The market rebounded on turnaround Tuesday following an $800 billion stimulus package from the Fed that would include checks being mailed to all Americans. The major indexes settled off their midday highs as sentiment remains fragile over the coronavirus pandemic with volatility remaining at historic levels.The Russell 2000 closed on its session peak of 1,106 while showing the most strength. Resistance at 1,100 was reclaimed with more important recovery levels at 1,115-1,125.The Nasdaq kissed a late day high of 7,406 before settling at 7,334. Near-term resistance at 7,400 was breached but held with additional hurdles at 7,450-7,500 on continued momentum.The Dow traded to an afternoon peak of 21,379 while closing at 23,237. Key resistance at 21,250 was cleared and held with continued closes above this level leading to a retest towards 21,500-21,750.The S&P 500 closed at 2,529 after tapping a session peak of 2,553. Near-term resistance at 2,550 was cleared but failed to hold with additional hurdles at 2,575-2,600 on continued strength.
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Here are a few recent LIVE Trades:
BJ’s Wholesale (BJ) upgraded to Buy from Hold at Gordon HaskettProcter & Gamble (PG) upgraded to Buy from Hold at Deutsche BankWalmart (WMT) upgraded to Outperform from Perform at OppenheimerCinemark (CNK) and Imax (IMAX) downgraded to Neutral from Overweight at JPMorganFortinet (FTNT) downgraded to Neutral from Buy at DA DavidsonRuth’s Hospitality (RUTH) downgraded to Neutral from Overweight at Piper Sandler
WEDNESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Arcos Dorados (ARCO), Baozun (BZUN), Contura Energy (CTRA), Futu Holdings (FUTU), General Mills (GIS), IAA (IAA), Nio (NIO), Qudian (QD), Reading International (RDI), Urban One (UONEK)
After the close: 1Life Healthcare (ONEM), ACM Research (ACMR), Brickell Biotech (BBI), Capricor Therapeutics (CAPR), Fanhua (FANH), Five Below (FIV), Guess (GES), Herman Miller (MLHR), Lightbridge (LTBR), Osmotica Pharmaceuticals (OSMT), PagerDuty (PD), Tailored Brands (TLRD), Williams-Sonoma (WSM)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amBuilding Permits – 8:30amHousing Starts – 8:30am
METALS/ OILGold closed at $1,525.80 an ounce, up $39.30Silver settled at $12.49 an ounce, down $0.32Copper finished at $2.31 a pound, down $0.08Crude Oil was at $26.82 a barrel, down $1.88Bitcoin Investment Trust (GBTC) ended at $6.10 up $0.56
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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