Small-Caps Lead Rebound to Prior Resistance

Oil prices

U.S. markets rebounded on Thursday to snap 2-session slide despite a spike in crude oil prices, which was triggered after two tankers were damaged in a suspected attack in the Gulf of Oman. The major indexes shrugged off the news after holding positive territory throughout the session while finishing just off the session highs and pushing prior resistance levels.

Volatility stayed relaxed and is still giving a neutral reading as the index remains trapped between its 50-day and 200-day moving averages.

The Russell 2000 surged 1.1% following the 2nd-half push to 1,536. Lower and major resistance at 1,525-1,540 was cleared and held with more important hurdles at 1,545-1,560 and the 200/50-day moving averages.

The Nasdaq rallied 0.6% after reaching a morning peak of 7,848. Near-term resistance at 7,850-7,900 and the 50-day moving average was challenged but held with a close above the latter being a more bullish signal.

The S&P 500 gained 0.4% while trading to a high of 2,895. Lower resistance at 2,900-2,925 held for the 4th-straight session on the 5th-straight close above the 50-day moving average.

The Dow also added 0.4% following the intraday run to 26,156. Near-term and lower resistance at 26,250-26,500 held on the 4th-straight close above the 50-day moving average.

Energy and Communication Services paced sector leaders after advancing 1.2% and 1.1%, respectively. Consumer Discretionary was higher by 0.9%

Healthcare was the only sector laggard after slipping 0.1%.

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Delphi Technologies (DLPH) upgraded to Buy from Neutral at Goldman Sachs
HCP (HCP) upgraded to Outperform from Market Perform at Raymond James
Williams-Sonoma (WSM) upgraded to Accumulate from Hold at Gordon Haskett

Cooper-Standard (CPS) downgraded to Sell from Neutral at Goldman Sachs
Marathon Oil (MRO) downgraded to Neutral from Overweight at Atlantic Equities
Union Pacific (UNP) downgraded to Equal Weight from Overweight at Barclays

Before the open: Cheetah Mobile (CMCM), China Online Education (COE)

After the close: None

Friday's economic reports (EST): 
Retail Sales - 8:30am
Industrial Production - 9:15am
Business Inventories -10:00am
Consumer Sentiment - 10:00am
Baker-Hughes Rig Count - 1:00pm

Gold closed at $1,343.70 an ounce, up $6.90
Silver settled at $14.89 an ounce, up $0.14
Copper finished at $2.65 a pound, unchanged
Crude Oil was at $52.19 a barrel, up $1.07
Bitcoin Investment Trust (GBTC) ended at $10.75, up $0.30

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

   Todd Mitchell

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