The market struggled for the 2nd-straight session as Wall Street once again searched for safety ahead of the weekend. Friday’s pullback is pushing late January support and levels that likely come into play to end the month. The continued drip of news concerning the coronavirus has also hurt the global markets as world economies brace for the impact of slower growth.
The Nasdaq plunged to a low of 9,542 while settling at 9,576. Mid-month support at 9,550 was breached but held with a close below this level signaling ongoing weakness towards the 9,400 area and the prior breakout level to start February.
The S&P 500 tapped a session low of 3,328 while going out at 3,337. Key support at 3,325 was challenged but held with a close below this level leading towards a retest towards the 3,000 level.
The Dow kissed a morning low 28,892 before closing at 29,992. Psychological support at 29,000 failed to hold with a close below signaling 28,800 and the 50-day moving average being an ongoing bearish development.
The Russell 2000 tumbled to a low of 1,673 while closing at 1,678. Prior and crucial at 1,675 was breached and bit held with a move below this level getting 1,650 and the 50-day moving average in focus. This chart mirrors the movement of the index.
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Chewy (CHWY) upgraded to Outperform from Sector Perform at RBC CapitalRealReal (REAL) upgraded to Outperform from Market Perform at Raymond JamesShockWave Medical (SWAV) upgraded to Buy from Neutral at BofA
Cott (COT) downgraded to Neutral from Outperformer at CIBCShake Shack (SHAK) downgraded to Hold from Buy at SunTrustValmont (VMI) downgraded to Neutral from Buy at DA Davidson
MONDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Armstrong World Industries (AWI), Carter’s (CRI), Cooper Tire & Rubber (CRB), Dorman Products (DORM), Epizyme (EPZM), iStar (STAR), Kosmos Energy (KOS), Sapiens International (SPNS)
After the close: Apergy (APY), BWX Technologies (BWXT), Cornerstone OnDemand (CSOD), Douglas Dynamics (PLOW), EverQuote (EVER), Foundation Building Materials (FBM), Guardant Health (GH), Hertz Global Holdings (HTZ), HP (HPQ), Intuit (INTU), Keysight Technologies (KEYS), Medpace Holdings (MEDP), National Storage Affiliates Trust (NSA), Orthofix International (OFIX), Palo Alto Networks (PANW), Rent-A-Center (RCII), Shake Shack (SHAK), Tenet Healthcare (THC), Xencor (XNCR)
MONDAY’S ECONOMIC NEWSDallas Fed Manufacturing Survey – 10:30am
METALS/ OILGold closed at $1,648.80 an ounce, up $28.30Silver settled at $18.53 an ounce, up $0.21Copper finished at $2.60 a pound, up $0.01Crude Oil was at $53.78 a barrel, up $0.01Bitcoin Investment Trust (GBTC) ended at $12.53 up $0.20
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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