The stock market traded in a tight range for much of Tuesday’s session before closing lower as traders await upcoming comments from Fed Chairman Powell and Friday’s jobs report. Losses in the Technology and Consumer Discretionary sectors weighed on sentiment with Zoom Video Communications (ZM) falling 9% despite reporting earnings that topped Wall Street’s expectations.The Russell 2000 finished on its session low of 2,231 (-2%). Current and upper support at 2,250-2,225 was breached and failed to hold. A drop below the latter would signal a continued backtest towards 2,200-2,175.The Nasdaq closed at 13,358 (-1.7%) following the late day tumble to 13,352. Near-term and upper support at 13,400-13,300 failed to hold. A move below the latter and the 50-day moving average would indicate further weakness towards 13,200-13,100.The S&P 500 ended at 3,870 (-0.8%) on the fade to 3,868 ahead of the closing bell. Upper support at 3,875-3,850 was breached and failed to hold. A close below the latter would suggest a retest towards 3,825-3,800 and the 50-day moving averageThe Dow settled at 31,391 (-0.5%) after bottoming 31,377. Current and upper support at 31,500-31,250 failed to hold. A close below the latter would signal a further pullback towards 31,000-30,750 and the 50-day moving average.
Exploit a Step–by–Step BLUEPRINT in 1 Hour or LESS a Day & EARN Consistent Daily Income from the Most Predictable & Profitable Market on the Planet.
GOAL: $250 to $500 +Every SingleDay the Market is Open…Like Clockwork!
Discover this Simple, 4-Step Process, Fully Disclosed BLUEPRINT for yourself.
Click here to learn more & start using it tomorrow…
Beyond Meat (BYND) upgraded to Buy from Neutral at CitiLyondellBasell (LYB) upgraded to Overweight from Equal Weight at Wells FargoZoom Video (ZM) upgraded to Overweight from Neutral at Piper SandlerADT Inc. (ADT) downgraded to Underweight from Equal Weight at BarclaysFoot Locker (FL) downgraded to Hold from Buy at Williams TradingPlug Power (PLUG) downgraded to Underweight from Equal Weight at Barclays
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Acme United (ACU), Barrett Business Services (BBSI), Carrols Restaurant Group (TAST), Dollar Tree Stores (DLTR), Dycom Industries (DY), Emerging Vision (ISEE), Ituran Location and Control (ITRN), National Vision Holdings (EYE), Optinose (OPTN), Patterson Companies (PDCO), Strongbridge Biopharma (SBBP), TransAlta (TAC), Veritiv (VRTV), Wendy’s International (WEN)After the close: American Eagle Outfitters (AEO), Cornerstone Building Brands (CNR), Descartes Systems Group (DSGX), Equinox Gold (EQX), Falcon Minerals (FLMN), Global Medical REIT (GMRE), Hudson Technologies (HDSN), Marvell Technology Group (MRVL), Northwest Pipe Company (NWPX), Okta (OKTA), Points International (PCOM), Red Robin Gourmet Burgers (RRGB), Snowflake (SNOW), Splunk (SPLK), Trip.com Group (TCOM), Vroom (VRM), W&T Offshore (WTI), Yext
WENESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amADP Employment Report – 8:15amISM Non-Manufacturing Index – 10:00amBeige Book – 2:00pm
METALS/ OILGold closed at $1,733.60 an ounce, up $10.60Silver settled at $26.88 an ounce, up $0.20Copper finished at $4.22 a pound, up $0.11Crude Oil was at $59.64 a barrel, down $3.67Bitcoin Investment Trust (GBTC) ended at $44.12 down $1.70
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
Step #2: Enroll in an Advisory or Educational ProgramPremium Advisories | Featured Educational Programs
Step #3: Connect with The CommunityTrading Concepts Official Facebook Page