Consumer Confidence Weighs on Market

August 31, 2021 By: Todd Mitchell

The stock market was mostly lower on Tuesday following disappointing economic news, but still posted nice gains for August. Specifically, consumer confidence sank -11.3 points to 113.8 in August, another big miss, following the -3.8 point drop to 125.1 in July.

The small-caps showed strength despite the overall pullback with volatility edging slightly higher after trading in a tight range. The throwaway session still favors the bulls as the bears did little damage to slow down the current momentum.

The S&P 500 tested a low of 4,515 before settling at 4,522 (-0.1%). Near-term and upper support at 4,525-4,500 failed to hold. A drop below the latter would suggest weakness towards 4,475-4,450.

The Dow closed 35,360 (-0.1%) with the morning low hitting 35,289. Upper support at 35,250-35,000 was challenged but held for the second-straight session. A move below the latter and the 50-day moving average would be a bearish development with weakness towards 34,750-34,500.

The Nasdaq ended at 15,259 (-0.04%) after trading down to 15,202. Fresh and upper support at 15,250-15,100 was breached but held. A close below the latter would indicate a retest towards 15,000-14,850.

The Russell 2000 finished at 2,273 (+0.3%) following the afternoon run to 2,277. Lower resistance at 2,275-2,300 was tripped but held. A pop above the latter would suggest additional strength towards 2,325-2,350. 

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ANALYST UPGRADES/DOWNGRADES

Digital Turbine (APPS) upgraded to Buy from Hold at CanaccordFunko (FNKO) upgraded to Buy from Hold at JefferiesTextron (TXT) upgraded to Outperform from Market Perform at CowenDSP Group (DSPG) downgraded to Hold from Buy at NeedhamMesoblast (MESO) downgraded to Hold from Buy at JefferiesZymergen (ZY) downgraded to Neutral from Buy at UBS

WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Brown-Forman (BF-B), Campbell Soup (CPB), Conn’s (CONN), Dycom Industries (DY), REX American Resources (REX), Vera Bradley (VRA)

After the close: Asana (ASAN), ChargePoint Holdings (CHPT), Chewy (CHWY), eGain (EGAN), Five Below (FIVE), Greif (GEF), Nutanix (NTNX), Okta (OKTA), Phreesia (PHR), Ryan Specialty Group (RYAN), Semtech (SMTC), Smith & Wesson Brands (SWBI), Veeva Systems (VEEV)

WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amADP Employment Report – 8:15amPMI Composite Flash – 9:45amISM Manufacturing Index – 10:00amConstruction Spending – 10:00am

METALS/ OILGold closed at $1,818.10 an ounce, up $5.90Silver settled at $24.01  an ounce, unchangedCopper finished at $4.38 a pound, unchangedCrude Oil was at $68.51 a barrel,  down $0.59Bitcoin Investment Trust (GBTC) ended at $37.77  down $1.13

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

 Todd Mitchell

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