Uh Oh…VIX Closes Above 20

U.S.-China trade

U.S. markets resumed their recent downtrend while trading to fresh monthly lows following news China will hike tariffs on $60 billion worth of U.S. imports that include a broad range of agricultural products.

China said in a statement that the U.S.′ decision jeopardized the interests of both countries and does not meet the general expectations of the international community. As a result, volatility zoomed 28% and closed above the 20 level for the first time since early January.

The Nasdaq plummeted 3.4% following the intraday back-test to 7,627. Late March and upper support at 7,650-7,600 was split on the close below the latter and the 50-day moving average.

The Russell 2000 tanked 3.2% after tapping an afternoon low of 1,520. Major and upper support at 1,525-1,500 was breached and failed to hold with the close below the 50/200-day moving averages signaling additional weakness towards the latter.

The S&P 500 sank 2.4% following the 2nd-half test to 2,801. Prior and upper support from late March at 2,800-2,775 held with the close below the 50-day moving average being a continuing bearish development.

The Dow also dropped 2.4%, after trading to a midday low of 25,222. Prior and upper support from mid-March at 25,250-25,000 was breached but held although the close below the 200-day moving average remains an ongoing bearish development.

Utilities surged 1.1% and was the only sector that closed higher.

Technology and Communication Services tumbled 3.8% and 3.1%, respectively, to lead sector laggards while and Consumer Discretionary stumbled 3%.

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Becton Dickinson (BDX) upgraded to Overweight from Equal Weight at Barclays
KB Home (KBH) upgraded to Overweight from Equal Weight at Barclays
Merck (MRK
) upgraded to Overweight from Neutral at Atlantic Equities

Boot Barn (BOOT) downgraded to Hold from Buy at Pivotal Research
Shopify (SHOP) downgraded to Neutral from Buy at Guggenheim
Titan Machinery (TITN) downgraded to Neutral from Outperform at Baird

Before the open (EST):
​Azz (AZZ), Best (BEST), CyberArk (CYBR), Eyenovia (EYEN), Great Elm Capital (GECC), Hudson (HUD), Iconix Brand Group (ICON), Kamada (KMDA), MiX Telematics (MIXT), Ralph Lauren (RL), The Street (TST), Xcel Brands (XELB)

After the close(EST):
​Amdocs (DOX), Container Store Group (TCS), Fortuna Silver Mines (FSM), Global Eagle Entertainment (ENT), International Money Express (IMXI), NetList (NLST), New Relic (NEWR), OpGen (OPGN), Pagsegura Digital (PAGS), Roan Resources (ROAN), Sunworks (SUNW), Tilray (TLRY), WidePoint (WYY), YogaWorks (YOGA)

Tuesday's economic reports (EST): 
NFIB Small Business Optimism Index - 6:00am
Import and Export Prices - 8:30am
Redbook - 8:55am

Gold closed at $1,301.80 an ounce, up $14.40
Silver settled at $14.78 an ounce, down $0.01
Copper finished at $2.72 a pound, down $0.05
Crude Oil was at $60.83 a barrel, down $0.88​
Bitcoin Investment Trust (GBTC) ended at $10.21 up $1.61

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

   Todd Mitchell

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