The stock market closed mostly lower on Tuesday following a disappointing report on retail sales and the start of the Federal Reserve’s two-day policy meeting. Specifically, retail sales fell 3% in February, and declined 2.7% excluding autos, which were bigger drops than expected. Tech showed continued strength after notching a small gain while the small-caps were the leading laggard despite volatility closing below a key level of support for just the second time in over a year. The Nasdaq traded to an intraday peak of 13,620 before settling at 13,471 (+0.1%). Prior and lower resistance from the start of the month at 13,600-13,750 was cleared but held. A close above the latter would indicate a retest towards 13,850-14,000. The Russell 2000 tapped an afternoon low of 2,304 before closing at 2,319 (-1.7%). Fresh and upper support at 2,325-2,300 failed to hold. A move below the latter would suggest a further fade towards 2,275-2,250. Here is a chart of the IWM. The Dow ended at 32,825 (-0.4%) with the intraday low tagging 32,778. New and upper support at 32,750-32,500 was challenged but held. A drop below the latter would signal weakness towards 32,250-32,000. The S&P 500 kissed another opening all-time high of 3,981 but finished slightly lower at 3,962 (-0.1%). Unchartered territory and lower resistance at 3,975-4,000 was cleared but held. A pop above the latter would indicate additional momentum towards 4,025-4,050.
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AnaptysBio (ANAB) upgraded to Buy from Hold at TruistPar Technology (PAR) upgraded to Buy from Neutral at SidonStarbucks (SBUX) upgraded to Buy from Neutral at BTIGAltria Group (MO) downgraded to Neutral from Buy at CitiDarden (DRI) downgraded to Neutral from Buy at MKM PartnersUlta Beauty (ULTA) downgraded to Neutral from Buy at Guggenheim
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Arcos Dorados Holdings (ARCO), Cintas (CTAS), InfuSystems Holdings (INFU), Kingsoft Cloud Holdings Limited (KC), Lands’ End (LE), Pinduoduo (PDD), SUMR Brands (SUMR)
After the close: American Outdoor Brands (AOUT), CTI BioPharma (CTIC), Evolving Systems (EVOL), Five Below (FIVE), Gevo (GEVO), Herman Miller (MLHR), Ideal Power (IPWR), Lordstown Motors (RIDE), OTC Markets Group (OTCM), PagerDuty (PD), Semtech (SMTC), ThermoGenesis Holdings (THMO), Upstart Holdings (UPST), Vinci Partners Investments (VINP), Williams-Sonoma (WSM), ZTO Express (ZTO)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amBuilding Permits – 8:30amHousing Starts – 8:30am
METALS/ OILGold closed at $1,730.90 an ounce, up $1.70Silver settled at $26.00 an ounce, down $0.29Copper finished at $4.07 a pound, down $0.07Crude Oil was at $64.94 a barrel, down $0.40Bitcoin Investment Trust (GBTC) ended at $49.86 down $1.52
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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