The market settled higher despite the protests, riots and looting that continued for the 7th-straight day here in the United States. Despite the economic damage and the possible rise in coronavirus cases, the major indexes continue to push the tops of last week’s trading ranges.The Russell 2000 traded to an afternoon high of 1,419 while closing at 1,405 (+0.8%). Fresh resistance at 1,425 was challenged but held with continued closes above this level signaling a retest towards the 1,450 level.The Nasdaq made an intraday run to 9,571 while closing at 9,552 (+0.7%). Current resistance at 9,550 was recovered with continued closes above this level keeping a retest 9,750 in focus.The Dow settled at 25,475 (+0.4%) after testing an intraday peak of 25,508. Key resistance at 25,500 was breached but held with a close back above this level signaling strength towards the 26,000 area.The S&P 500 tapped a session high of 3,062 before resting at 3,055 (+0.4%). Prior resistance at 3,050 was recovered with continued closes above this level keeping 3,075-3,100 in the picture.
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Gap (GPS) upgraded to Neutral from Underweight at JPMorganHostess Brands (TWNK) upgraded to Buy from Hold at SunTrustWoodward (WWD) upgraded to Overweight from Equal Weight at BarclaysAbbott (ABT) downgraded to Sell from Neutral at Goldman SachsCanopy Growth (CGC) downgraded to Sell from Buy at StifelVail Resorts (MTN) downgraded to Hold from Buy at Deutsche Bank
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Build-A-Bear Workshop (BBW), Cracker Barrel Old Country Store (CBRL), DICK’S Sporting Goods (DKS), Donaldson Company (DCI), Eltek (ELTK), Lands’ End (LE)
After the close: Ambarella (AMBA), CrowdStrike (CRWD), Digital Turbine (APPS), Everi Holdings (EVRI), HealthEquity (HQY), Medallia (MDLA), Zoom Video Communications (ZM)
TUESDAY’S ECONOMIC NEWSRedbook – 8:55amISM New York Business Conditions – 9:45am
METALS/ OILGold closed at $1,715.30 an ounce, down $1.40Silver settled at $18.83 an ounce, up $0.33Copper finished at $2.47 a pound, up $0.04Crude Oil was at $35.56 a barrel, up $0.24Bitcoin Investment Trust (GBTC) ended at $11.28 up $0.39
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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