The market closed lower Tuesday with the major averages pulling back for the first time in three sessions after trading in tight ranges. Continued good news from the housing market propelled the opening gains before nervousness ahead of the first presidential debate and the November election caused some nervousness.The event is not much of a market mover, however, as the average pullback for S&P 500 index is 0.3%. This could mean a slightly lower open for Wednesday but this debate could have a much bigger impact, not only over the near-term, but longer-term given the showdown and the estimated 100 million viewers that might have tuned in to watch.The S&P 500 settled at 3,335 (-0.5%) following the intraday back-test to 3,327. Current and upper support at 3,325-3,300 was challenged but held. A close below the latter would signal further downside risk towards the 3,275-3,250 area.The Dow tagged an afternoon low of 27,338 while closing at 27,452 (-0.5%). Near-term and upper support at 27,500-27,250 failed to hold. A close below the latter would suggest additional weakness towards 27,000-26,750.The Russell 2000 closed at 1,504 with the session low hitting 1,492 (-0.4%). Prior and upper support at 1,500-1,485 was breached but held. A move below the latter would indicate further weakness towards 1,480-1,465. Below is a chart of the IWM.The Nasdaq ended at 11,085 (-0.3%) after trading to a midday low of 11,065. Current and upper support at 11,100-11,000 was tripped and failed to hold. A move below the latter would be a slightly bearish development and would suggest a retest towards 10,850-10,750.
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Dominion (D) upgraded to Overweight from Neutral at JPMorganHershey (HSY) upgraded to Outperform from Market Perform at BMO CapitalSquare (SQ) upgraded to Outperform from Peer Perform at Wolfe ResearchAzul (AZUL) downgraded to Neutral from Outperform at Bradesco BBIChoice Hotels (CHH) downgraded to Underperform from Neutral at BofAWPX Energy (WPX) downgraded to Neutral from Buy at MKM Partners
WEDNESAY’S EARNINGS ANNOUNCEMENTSBefore the open: Enerpac Tool Group (EPAC), Q&K International Group (QK)
After the close: CPI Aerostructures (CVU), Genfit (GNFT), NovaGold Resources (NG)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amADP Employment Report – 8:15amGDP – 8:30amChicago PMI – 9:45amPending Home Sales Index – 10:00am
METALS/ OILGold closed at $1903.20 an ounce, up $20.90Silver settled at $24.44 an ounce,