Bulls Get Weekly Win Although Small-Caps Slack

April 11, 2021 By: Todd Mitchell

The stock market showed continued weakness on Tuesday despite a blowout consumer confidence number as rising rates once again weighed on Tech and the broader indexes. The Conference Board’s closely watched consumer confidence index increased to 109.7 in March from 90.4 in February, representing the highest level since the start of the pandemic.Meanwhile, the benchmark 10-year Treasury yield rose to about 1.75% and a 14-month peak. Small-caps managed to show strength despite the crosswinds while volatility eased back towards prior support levels.The Nasdaq closed at 13,045 (-0.1%) with the opening low hitting 12,922. Near-term and upper support at 13,000-12,850 was clipped but held for the second-straight session. A drop below the latter would indicate weakness towards 12,750-12,600.2The Dow tested an intraday low of 32,988 before settling at 33,066 (-0.3%). Mid-month and upper support at 33,000-32,750 was breached but held. A move below the latter would signal a further slide towards 32,500-32,250.The S&P 500 traded to a first half low of 3,944 while ending at 3,958 (-0.3%). Current and upper support at 3,950-3,925 was breached but also held for the second-straight session. A close below the latter would suggest a further fade towards 3,900-3,875 and the 50-day moving average.The Russell 2000 finished at 2,195 (+1.7%) after tapping an afternoon peak of 2,202. Prior and lower resistance at 2,200-2,25 was cleared but held. A move above the latter would signal another run towards 2,225-2,250. Below is a chart of the IWM.

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ANALYST UPGRADES/DOWNGRADES

Alphabet (GOOGL) upgraded to Buy from Hold at StifelTexas Instruments (TXN) upgraded to Overweight from Sector Weight at KeyBancViacomCBS (VIAC) upgraded to Neutral from Underperform at Credit SuisseAirbus (EADSY) downgraded to Neutral from Buy at CitiCNX Resources (CNX) downgraded to Hold from Buy at TruistT. Rowe Price (TROW) downgraded to Neutral from Outperform at Credit Suisse

WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Acuity Brands (AYI), Better Choice Company (BTTR), Conn’s (CONN), Delcath Systems (DCTH), Greenlane Holdings (GNLN), UniFirst (UNF), Walgreens Boots Alliance (WBA))

After the close: Arcimoto (FUV), Chicken Soup for the Soul Entertainment (CSSE), Dave & Buster’s Entertainment (PLAY), Eastside Distilling (EAST), Guess (GES), Micron Technology (MU), NovaGold Resources (NG), Precipio (PRPO), Remark Holdings (MARK), Rockwell Medical Technologies (RMTI), Sportsman’s Warehouse Holdings (SPWH), Verint Systems (VRNT), XpresSpa Group (XSPA)Economic News

WEDNESDAY’S ECONOMIC NEWS​MBA Mortgage Applications – 7:00amADP Employment Report – 8:15amChicago PMI – 9:45am

METALS/ OILGold closed at $1,686.00 an ounce,  down $28.60Silver settled at $24.14 an ounce, down $0.63Copper finished at $3.98 a pound, down $0.05Crude Oil was at $60.46 a barrel, down $1.15Bitcoin Investment Trust (GBTC) ended at $50.82 up $1.37

I hope this helps you prepare for the trading day. Make it a great one!

Todd Mitchell

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