The market was down for the 2nd-straight session and for the 3rd-straight Friday despite a fantastic jobs report. However, the bounce off the last session lows gave the bulls the overall weekly win with the small-caps still in correction mode.A retest of the late February lows remains in play and a necessary part of any potential bottoming process. Friday’s late rebound was mildly encouraging but volatility remains highly elevated after trading to a 5-year peak.Obviously, there will need be more upside follow-through to start the week to determine if a short-term bottom is being formed and why Monday’s close will be crucial. If the fresh lows come into play, there could be another round of intense selling pressure before a true buying opportunity presents itself.The Nasdaq bottomed at 8,375 before going out at 8,575. Crucial support at 8,400 and the 200-day moving average was breached but held with a close below the former signaling additional weakness towards the 8,200 level.The Dow tested a low of 25,226 while settling at 25,864. Prior and key support at 25,250 was breached but held with a close below this level signaling a retest towards 25,000-24,750 with the late February low at 24,681.The S&P 500 traded to an intraday low of 2,901 before closing at 2,972. Key support at 2,900 was challenged but held with a close below this level getting 2,850 and the prior Friday low of 2,855 back in play.
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AMD (AMD) upgraded to Overweight from Neutral at Atlantic EquitiesDish (DISH) upgraded to Market Perform from Underperform at BernsteinUlta Beauty (ULTA) upgraded to Neutral from Reduce at Nomura InstinetCalyxt (CLXT) downgraded to Neutral from Buy at Goldman SachsKroger (KR) downgraded to Neutral from Outperform at Credit SuisseNextEra Energy Partners (NEP) downgraded to Neutral from Buy at Goldman Sachs
MONDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Baxter International (BAX), BioXcel Therapeutics (BTAI), Changyou.com (CYOU), KLX Energy Services (XLXE), Matinas BioPharma (MTNB), Sogou (SOGO), Sohu.com (SOHU), Thor Industries (THOR)
After the close: Avid Technology (AVID), Clarus (CLAR), Falcon Minerals (FLMN), Kronos Worldwide (KRO), Organogenesis Holdings (ORGO), Stitch Fix (SFIX), Trecora Resources (TREC), Vail Resorts (MTN)
MONDAY’S ECONOMIC NEWSNo major announcements
METALS/ OILGold closed at $1,674.20 an ounce, up $1.80Silver settled at $17.34 an ounce, up $0.08Copper finished at $2.56 a pound, down $0.01Crude Oil was at $45.96 a barrel, down $1.45Bitcoin Investment Trust (GBTC) ended at $10.58 down $0.35
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Todd Mitchell
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