Volatility Settles Down, Resistance Holds

MARKET SUMMARY

U.S. markets opened Tuesday with modest gains and traded in a narrow range throughout the session. The volatility the market has experienced over the past several days was not as evident and the economic news had little effect on the major indexes.

The Dow gained 0.1% following the push to 24,384 but failed to hold its 200-day moving average on the rebound.

The S&P 500 climbed 0.2% after reaching an intraday peak of 2,732 but failing near-term resistance at 2,750.

The Nasdaq rose 0.4% after testing a high of 7,597 with near-term resistance at 7,600 holding.

The Russell 2000 was up 0.7% on the intraday run to 1,672 with short-term resistance at 1,675 holding into the close.

ANALYST UPGRADES/DOWNGRADES

CenturyLink (CTL) upgraded to Buy from Hold at Jefferies
Lam Research (LRCXWealth Strength IndexAAPL is Extremely Up and trending Up) upgraded to Buy from Neutral at UBS
Micron (MUWealth Strength IndexAAPL is Extremely Up and trending Up) upgraded to Neutral from Sell at UBS
AMC Networks (AMCX) downgraded to Neutral from Buy at Goldman Sachs
LendingTree (TREE) downgraded to Neutral from Buy at Compass Point
Square (SQ) downgraded to Equal Weight from Overweight at Stephens

EARNINGS

Wednesday’s earnings reports (EST): 

Before the open: Canopy Growth (CGC), Eros International (EROS), General Mills (GIS), Paychex (PAYXWealth Strength IndexAAPL is Extremely Up and trending Up), UniFirst (UNI)
After the close: Bed, Bath & Beyond (BBBY), CalAmp (CAMP), Franklin Covey (FC), HB Fuller (FUL), Investors Real Estate Trust (IRET), NovaGold Resources (NG), Pier 1 Imports (PIR), Progress Software (PRGS), Rite Aid (RAD)

UPCOMING ECONOMIC NEWS

Wednesday’s economic reports (EST): 

MBA Mortgage Applications – 7:00am
Durable Goods Orders – 8:30am
International Trade in Goods – 8:30am
Retail Inventories – 8:30am
Wholesale Inventories – 8:30am
Pending Home Sales Index – 10:00am

METALS / OIL

Gold closed at $1259.90 an ounce, down $9.00

Silver settled at $16.25 an ounce, down $0.08

Copper finished at $2.98 a pound, down $0.05

Crude Oil is at $68.15 a barrel, down $1.13

Bitcoin Investment Trust (GBTC) ended at $9.23 down $0.57

   Make it a great day!

   Todd Mitchell

QUOTE OF THE DAY