The stock market showed some strength on Friday following a choppy session while closing mixed. Tech and small-caps showed the most strength while the blue-chips and the broader market struggled throughout the session. Mostly better-than-expected economic news and corporate earnings helped bullish sentiment while fears of ongoing and rising interest rates remained in focus. The Nasdaq tapped a midday high of 13,368 while finishing at 13,192 (+0.6%). Current and lower resistance at 13,300-13,400 and the 50-day moving average were cleared but levels that held. A close above the latter would signal a retest towards 13,500-13,600. The Russell 2000 reached an afternoon peak of 2,232 before closing at 2,201 (+0.04%). Near-term and lower resistance at 2,225-2,250 was tripped but held. A move above the latter would suggest strength towards 2,275-2,300 with the current all-time high at 2,318. Below is a chart of the IWM. The S&P 500 settled at 3,811 (-0.5%) following the fade to 3,789 shortly after the opening bell. Upper support at 3,800-3,775 was breached but held. A close below the latter and the 50-day moving average would indicate additional weakness towards 3,750-3,725. The Dow ended at 30,932 (-1.5%) after tagging a morning low of 30,911. Current and upper support at 31,000-30,750 failed to hold. A close below the latter the 50-day moving average would signal a further fade towards 30,500-30,250.
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Here are a few recent LIVE Trades:
Elanco (ELAN) upgraded to Outperform from Neutral at Credit SuisseCarvana (CVNA) upgraded to Overweight from Equal Weight at Morgan StanleyMonster Beverage (MNST) upgraded to Outperform from In Line at Evercore ISIBest Buy (BBY) downgraded to Outperform from Strong Buy at Raymond JamesFate Therapeutics (FATE) downgraded to Neutral from Outperform at WedbushLendingTree (TREE) downgraded to Underperform from Market Perform at Northland
MONDAY’S EARNINGS ANNOUNCEMENTS Before the open: Amicus Therapeutics (FOLD), Berkshire Hathaway (BRK.B), Covetrus (CVET), Gentherm (THRM), Hilton Grand Vacations (HGV), Middleby (MIDD), Novanta (NOVT), Reata Pharmaceuticals (RETA), Stratasys (SSYS), Workhorse Group (WKHS), Xenia Hotels & Resorts (XHR)After the close: Ameresco (AMRC), Boingo Wireless (WIFI), Clover Health (CLOV), FibroGen (FGEN), Gaia (GAIA), Helios Technologies (HLIO), Inovio Biomedical (INO), Lemonade (LMND), NanoString Technologies (NSTG), Ooma (OOMA), Perrigo (PRGO), Repay Holdings (RPAY), Scientific Games (SGMS), Travere Therapeutics (TVTX), Uniti Group (UNIT), Verra Mobility (VRRM), Zoom Video Communications (ZM)
MONDAY’S ECONOMIC NEWSWholesale Trade Sales – 10:00am
METALS/ OILGold closed at $1,728.80 an ounce, down $46.60Silver settled at $26.44 an ounce, down $1.24Copper finished at $4.09 a pound, down $0.17Crude Oil was at $61.67 a barrel, down $1.80Bitcoin Investment Trust (GBTC) ended at $43.20 down $2.44
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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