Fresh Highs Remain in Play

MARKET SUMMARY
U.S. markets continued their record setting run to start Tuesday’s trading before spending much of the session in a tight trading range. Following yesterday’s deal with Mexico, the U.S. is speaking with Canada to hammer out a NAFTA replacement, but there were no new signs of progress regarding trade negotiations with China.

With volume light, the major indexes still manage small gains across the board. However, volatility stayed slightly elevated for the 2nd-straight session.

The Nasdaq climbed 0.2% while tapping a fresh all-time high of 8,046. Lower resistance at 8,050-8,150 held with a close below 8,000 being a slightly cautious development.

The Dow gained 0.1% after testing a morning peak of 26,122. Fresh and lower resistance at 26,200-26,400 held with a close above the latter getting lifetime highs north of 26,600 in play.

The S&P 500 was up less than a point, or 0.03%, after trading to an early session and record high of 2,903. Lower resistance at 2,900-2,925 was breached but held into the closing bell.

The Russell 2000 edged higher by 0.02 points after trading to a lifetime high of 1,733 shortly after the open. The backtest to 1,722 held near-term support at 1,720-1,700.

Real Estate led sector leaders after surging 1.2% while Technology and Consumer Discretionary added 0.2%

Materials, Energy and Communication Services paced sector laggards after declining 0.4%.

ANALYST UPGRADES/DOWNGRADES

RH (RH) upgraded to Accumulate from Hold at Gordon Haskett
Estee Lauder (EL) upgraded to Overweight from Equal Weight at Morgan Stanley
First Business Financial (FBIZ) upgraded to Buy from Neutral at DA Davidson
Mitek Systems (MITK) downgraded to Hold from Buy at Benchmark
Control4 (CTRL) downgraded to In-Line from Outperform at Imperial Capital
Applied Materials (AMATWealth Strength IndexAAPL is Extremely Up and trending Up) downgraded to Neutral from Buy at BofA/Merrill

EARNINGS

Wednesday’s earnings announcements (EST): 

Before the open: American Eagle Outfitters (AEO), Chico’s (CHS), Dick’s Sporting Goods (DKS), Dycom Industries (DY), Eaton Vance (EV), Express (EXPR), Movado Group (MOV), Tuniu (TOUR)
After the close: At Home Group (HOME), Greif (GEF), Guess (GES), PVH (PVH), Salesforce (CRM), Semtech (SMTC), Tilly’s (TLYS)

UPCOMING ECONOMIC NEWS 
Wednesday’s economic reports (EST): 

​MBA Mortgage Applications – 7:00am
GDP – 8:30am
Corporate Profits – 8:30am
Pending Home Sales – 10:00am
Farm Prices – 3:00pm

METALS / OIL

Goldclosed at $1,214.40 an ounce,down $1.60

Silversettled at $14.77 an ounce,down $0.09

Copperfinished at $2.74 a pound,up $0.03

Crude Oil is at $68.22 barrel,down $0.35

Bitcoin Investment Trust (GBTC)ended at $9.86 up $0.52

Make it a great day!

   Todd Mitchell

QUOTE OF THE DAY