Market Rebounds but Dow and Russell 2000 Snap Weekly Win Streaks

U.S. markets rebounded on Friday on news White House officials are planning a final trade deal with China ahead of the summit between President Donald Trump and Chinese leader Xi Jinping in the coming weeks. Economic news was weak but was offset by lower volatility on the higher market highs.

The gains helped the major indexes recover losses from earlier in the week but it wasn’t enough to extend the Dow’s weekly winning streak which ended at 9, as did the Russell 2000. The Nasdaq, however, was up for the 10th-straight week with the S&P recovering the 2,800 level for the first time since early November.

The Russell 2000 was higher by 0.8% after reaching a late session peak of 1,590. Fresh and lower resistance at 1,590-1,600 was tested but held on the close back above the 200-day moving average.

The Nasdaq was up 0.8% following the late session push to 7,603. Major resistance from earlier in the week and early November at 7,600 was breached but held with upside potential towards 7,650-7,700 on continued closes above this level.

Tech rallied 0.9% for the week while the small-caps were lower by a half-point.

The S&P 500 rose 0.7% following the late day run to 2,808. Lower resistance from early November at 2,800-2,825 was cleared and held with a move above the latter being a continuing bullish signal.

The Dow climbed 0.4% after trading to a high of 26,143. The close back above the 26,000 keeps current resistance at 26,250-26,500 in play.

For the week, the S&P 500 gained 0.4% while the Dow shed 5 points.

Energy led sector strength after zooming 1.8%. Healthcare surged 1.4% while Consumer Discretionary and Communication Services were up 0.8%. Consumer Staples dipped 0.2% to pace sector weakness while Materials and Real Estate slipped 0.1%.

Energy was higher by 1.1% for the week with Technology and Financials rising 0.9% and 0.8%, respectively. Materials and Real Estate were hit with losses of 1.4% and 1.2%, respectively.

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Hertz (HTZ) upgraded to Equal Weight from Underweight at Barclays
Kraft Heinz (KHC) upgraded to Hold from Sell at Societe Generale
L Brands (LB) upgraded to Overweight from Equal Weight at Barclays

​American Airlines (AAL) downgraded to Hold from Buy at Deutsche Bank
Devon Energy (DVN) downgraded to Sector Perform from Outperform at RBC Capital
O'Reilly Automotive (ORLY) downgraded to Neutral from Overweight at Atlantic Equities

Monday Before the Open (EST):
BioCryst Pharmaceuticals (BCRX), Inter Parfums (IPAR), Luna Innovations (LUNA), Magic Software Enterprises (MGIC), Sesen Bio (SESN), Spark Energy (SPKE)
Monday After the close(EST):
Addus HomeCare (ADUS), International (CTRP), Green Brick Partners (GRBK), Huttig Building Products (HBP), Navigator Holdings (NVGS), Otonomy (OTIC), Salesforce (CRM), YY (YY)

Monday's Economic Reports (EST):
Construction Spending - 10:00am
TD Ameritrade IMX - 12:30pm


Gold closed at $1,299.20 an ounce, down $16.90

Silver closed at $15.26 an ounce, down $0.37

Copper finished at $2.93 a pound, down $0.02

Crude Oil is at $55.75 a barrel, down $1.47

Bitcoin Investment Trust (GBTC) ended at $4.58, up $0.12

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

   Todd Mitchell

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