The market rebounded big-time on Monday to push late March resistance levels, after global reports showed the coronavirus spread is slowing. While the peak is expected to hit the U.S. this week, Wall Street is hoping the death toll comes in much lower than predictions.The major indexes need to show continued momentum on Tuesday’s session but it is important to note it’s a shortened week with the market closed on Friday. Volatility continued to ease and has been halved since the March peak with the VIX closing back below the key 50 level.The Russell 2000 closed a point off its session high of 1,139. Major resistance at 1,125 was recovered to keep upside potential 1,150-1,175 in focus.The Dow tapped a late day peak of 22,783 while closing at 22,679. Key resistance at 22,500 was cleared and held with continued closes above this level leading to a run towards 23,000.The S&P 500 settled at 2,663 with the late day peak reaching 2,6376. Near-term resistance at 2,650 was recovered with additional hurdles at 2,675-2,700 on continued strength.The Nasdaq tested a high of 7,938 ahead of the close while going out at 7,913. Key resistance at 7,900 was tripped and held with upside potential towards the 8,000 level on continued momentum.
A uniqueincome strategyallows you to profit regardless if the market goes up, down or sideways…as high as 84.2% accuracy & puts money into your account as soon as you place the trade!
These unique ‘Income Trades’ have limited risk and they typically play out in a few days.Perfect for boosting your weekly income and building your retirement account.
Go here to learn more about Creating a Steady Stream of Profits Each Week Like Clockwork…
eBay (EBAY) upgraded to Buy from Neutral at GuggenheimIntel (INTC) upgraded to Market Perform from Underperform at Raymond JamesTesla (TSLA) upgraded to Buy from Hold at JefferiesSpotify (SPOT) double downgraded to Market Perform from Strong Buy at Raymond JamesStarbucks (SBUX) downgraded to Neutral from Overweight at JPMorganZoom Video (ZM) downgraded to Underperform from Neutral at Credit Suisse
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: AngioDynamics (ANGO), Greenbrier Companies (GBX), Lindsay Manufacturing (LNN), Northern Technologies International (NTIC)
After the close: Exfo (EXFO), Levi Strauss & Co. (LEVI), SMART Global Holdings (SGH)
TUESDAY’S ECONOMIC NEWSRedbook – 8:55 amJolts – 10:00 amConsumer Credit – 3:00 pm
METALS/ OILGold closed at 1,693.90 an ounce, up $48.20Silver settled at $15.17 an ounce, up $0.68Copper finished at $2.22 a pound, up $0.03Crude Oil was at $26.26 a barrel, down $2.74Bitcoin Investment Trust (GBTC) ended at $7.95 up $0.47
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
Step #2: Enroll in an Advisory or Educational ProgramPremium Advisories | Featured Educational Programs
Step #3: Connect with The CommunityTrading Concepts Official Facebook Page
