPGRADES/DOWNGRADES

American Express (AXP) upgraded to Overweight from Neutral at Atlantic Equities
BlackRock (BLK) upgraded to Buy from Hold at Jefferies
Stratasys (SSYS) upgraded to Overweight from Neutral at Piper Jaffray

Cree (CREE) downgraded to Market Perform from Outperform at JMP Securities
Nvidia (NVDA) downgraded to Equal Weight from Overweight at Morgan Stanley
Square (SQ) downgraded to Underperform from Market Perform at Raymond James




EARNINGS 
Wednesday Before the Open (EST):
​Alibaba (BABA), AT&T (T), Boeing (BA), CGI Group (GIB), Evercore (EVR), General Dynamics (GD), Hess (HES), Ingersoll-Rand (IR), Littlefuse (LFUS), McDonald’s (MCD), Nasdaq (NDAQ), Oshkosh (OSK). Royal Caribbean Cruises (RCL), Scott’s Miracle Grow (SMG), T Rowe Price Group (TROW), Tupperware (TUP), Unifi (UFI)

Wednesday After the Close (EST): 
​Ameriprise Financial (AMP), Cirrus Logic (CRUS), Cree (CREE), Dolby Laboratories (LAB), Facebook (FB), Flex (FLEX), Hologic (HOLX), Limelight Networks (LLNW), Microsoft (MSFT), PayPal (PYPL), Qualcomm (QCOM), Tesla (TSLA), United States Steel (X), Visa (VISA), Wynn Resorts (WYNN)




UPCOMING ECONOMIC NEWS 
Wednesday's Economic Reports (EST):
MBA Mortgage Applications - 7:00am
ADP Employment Report - 8:15am
GDP - 8:30am
Pending Home Sales - 10:00am
State Street Investor Confidence - 10:00am
FOMC Minutes - 2:00pm


METALS / OIL

Gold closed at $1,308.90 an ounce, up $5.80
Silver settled at $15.84 an ounce, up $0.07

Copper finished at $2.72 a pound, up $0.04

Crude Oil is at $53.55 a barrel, unchanged

Bitcoin Investment Trust (GBTC) ended at $4.02, 
up $0.09




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

   Todd Mitchell

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Market Mixed Ahead of Fed News

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