VIX Closes Below 30

U.S. markets continued a whipsaw week after trading in and out of positive throughout the session. The late day rebound off the intraday lows was a slightly bullish signal as the major indexes closed higher for the 2nd-straight session.

Debate continues whether this is a true measure of sentiment between the holidays or a buying opportunity into the correction. However, this won’t be known until volumes pick back up and any clarity emerges on the government shutdown and U.S.-Sino trade negotiations in January.

The Dow rose 1.1% after trading to an intraday high of 23,138. Upper resistance at 23,200-24,400 held with continued closes above the latter being a bullish signal.

The S&P 500 added 0.9% despite the pullback to 2,397. Support at 2,400-2,375 held with a move below the latter getting 2,350 and fresh 52-week lows back in play.

The Nasdaq rose 0.4% after testing a session peak of 6,583. Near-term resistance at 6,600-6,650 held with a move above the latter being a continued bullish development.

The Russell 2000 was higher by 0.2% despite the pullback to 1,289. Support at 1,300-1,275 was split but held held with a move below the latter getting 1,250 and 1-year lows back in play.

Materials soared 1.8% to led sector strength. Industrials and Financials jumped 1.3% and 1.2%, respectively.

There was no sector weakness for the 2nd-straight session.

ANALYST UPGRADES/DOWNGRADES
No major coverage was released on Thursday.

EARNINGS
Friday’s earnings announcements (EST):
Before the open:

ADDvantage (AEY)

After the close: None

UPCOMING ECONOMIC NEWS
Friday’s Economic Reports (EST):
International Trade in Goods – 8:30am
Retail Inventories – 8:30am
Wholesale Inventories – 8:30am
Chicago PMI – 9:45am
Pending Home Sales Index – 10:00am
Baker-Hughes Rig Count – 1:00pm

METALS / OIL
Gold closed at $1,281.10 an ounce, up $8.10
Silver settled at $15.31 an ounce, up $0.19
Copper finished at $2.67 a pound, down $0.03
Crude Oil is at $45.38 a barrel, down $0.84
Bitcoin Investment Trust (GBTC) ended at $4.04, down $0.21

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

Todd Mitchell