Trade Concerns Sidetrack Bulls

U.S. markets were weak throughout Thursday’s session following reports that Chinese officials are warning that they won't budge on some issues that have been pushed by the U.S. and that they remain concerned about President Trump's impulsiveness, casting doubt on the potential to reach a long term trade deal.

Meanwhile, President Trump tweeted that China and the USA are working on selecting a new site for the signing of their phase one agreement, which he identified as about 60% of total deal. The new location will be announced soon and President Xi and President Trump will do signing, according to the tweet.

The Russell 2000 tumbled 0.7% with the midday low tapping 1,552. Current and upper support at 1,565-1,550 was breached and failed to hold with a close below the latter leading to a possible retest towards 1,540-1,525 and the 200-day moving average.

The Dow declined 0.5% after trading to a session low of 26,918. Near-term and upper support at 27,000-26,750 was breached but held with a close below the latter and the 50-day moving average being a bearish development.

The S&P 500 was lower by 0.3% after testing an intraday low of 3,023. Current and upper support at 3,025-3,000 was breached but held with a close below the latter reopening downside risk towards 2,975-2,950 and the 50-day moving average.

The Nasdaq fell 0.1% to remain in a 4-session trading range following the pullback to 8,248. Upper support at 8,250-8,200 was breached but held with a close below the latter getting 8,100-8,050 and the 50-day moving average back in play.

Utilities and Communication Services were the only sectors that showed strength after rising 0.6% and 0.3%, respectively. Materials and Industrials were the weakest sectors after losing 1.1% while Consumer Discretionary and Financials were off 0.5%.

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ANALYST UPGRADES/DOWNGRADES

Lowe's (LOW) upgraded to Overweight from Equal Weight at Barclays
Lyft (LYFT) upgraded to Buy from Neutral at Goldman Sachs
Brinker (EAT) upgraded to Overweight from Neutral at Piper Jaffray

Gardner Denver (GDI) downgraded to Neutral from Outperform at Credit Suisse
Cree (CREE) downgraded to Underweight from Neutral at JPMorgan
Southwest (LUV) downgraded to Market Perform from Outperform at Bernstein

FRIDAY'S EARNINGS ANNOUNCEMENTS  
Before the open: ​AbbVie (ABBV), Alibaba (BABA), Booz Allen Hamilton (BAH), Cboe Global Markets (CBOE), Chevron (CVX), Dominion Energy (D), Exxon Mobil (XOM), Fortis (FTS), Imperial Oil (IMO), LyondellBasell Industries (LYB), Newell Brands (NWL), Ruth's Hospitality Group (RUTH), Seagate Technology (STX), U.S. Xpress Enterprises (USX)

After the close: Aethlon Medical (AEMD), Credit Acceptance (CACC), U.S. Auto Parts Network (PRTS)

FRIDAY'S ECONOMIC NEWS
Employment Report - 8:30am
PMI Manufacturing Index - 9:45am
ISM Manufacturing Index - 10:00am
Construction Spending - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS / OIL
Gold closed at $1,514.80 an ounce, up $18.10
Silver settled at $18.07 an ounce,  up $0.20
Copper finished at $2.62 pound, down $0.06
Crude Oil  was at $54.11 a barrel, down $0.79
Bitcoin Investment Trust (GBTC) ended at $11.12 up $0.27


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


   Todd Mitchell


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