The stock market closed mostly higher on Monday and the first official trading day for May despite mixed economic news as first-quarter earnings remain broadly supportive. Specifically, news that 87% of the S&P 500 companies that had reported through last Friday have topped analysts’ expectations helped bullish sentiment.
The Dow traded to a midday high of 34,221 while ending at 34,113 (+0.7%). Lower resistance at 34,000-34,250 was recovered. A move above the latter and the mid-April all-time peak at 34,256 would signal ongoing strength towards 34,500-34,750.
The Russell 2000 settled at 2,277 (+0.5%) with the afternoon high tapping 2,288. Prior and lower resistance at 2,275-2,300 was cleared and held. A close above the latter would suggest additional upside towards 2,325-2,350 with the all-time top from mid-March at 2,360.
The S&P 500 closed at 4,192 (+0.3%) after reaching a morning peak of 4,209. Current and lower resistance at 4,200-4,225 was breached but held. A pop above the latter and last Thursday’s all-time high of 4,218 would indicate momentum towards 4,250-4,275.
The Nasdaq tested an intraday low of 13,881 while finishing at 13,895 (-0.5%). Near-term and upper support at 13,900-13,750 failed to hold. A drop below the latter would likely lead to a retest towards 13,650-13,500.
Let me show you my Step-by-StepBLUEPRINT that Returned 5,500%in the last 2 years!
Here are a few recent LIVE Trades:
Carvana (CVNA) upgraded to Buy from Neutral at BofADraftKings (DKNG) upgraded to Outperform from Market Perform at CowenFirst Solar (FSLR) upgraded to Buy from Neutral at BofAClorox (CLX) double downgraded to Underweight from Overweight at Wells FargoGraphic Packaging (GPK) downgraded to Equal Weight from Overweight at Morgan StanleyWeyerhaeuser (WY) downgraded to Equal Weight from Overweight at Stephens
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Arcbest (ARCB), Bunge (BG), Camping World (CWH), CVS Health (CVS), Dominion Energy (D), Eaton (ETN), Ferrari (RACE), Global Payments (GPN), Henry Schein (HSIC), IPG Photonics (IPGP), LouisianaPacific (LPX), Malibu Boats (MBUU), NuStar Energy (NS), Pfizer (PFE), Sealed Air (SEE), Tennant (TNC), Under Armour (UA), Vishay Intertechnology (VSH), Warner Music Group (WMG), Xylem (XYL), Zebra Technologies (ZBRA)
After the close: Akamai Technologies (AKAM), Big 5 Sporting Goods (BGFV), Corteva (CTVA), Denny’s (DENN), Exact Sciences (EXAS), GreenSky (GSKY), Hyatt Hotels (H), Inogen (INGN), Jazz Pharmaceuticals (JAZZ), Kadant (KAI), Lyft (LYFT), Match Group (MTCH), Outfront Media (OUT), Pixelworks (PXLW), Red Rock Resorts (RRR), Smart Sand (SND), T-Mobile (TMUS), Viavi Solutions (VIAV), Western Union (WU), Xilinx (XLNX), Zillow (Z)
TUESDAY’S ECONOMIC NEWSRedbook – 8:55amImport and Export Prices – 8:30amNew York Empire State Manufacturing Survey – 8:30amFactory Orders – 10:00am
METALS/ OILGold closed at $1,791.80 an ounce, up $24.10Silver settled at $26.96 an ounce, up $1.09Copper finished at $4.53 a pound, up $0.06Crude Oil was at $64.43 a barrel, up $0.94Bitcoin Investment Trust (GBTC) ended at $47.23 up $0.38
I hope this helps you prepare for the trading day. Make it a great one!
Step #2: Enroll in an Advisory or Educational ProgramPremium Advisories | Featured Educational Programs
Step #3: Connect with The CommunityTrading Concepts Official Facebook Page
