The stock market backed off from record levels to settle lower on Monday as investors locked in profits following last week’s strong rally and continued run towards all-time highs. News that House Speaker Pelosi is looking to impeach President Trump again if Vice President Pence doesn’t attempt to remove him weighed on sentiment. The Nasdaq settled at 13,036 (-1.3%) following the opening fade to 12,999. Fresh and upper support at 13,000-12,900 was tripped but held. A move below the latter would signal a further retest towards 12,800-12,700. The S&P 500 finished at 3,799 (-0.7%) with the morning low tapping 3,789. Near-term and upper support at 3,800-3,775 failed to hold. A close below the latter would suggest additional weakness towards 3,750-3,725. The Dow closed at 31,008 (-1.3%) after tagging a low of 30,832. Current and upper support 31,000-30,750 was breached but held. A move below the latter would indicate further weakness towards 30,500-30,250. The Russell 2000 tested a opening low of 2,061 before ending at 2,091 (-0.03%). Near-term and upper support at 2,090-2,070 was tripped but held. A close below the latter would signal a deeper back-test towards 2,050-2,030.
For the week, the Russell 2000 zoomed 5.9% and the Nasdaq jumped 2.4%. The S&P 500 rallied 1.8% and the Dow was up 1.6%.
Claim $500 to $4,600 & More In Hidden Unclaimed Income Every Month Like Clockwork
Exxon Mobil (XOM) upgraded to Overweight from Equal Weight at Morgan StanleyWalgreens Boots Alliance (WBA) upgraded to Outperform from Neutral at BairdWillis Towers (WLTW) upgraded to Outperform from Market Perform at Raymond JamesKinder Morgan (KMI) downgraded to Market Perform from Outperform at Raymond JamesSolarWinds (SWI) downgraded to Hold from Buy at JefferiesUpwork (UPWK) downgraded to Hold from Buy at Jefferies
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: IHS Markit (INFO), Infosys Technologies (INFY), Opsens (OPSSF), Shaw Communications (SJR), Wipro Limited (WIT)
After the close: Volt Information Sciences (VOLT), Washington Federal (WAFD)
TUESDAY’S ECONOMIC NEWSRedbook – 8:55amIBD/ TIPP Economic Optimism – 10:00amJolts – 10:00am
METALS/ OILGold closed at $1,850.80 an ounce, up $15.40Silver settled at $25.28 an ounce, up $0.65Copper finished at $3.56 a pound, down $0.11Crude Oil was at $52.12 a barrel, up $0.39Bitcoin Investment Trust (GBTC) ended at $37.40 down $7.02
I hope this helps you prepare for the trading day. Make it a great one!
Step #2: Enroll in an Advisory or Educational ProgramPremium Advisories | Featured Educational Programs
Step #3: Connect with The CommunityTrading Concepts Official Facebook Page
