The market recovered much of Monday’s opening losses on optimism that beginning to reopen some economies around the world would bring a quick rebound in economic activity. The risk has been that those steps would lead to an uptick in corona virus cases, requiring new lock-downs and there were some potential signs of both outcomes from weekend events.The Nasdaq extended its winning streak to 6-straight sessions after kissing a late day high of 9,241 while settling at 9,192 (+0.8%). Longer-term resistance from late January at 9,250 was challenged but held with upside strength towards 9,350 on continued closes above this level.The S&P 500 tested an afternoon high of 2,944 while settling at 2,930 (+0.02%). Key resistance at 2,950 was challenged but held with additional hurdles at 2,975-3,000 and the 200-day moving average on a close above this level.The Dow traded to an opening low of 24,070 before closing at 24,221 (-0.5%). Current support at 24,000 was challenged but held with continued closes below this level signaling additional weakness towards 23,750-23,500.The Russell 2000 tested a high of 1,330 before closing lower at 1,321 (-0.6%). Key resistance at 1,335 was challenged but held with a close above this level keeping 1,350 in play.
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Carnival (CCL) upgraded to Buy from Hold at HSBCParker-Hannifin (PH) upgraded to Buy from Hold at ArgusViacomCBS (VIAC) upgraded to Outperform from Market Perform at BarringtonNetApp (NTAP) downgraded to Hold from Buy at StifelLyft (LYFT) downgraded to Hold from Buy at StifelYelp (YELP) downgraded to Market Perform from Outperform at BMO Capital
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Allot Communications (ALLT), BioNTech (BNTX), Casper Sleep (CSPR), Duke Energy (DUK), Global Ship Lease (GSL), Honda Motor (HMC), Ingersoll-Rand (IR), Macerich (MAC), Palatin Technologies (PTN), RCM Technologies (RCMT), Tufin (TUFN), Vishay Intertechnology (VSH)
After the close: Aviat Networks (AVNW), Container Store Group (TCS), Electromed (ELMD), Fuel Tech (FTEK), Gevo (GEVO), Houlihan Lokey (HLI), IsoRay (ISR), Kodiak Sciences (KOD), Osisko Gold Royalties (OR), Potbelly (PBPB), Rexnord (RXN), Shockwave Medical (SWAV), Varex Imaging (VREX)
TUESDAY’S ECONOMIC NEWSConsumer Price Index – 8:30amRedbook – 8:55am
METALS/ OILGold closed at $1,698.00 an ounce, down $15.90Silver settled at $15.68 an ounce, down $0.10Copper finished at $2.38 a pound, down $0.03Crude Oil was at $24.68 a barrel, up $0.05Bitcoin Investment Trust (GBTC) ended at $10.29 down $1.16
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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