Nasdaq and Russell Up Four in a Row


U.S. markets opened strong following weekend developments of a trade truce with China. The U.S. held off on additional tariffs for the time being and eased certain restrictions which helped fuel the rally. However, the fade afterwards was a bit of a concern with the small-caps briefly falling into negative territory.

Despite the action, the higher close across the board was a bullish signal with fresh all-time highs coming into play. Volatility also closed below a key level of support after falling nearly 7%.

The Nasdaq was up for the 4th-straight session after rising 1.1% and trading to a high of 8,150. Fresh and lower resistance at 8,150-8,200 was tapped but held with the all-time high at 8,176.

The S&P 500 soared 0.8% after trading to an all-time peak of 2,977 shortly after the opening bell. New and lower resistance at 2,975-3,000 held with on the close back above the 2,950 level.

The Dow gained 0.4% while kissing a morning top of 26,890. Near-term and lower resistance at 26,600-26,850 was cleared and held with the all-time record high at 26,951.

The Russell 2000 extended its winning streak to 4-straight sessions after adding 0.2% while reaching a peak of 1,586 on the open. Lower resistance at 1,585-1,600 was tripped but held on the 2nd-straight close below the 1,575 level.

Financials and Consumer Discretionary led sector strength after rallying 1.2% and 0.9%, respectively.

Utilities and Real Estate were the only sectors that closed in negative territory after falling 0.3% and 0.2%, respectively.

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Anaplan (PLAN) upgraded to Buy from Neutral at Goldman Sachs
Six Flags (SIX) upgraded to Overweight from Sector Weight at KeyBanc
United Therapeutics (UTHR) upgraded to Outperform from Neutral at Credit Suisse

Carnival (CCL) downgraded to Hold from Buy at Berenberg
SolarWinds (SWI) downgraded to Sell from Neutral at Goldman Sachs
Zoom Video (ZM) downgraded to Sell from Neutral at Goldman Sachs

Before the open: Acuity Brands (AYI), Alkaline Water (WTER), Greenbrier Companies (GBX), Omnova Solutions (OMN), Simply Good Foods (SMPL)

After the close: None

Tuesday's economic reports (EST): 
Redbook - 8:55am

Gold closed at $1,389.30 an ounce, down $24.40
Silver settled at $15.19 an ounce, down $0.15
Copper finished at $2.68 a pound, down $0.02
Crude Oil was at $59.21 a barrel, up $1.01
Bitcoin Investment Trust (GBTC) ended at $12.73, down $2.40

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

   Todd Mitchell

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