Near-Term Resistance Levels Continue to Hold

MARKET SUMMARY
U.S. markets continued this week’s pattern of trading higher into the afternoon before experiencing final hour weakness to settle mixed on Thursday. Traders continue to watch the action in the 10-year note as it inches closer to a 3% yield before deciding to commit new money or bail on a possible market pullback, if triggered.

The S&P 500 climbed 0.1% after reaching an intraday peak of 2,731 before sliding below 2,700 late in the day. The index held this level for the fifth-straight session despite the final hour fade.

The Nasdaq gave back 0.1% to extend its losing streak to 4-straight sessions and its longest since November 2016. The index held the 7,200 level for the 5th-straight session following a backtest to 7,194.

The Russell 2000 also slipped 0.1% after testing 1,548 while failing its 50-day moving average for a 4th-straight session.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES
Clovis (CLVS) was upgraded to Outperform from In Line at Evercore ISI
Palo Alto Networks (PANW) upgraded to Buy from Neutral at Cleveland Research
Wolverine World Wide (WWW) upgraded to Buy from Neutral at DA Davidson

Cheesecake Factory (CAKE) downgraded to Market Perform from Outperform at Telsey
First Solar (FSLR) downgraded to Hold from Buy at Miller Tabak
Macquarie Infrastructure (MIC) was downgraded to Neutral from Overweight at JPMorgan

EARNINGS
Friday’s scheudled earnings (EST):
AdvanSix (ASIX), Cabot Oil & Gas (COG), Cinemark (CNK), Eversource Energy (ES), Huntsman (HUN), LifePoint Hospitals (LPNT), Pinnacle Entertainment (PNK), Potbelly (PBPB), Royal Bank of Canada (RY), TC PipeLines (TCP), Venator Materials (VNTR), WP Carey (WPC)

UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST):
Baker-Hughes Rig Count – 1:00pm

METALS / OIL
Gold closed at $1,332.70 an ounce, up $0.60
Silver closed at $16.59 an ounce, down $0.03
Copper finished at $3.24 a pound, up $0.03
Crude Oil closed at $62.68 a barrel, up $1.01
Bitcoin Investment Trust (GBTC) settled at $16.92, down $0.94

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY