The market closed out its worst quarter since the 2008 financial crisis with a down day with the U.S., Europe and other parts of the world still engulfed by the coronavirus pandemic. The March selloff represented a greater then 30% decline at its worst point during the quarter, but a roughly 15% rebound over the past week.
The Russell 2000 traded down to 1,130 while settling at 1,153. Key support from at 1,125 was challenged but held with a close below this level signaling risk towards the 1,100 level.
The Dow tested down to 21,852 before closing at 21,917. Current support at 22,000 failed to,hold with continued closes below this level keeping backtest potential towards 21,500 in focus.
The S&P 500 tapped an intraday low of 2,571 while closing at 2,584. Near-term support at 2,575 was breached but held with downside risk towards 2,525 on a close below this level.
The Nasdaq tumbled to a late day low of 7,642 while settling at 7,700. Key support at 7,700 was breached but held with a close below this level signaling a retest towards 7,650-7,600.
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Cirrus Logic (CRUS) upgraded to Buy from Underperform at BofADollar General (DG) upgraded to Overweight from Equal Weight at Wells FargoHP Enterprise (HPE) upgraded to Overweight from Equal Weight at Wells Fargo
Amarin (AMRN) downgraded to Hold from Buy at JefferiesBaker Hughes (BKR) downgraded to Hold from Buy at ArgusVenus Concept (VERO) downgraded to Perform from Outperform at Oppenheimer
WEDNESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: iMedia Brands (IMBI), Jiayin Group (JFIN), Lamb Weston Holdings (LW), Stealth BioTherapeutics (MITO), UniFirst (UNF)
After the close: Ascendis Pharma (ASND), NovaGold Resources (NG), PVH (PVH)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amADP Employment Report – 8:15amPMI Services Index – 9:45amConstruction Spending – 10:00amISM Manufacturing Index – 10:00am
METALS/ OILGold closed at $1,596.60 an ounce, down $46.60Silver settled at $14.16 an ounce, up $0.03Copper finished at $2.23 a pound, up $0.07Crude Oil was at $20.74 a barrel, up $0.37Bitcoin Investment Trust (GBTC) ended at $7.12 up $0.07
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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