Small-Caps Show Strength, VIX Holds 20


U.S. markets settled mixed on Monday following a fresh round of Fed speak on the economy and interest rates. The choppy action showed some strength in the morning but weakness in Tech throughout the session weight on sentiment along with ongoing tariff tiffs and chatter.

The small-caps and blue-chips showed closed in positive territory but remain on shaky ground as near-term resistance held. Volatility stayed elevated but once again held a key level of support.

The Nasdaq tanked 1.6% after testing a late session low of 7,292. Prior and upper support from early March at 7,300-7,250 was breached but held with risk towards 7,250-7,200 and early February lows on continued weakness.

The S&P 500 gave back 0.3% following the late day pullback to 2,728. Fresh and upper support at 2,725-2,700 held with a close below the latter being an ongoing bearish signal.

The Dow was up 4 points 0.02% despite testing an intraday low of 24,680. Prior and upper support from late January at 24,750-24,500 was breached but held with risk towards 24,250-24,000 on a close below the latter.

The Russell 2000 snapped a 4-session slide after rising 0.3% while reaching an intraday peak of 1,476. Fresh and lower resistance at 1,475-1,490 held with continued closes back above the 1,500 level signaling a possible near-term bottom.

Materials zoomed 3.2% to easily pace sector leaders. Consumer Staples and Energy rallied 1.3%

Communications Services and Technology fell 3.1% and 1.8%, respectively, to lead sector laggards.

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AMC Networks (AMCX) upgraded to In-Line from Underperform at Imperial Capital
Black Knight (BKI) upgraded to Buy from Neutral at Goldman Sachs
Teva (TEVA) upgraded to Outperform from Perform at Oppenheimer

Cree (CREE) downgraded to Market Perform from Outperform at BMO Capital
Fortive (FTV) downgraded to Underperform from Market Perform at Cowen
Infinera (INFN) downgraded to Underweight from Neutral at JPMorgan

Before the open (EST):
​​Cracker Barrel (CBRL), Donaldson Company (DCI), Ferroglobe (GSM), Lands’ End (LE), Navistar International (NAV), Orion Energy Systems (OESX), Tiffany & Co. (TIF), Yunji (YJ)

After the close(EST):
Ambarella (AMBA), GameStop (GME), Guidewire Software (GWRE), HealthEquity (HQY), Pivotal (PVTL), Quanex Building Products (NX), Salesforce (CRM)

Tuesday's economic reports (EST): 
Redbook - 8:55am
Factory Orders - 10:00am

Gold closed at $1,327.90 an ounce, up $16.80
Silver settled at $14.74 an ounce, up $0.17
Copper finished at $2.65 a pound, up $0.01
Crude Oil was at $52.86 a barrel, down $0.64
Bitcoin Investment Trust (GBTC) ended at $10.77 down $0.29

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

   Todd Mitchell

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