Dow/ S&P 500 Clear 50-Day MA’s

U.S. markets showed slight weakness on Thursday’s open before regaining momentum shortly afterwards to push higher highs and near-term resistance levels. The major indexes got an added spike in the final hour of action on reports the U.S was weighing lifting China tariffs to hasten a trade deal.

The overall gains and continued closes above the 50-day moving averages remain a bullish signal for higher highs over the near-term. Volatility continues to ease with the VIX falling for the 11th time in the past 15 sessions.

The Russell 2000 rose 0.9% after trading a late day high 1,470. Fresh and lower resistance at 1,465-1,480 was cleared and held on the 2nd-straight close above the 50-day moving average.

The S&P 500 soared 0.8% after testing a session high of 2,645. Lower resistance at 2,625-2,650 and the 50-day moving average was cleared and held with a move above the latter signaling additional strength.

The Dow jumped 0.7% following the push run to 24,474. Lower resistance at 24,250-24,500 was cleared and held with the close above the 50-day moving being a continuing bullish signal.

The Nasdaq was also higher by 0.7% following the second half push to 7,113. Fresh and lower resistance 7,100-7,150 held for the 2nd-straight session with a move above the latter getting 7,200-7,250 in play.

Materials and Industrials led sector strength after zooming 1.8% and and 1.7%, respectively. Healthcare and Energy were up 0.9%.

There were no sector laggards.

ANALYST UPGRADES/DOWNGRADES
Amicus (FOLD) upgraded to Buy from Neutral at Citi
CBS (CBS) upgraded to Buy from Neutral at MoffettNathanson
Penn National (PENN) upgraded to Buy from Neutral at Nomura Instinet

Electronic Arts (EA) downgraded to Hold from Buy at Jefferies
First Data (FDC) downgraded to Neutral from Buy at Goldman Sachs
PulteGroup (PHM) downgraded to Sell from Neutral at BTIG

EARNINGS
Friday Before the Open (EST):
​Citizens Financial Group (CFG), First Horizon National (FHN), Kansas City Southern (KSU), Schlumberger (SLB), State Street (STT), SunTrust Banks (STI), VF Corp (VFC), Wipro (WIT)

Friday After the Close (EST): None

​​UPCOMING ECONOMIC NEWS
Friday’s Economic Reports (EST):
Industrial Production – 9:15am
Consumer Sentiment – 10:00am
Baker-Hughes Rig Count – 1:00pm

METALS / OIL
Gold closed at $1,292.50 an ounce, down $1.50
Silver settled at $15.54 an ounce, down $0.10
Copper finished at $2.68 a pound, up $0.01
Crude Oil is at $52.25 a barrel, down $0.10
Bitcoin Investment Trust (GBTC) ended at $4.43,
up $0.19

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

   Todd Mitchell