S&P 500 Up 6-Straight Sessions

U.S. markets traded in a narrow range while finishing mixed on Thursday as ongoing trade talks that included President Trump continued after the closing bell. There is chatter the Trump administration is demanding to set a 2025 target for China to meet trade pledges.

Additionally, President Trump could schedule a meeting with President Xi of China, following talks with Liu He at the White House, but the Chinese apparently are balking on the tariffs remaining in place while awaiting compliance. Meanwhile, volatility was subdued after closing just above a key level of support and ahead of Friday’s jobs numbers.

The Dow was up 0.6% and closed in positive territory for the 7th time in 9 sessions while trading to a late day high of 26,398. Lower resistance at 26,250-26,500 was cleared and held on the fresh 2019 high.

The Russell 2000 was up for the 2nd-straight session after advancing 0.4% while testing a first half high of 1,567. Major resistance at 1,575 and the 200-day moving average held for the 2nd-straight session with a close above this level getting 1,590-1,605 in play.

The S&P 500 extended its winning streak to 6-straight after adding 0.2% and testing a high of 2,881 shortly after the opening bell. Fresh and lower resistance at 2,900-2,925 held with a close above the latter getting 2,950 and fresh all-time highs in play.

The Nasdaq had its 5-session winning streak snapped following the pullback to 7,844. Fresh and upper support at 7,850-7,800 held on the 2nd-straight close just below the 7,900 level.

Materials continued to be the sector standout after rising 1%. Energy and Consumer Discretionary were up 0.8%.

Utilities and Technology were the weakest sectors after giving back 0.4%. Real Estate and Healthcare rounded out the laggards with losses of 0.3% and 0.2%, respectively.

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ANALYST UPGRADES/DOWNGRADES

​​Facebook (FB) upgraded to Buy from Neutral at Guggenheim
Ingersoll-Rand (IR) upgraded to Buy from Neutral at BofA/Merrill
Signature Bank (SBNY) upgraded to Overweight from Neutral at JPMorgan

Altaba (AABA) downgraded to Neutral from Overweight at JPMorgan with
Micron (MU) downgraded to Underweight from Equal Weight at Morgan Stanley
Roku (ROKU) downgraded to Neutral from Buy at Guggenheim

EARNINGS 
Before the open (EST):
​​​Greenbrier Companies (GBX), Northern Technologies (NTIC)

After the close(EST):
​​None

UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST): 
Employment Report - 8:30am
Baker-Hughes Rig Count - 1:00pm
Consumer Credit - 3:00pm

METALS / OIL
Gold closed at $1,294.30 an ounce, down $1.00
Silver settled at $15.08 an ounce, down $0.02
Copper finished at $2.90 a pound, unchanged
Crude Oil was at $62.12 a barrel, down $0.37
Bitcoin Investment Trust (GBTC) ended at $5.82 down $0.32



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

   Todd Mitchell


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