The overall market was choppy on Wednesday after trading on both sides of the ledger while closing in the red for the second-straight session. Better-than-expected housing numbers and ongoing vaccine hopes provided strength on the open that fizzled midday.The bears pushed lower lows but haven’t made much of a dent following the recent push to all-time highs by the bulls. The action is signaling a possible consolidation pattern developing but one that will provide key support and resistance levels to watch for the next breakout, or breakdown.The Russell 2000 settled on its session low of 1,769 (-1.3%) despite tapping another record peak of 1,805. Fresh and upper support at 1,775-1,760 was breached and failed to hold. A close below the latter would suggest a further pullback towards 1,750-1,735.The S&P 500 also closed on its session low at 3,567 (-1.2%). Near-term and upper support at 3,575-3,550 failed to hold. A drop below the latter would indicate further weakness towards 3,525-3,500.The Dow tested a late day low of 29,432 before ending at 29,438 (-1.2%). Current and upper support at 29,500-29,250 was tripped and failed to hold. A move below the latter would suggest a continued back-test towards 29,000-28,750.The Nasdaq kissed 11,799 ahead of the closing while finishing at 11,801 (-0.8%). Near-term and upper support at 11,900-11,800 was breached and but held. A close below the latter would indicate ongoing weakness towards 11,700-11,600.
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Boeing (BA) upgraded to Outperform from Neutral at BairdSpirit AeroSystems (SPR) upgraded to Buy from Hold at JefferiesTesla (TSLA) upgraded to Overweight from Equal Weight at Morgan StanleyAnterix (ATEX) downgraded to Underweight from Neutral at JPMorganHoneywell (HON) downgraded to Hold from Buy at HSBCTecnoglass (TGLS) downgraded to Outperform from Strong Buy at Raymond James
THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: BJ’s Wholesale Club (BJ), Canadian Solar (CSIQ), Futu Holdings (FUTU), Höegh LNG Partners (HMLP), Macy’s (M), Netease.com (NTES), OneWater Marine (ONEW), Qiwi (QIWI)
After the close: American Software (AMSWA), Beacon Roofing Supply (BECN), Caleres (CAL), Delta Apparel (DLA), Intuit (INTU), Matthews International (MATW), Ooma (OOMA), Post Holdings (POST), Ross Stores (ROST), Williams-Sonoma (WSM), Workday (WDAY)
THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amNY Empire State Manufacturing Survey – 8:30amExisting Home Sales – 10:00amKansas City Fed Manufacturing Index – 11:00am
METALS/ OILGold closed at $1,873.90 an ounce, down $11.20Silver settled at $24.45 an ounce, down $0.20Copper finished at $3.20 a pound, up $0.23Bitcoin Investment Trust (GBTC) ended at 19.64 down $0.52
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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