S&P 500 Holds 2,900

U.S. markets traded in a tight range on Wednesday as Wall Street digested another round of mixed 1Q earnings. The slightly lower finish comes ahead of the release of the DOJ’s redacted version of the Mueller report on Thursday morning along with the market being closed for Good Friday.

Volatility spiked to a fresh 2019 low on the open before immediately reversing course 30 minutes afterwards while staying slightly elevated the rest of the session. The action could be a slight warning signal for a more volatile Thursday with regular April options expiring a day early due to the holiday.

The Russell 2000 fell 1% after testing an intraday low of 1,561. Fresh and upper support at 1,565-1,550 was breached but held on the close below the 200-day moving average with a move below 1,550 and the 50-day moving average signaling additional weakness.

The S&P 500 slipped 0.2% after kissing a late session low of 2,895. Current and upper support at 2,900-2,875 held for the 4th-straight session with a move below the latter getting 2,850 back in play.

The Nasdaq was lower by 4 points, or 0.05%, following the back-test to 7,973 during the second half of action. Fresh and upper support at 8,000-7,925 failed to hold with a move below 7,900 signaling a possible near-term top for the index.

The Dow was down 3 points, or 0.01%, after trading in a 100-point range while tapping a low of 26,391. Near-term and upper support at 26,250-26,000 easily held with a move below the latter being a slightly bearish signal.

Technology and Consumer Staples were sector leaders after rising 0.6% and 0.5%. Financials were higher by 0.3%.

Healthcare was the weakest link after sinking 2.9%. Real Estate and Materials also lagged, falling 1% and 0.6%, respectively.

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ANALYST UPGRADES/DOWNGRADES

Domino's Pizza (DPZ) upgraded to Overweight from Equal Weight at Morgan Stanley
TSYS (TSS) upgraded to Buy from Neutral at Goldman Sachs
Qualcomm (QCOM) upgraded to Overweight from Neutral at JPMorgan

Bank of America (BAC) downgraded to Hold from Buy at Jefferies
Comerica (CMA) downgraded to Outperform from Strong Buy at Raymond James
PayPal (PYPL) downgraded to Neutral from Buy at UBS

EARNINGS 
Before the open (EST):
​​Blackstone Group (BX), Genuine Parts (GPC), Home BancShares (HOMB), Honeywell (HON), Sketchers (SKX), SunTrust Banks, Sonoco (SON), Travelers Companies (TRV)

After the close(EST):
​​Expo (EXPO), Glacier Bancorp (GBCI), Independent Bank (INDB), Intuitive Surgical (ISRG), Park National (PRK)

UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST): 
Jobless Claims - 8:30am
Philadelphia Fed Business Outlook Survey - 8:30am
Retail Sales - 8:30am
PMI Services Index - 9:45am
Business Inventories -10:00am
Leading Indicators - 10:00am

METALS / OIL
Gold closed at $1,276.80 an ounce, down $0.40
Silver settled at $2.96 an ounce, up $0.03
Copper finished at $2.93 a pound, up $0.03
Crude Oil was at $63.74 a barrel, down $0.57
Bitcoin Investment Trust (GBTC) ended at $6.71 up $0.02



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

   Todd Mitchell


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