Blue-Chips Recover 200-Day Moving Average

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The market settled higher to kick off the first full week in July, with traders pegging at least part of the bullishness on Wall Street to a powerful rally in the Chinese markets and better-than-expected economic news here at home. The gains helped push the major indexes towards early June peaks with volatility falling to its lowest intraday level in a month.

The Nasdaq tagged another all-time and intraday high of 10,462 while closing at 10,433 (+2.2%). Fresh resistance at 10,400 was cleared and held with a close above this level keeping momentum towards 10,500 in play.

The Dow reached a morning high of 26,297 shortly after the open before going out at 26,287 (1.8%). Key resistance at 26,250 and the 200-day MA were recovered with continued closes above this level suggesting additional strength towards 26,500.

The S&P 500 traded to a morning high of 3,182 before finishing at 3,179 (+1.6%). Prior resistance from early June at 3,175 was recovered and held with continued closes above this level signaling additional upside towards 3,200.

The Russell 2000 settled at 1,442 (+0.8%) after testing an opening high of 1,461. Key resistance at 1,450 and the 200-day moving average were cleared but held for the 3rd-straight session with a close above these levels leading to a possible push towards 1,475.

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ANALYST UPGRADES/DOWNGRADES

Acasti Pharma (ACST) upgraded to Buy from Neutral at B. Riley FBR
Infosys (INFY) upgraded to Conviction Buy from Buy at Goldman Sachs
Turquoise Hill (TRQ) upgraded to Outperformer from Neutral at CIBC

Flowserve (FLS) downgraded to Market Perform from Outperform at Cowen
Intel (INTC) downgraded to Sell from Neutral at Goldman Sachs
Netflix (NFLX) downgraded to In-Line from Outperform at Imperial Capital

TUESDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Paychex (PAYX)
After the close: Aspen Group (ASPU), Levi Strauss & Co. (LEVI),
SMART Global Holdings (SGH)

TUESDAY'S ECONOMIC NEWS
Redbook - 8:55am
Jolts - 10:00am

METALS/ OIL
Gold closed at $1,793.50  an ounce, up $3.50
Silver settled at $18.58 an ounce, up $0.26
Copper finished at $2.77 a pound, up $0.02
Crude Oil was at $40.71 a barrel, 
up $0.41
Bitcoin Investment Trust (GBTC) ended at $9.94 up $0.57


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


   Todd Mitchell


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