Monday Morning Market View

U.S. markets settled mostly higher on Friday but finished the week lower to snap two-week winning streaks. Volatility spiked but settled lower as near-term support and resistance levels held on the rebound off the lows.

The Russell 2000 rallied 1.7% after testing an intraday low of 1,494 for a 2nd-straight session but held its 100-day moving average and is roughly 1% away from its 50-day moving average.

The small-caps fell 1% for the week. The Nasdaq jumped 1.1% after testing a low of 7,084 to breach its 50-day moving average for a second-straight session before holding this level on the rebound afterwards. For the week, the index was lower by 1.1%.

The S&P 500 rose 0.5% after falling below its 100-day moving average before rebounding and closing just shy of resistance at the 2,700 level. The index was down 2% for the week.

The Dow declined 0.3% after trading down to 24,217 to close lower for a 4th-straight session. The blue-chips breached, but held the 100-day moving average into the closing bell while ending the week with a 3.1% loss.

Bloomin’ Brands (BLMN) upgraded to Buy from Hold at Deutsche BankeBay (EBAYWealth Strength IndexAAPL is Extremely Up and trending Up) upgraded to Strong Buy from Market Perform at Raymond JamesSplunk (SPLK) upgraded to Buy from Hold at StifelOpko Health (OPK) downgraded to Underweight from Neutral at JPMorganPure Storage (PSTG) downgraded to Neutral from Positive at SusquehannaWalmart (WMT) downgraded to Perform from Outperform at Oppenheimer

Monday’s scheduled earnings (EST):
Before the open: AC Moore Arts & Crafts (ACMR), ArQule (ARQL), Vericel (VCEL), Wesco Financial (WSC)
After the close: Analogic (ALOG), Eagle Bulk Shipping (EGLE), Famous Dave’s of America (DAVE), Freshpet (FRPT), Ryerson (RYI), TransAct Technologies (TACT), YY (YY)

Monday’s economic reports (EST):
PMI Services Index – 9:45am
ISM Non-Manufacturing Index – 10:00am
TD Ameritrade IMX – 12:30pm

Gold closed at $1,323.40 an ounce, up $18.20
Silver closed at $16.47 an ounce, up $0.19
Copper finished at $3.13 a pound, up $0.01
Crude Oil closed at $61.35 a barrel, down $0.20
Bitcoin Investment Trust (GBTC) settled at $18.00, down $0.10