U.S. markets traded in tight ranges for the 2nd-straight session while settling slightly lower as mixed 2Q earnings and trade comments concerning China weighed on sentiment.
The blue-chips and the small-caps showed some intraday strength but the overall market tested midday lows after President Trump told reporters that a trade deal with China has a long way to go.
The Nasdaq fell 0.4% after testing an intraday low of 8,204. Fresh and upper support at 8,200-8,150 held with a close below the latter signaling additional weakness towards 8,050-8,000.
The S&P 500 slipped 0.3% after trading in a 14-point range and tapping an intraday low of 3,001. Current and upper support at 3,000-2,975 held on the 3rd-straight close above the former with risk towards 2,950 on a move below the latter.
The Dow dipped 0.1% despite testing an all-time intraday high of 27,398 while snapping a 5-session winning streak. Upper support at 27,250-27,000 held on the backtest to 27,290 afterwards.
The Russell 2000 edged up less than a point, or 0.01%, after holding positive territory for much of the session and kissing a morning high of 1,569. Prior and lower resistance at 1,570-1,575 held with a move above the latter getting 1,585-1,600 back in focus.
Industrials and Material led sector strength after rising 0.6% and 0.2%. Energy and Technology were the weakest sectors after falling 1.1% and 0.9%, respectively.
I hope this helps you prepare for the trading day. Make it a great one!