Market Suffers Worst Week of 2019

U.S. markets showed continued weakness on Friday following the breakdown in trade talks with China and possible countermeasures if the U.S. was committed to putting more tariffs on Chinese goods.

The overall pullback wrapped up the worst week of the year for the major indexes with mid-June support levels back in focus. Volatility also spiked to its highest level since early May but held a major level of resistance to give the bulls some optimism coming into a new week.

The Nasdaq plummeted 1.3% following the morning pullback to 7,953 but was able to hold the 8,000 level into the closing bell. Late June and upper support at 8,000-7,950 and the 50-day moving average was breached but held with risk towards 7,900 on a move below the latter.

The Russell 2000 was hit with a 1.1% loss after tapping an intraday low of 1,522 while closing back below its 50-day moving average. Prior and upper support at 1,535-1,520 was breached and failed to hold with a close below the latter and the 200-day moving average getting the 1,500 level in play.

The S&P 500 gave back 0.7% after falling to a low of 2,914 shortly after the open but was able to hold its 50-day moving average into the close. Mid-June and upper support at 2,925-2,900 was breached but held with a close below the latter getting 2,875-2,850 in the mix.

The Dow was lower by 0.4% following the first half backtest to 26,249 and held its 50-day moving average by 10-points to start the new week. Upper support at 26,250-26,000 was breached but held and an area that represents prior breakout levels from mid-June.

For the week, the Nasdaq dropped 3.9% and the Russell 2000 fell 3%. The S&P 500 sank 3.1% while the Dow declined 2.6%.

Real Estate and Consumer Staples showed sector strength after rising 0.8% and 0.02%, respectively. Technology and Energy led sector weakness after falling 1.6% and 1.4%, respectively.

The best performing and only sectors higher for the week were Real Estate (2%) and Utilities (0.3%). Consumer Discretionary (-4.4%) and Technology (-4.3) were the leading laggards, followed by Financials (-3.8%) and Industrials (-3.4%).

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ANALYST UPGRADES/DOWNGRADES

FMC Corporation (FMC) upgraded to Buy from Neutral at Goldman Sachs Pinterest (PINS) upgraded to Buy from Hold at Deutsche Bank
SurveyMonkey (SVMK) upgraded to Buy from Neutral at UBS

Adaptimmune (ADAP) downgraded to Neutral from Buy at Guggenheim
Hilton Grand Vacations (HGV) downgraded to Underweight from Neutral at JPMorgan
Valaris (VAL) downgraded to Market Perform from Outperform at Wells Fargo

MONDAY'S EARNINGS ANNOUNCEMENTS  
Before the open: Astronics (ATRO), Boise Cascade (BCC), Cars.com (CARS), Diamond Offshore Drilling (DO), Genie Energy (GNE), Jacobs Engineering (JEC), Kemper (KMPR), Loews (L), Sogou (SOGO), Tyson Foods (TSN), Univar (UNVR)

After the close: ​​​51job (JOBS), Advanced Emission Solutions (ADES), Avis Budget Group (CAR), Brighthouse Financial (BHF), Cabot (CBT), Danaos (DAC), Freshpet (FRPT), Health Insurance Innovations (HIIQ), Itron (ITRI), KLA Corporation (KLAC), Marriot International (MAR), National CineMedia (NCMI), Outfront Media (OUT), Parker Drilling (PKD), Ryerson (RYI), Shake Shack (SHAK), Tenet Healthcare (THC), Veeco Instruments (VECO), Woodward (WWD)

UPCOMING ECONOMIC NEWS
Monday’s economic reports (EST): 
PMI Services Index - 9:45am
ISM Non-Manufacturing Index - 10:00am
TD Ameritrade IMX -
 12:30pm


METALS / OIL
Gold closed at $1,457.50 an ounce, up $25.10
Silver settled at $16.27 an ounce, up $0.09
Copper finished at $2.57 a pound, down $0.09
Crude Oil was at $55.19 a barrel, down $0.71
Bitcoin Investment Trust (GBTC) ended at $14.18, up $0.20


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


   Todd Mitchell


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