Mixed Session Gives Bears Weekly Win

March 21, 2021 By: Todd Mitchell
The stock market was mixed on Friday as mild declines in Treasury yields supported Tech while the broader market pulled back. The weakness in the blue-chips were enough to give the bears their first overall win in three weeks with volatility remaining above a key level of support.
 
The Russell 2000 showed the most strength after testing a midday high of 2,298 while ending at 2,287 (+0.9%). Current and lower resistance at 2,275-2,300 was recovered. A move above the latter would indicate a retest towards 2,300-2,325. Below is a chart of the IWM.

The Nasdaq tested an intraday peak of 13,252 before settling at 13,215 (+0.8%). Near-term and lower resistance at 13,250-13,400 was breached but held. A close above the latter and the 50-day moving average would suggest additional strength towards 13,500-13,650.

The Dow finished at 32,627 (-0.7%) after tagging a morning low of 32,505. Fresh and upper support at 32,750-32,500 was breached and failed to hold. A drop below the latter would signal a further pullback towards 32,250-32,000.

The S&P 500 closed at 3,913 (-0.1%) with the opening low tapping 3,886. New and upper support from the start of the month at 3,900-3,875 was tripped but held. A close below the latter and the 50-day moving average would suggest additional weakness towards 3,850-3,825.

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ANALYST UPGRADES/DOWNGRADES

Hartford Financial (HIG) upgraded to Outperform from Neutral at Credit Suisse
Keurig Dr Pepper (KDP) upgraded to Overweight from Neutral at JPMorgan
Starbucks (SBUX) upgraded to Outperform from Neutral at Wedbush

Blackstone (BX) downgraded to Perform from Outperform at Oppenheimer
Molson Coors (TAP) downgraded to Underweight from Neutral at JPMorgan
U.S. Bancorp (USB) downgraded to Neutral from Outperform at Baird

MORNING’S EARNINGS ANNOUNCEMENTS 
Before the open: Safe-T Group (SFET), So-Young International (SY), Yunji (YJ), ZIM Integrated Shipping Services (ZIM)

After the close: Akerna (KERN), BioLife Solutions (BLFS), Guild Holdings (GHLD), Iridex (IRIX), Newtek Business Services (NEWT), Raven Industries (RAVN), SYNNEX (SNX), Tencent Music Entertainment Group (TME), Viant Technology (DSP)

MONDAY’S ECONOMIC NEWS
Chicago Fed National Activity Index - 8:30am
Existing Home Sales -
10:00am

METALS/ OIL
Gold closed at $1,741.70 an ounce,  up $9.20
Silver settled at $26.32 an ounce, down $0.03
Copper finished at $4.11 a pound, unchanged
Crude Oil was at $61.44 a barrel, up $1.91
Bitcoin Investment Trust (GBTC) ended at $52.96 up $2.15

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

 Todd Mitchell

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