The market closed mostly lower on Wednesday following a ton of economic news that was highlighted by initial jobless claims rising 30,000 to 778,000, missing forecasts. Third quarter GDP growth was left unrevised at 33.1% from the advance report but had little impact along with another strong housing report.The Nasdaq, however, held positive territory throughout the session while trading to another all-time high. The overall losses were hardly a dent compared to this week’s gains with a half session today to wrap up the week.The Nasdaq tapped a final hour high of 12,114 before ending at 12,094 (+0.5%). Near-term and lower resistance at 12,100-12,200 was cleared but held. A close above the latter would indicate a possible breakout towards 12,300-12,450.The Dow tested a morning low of 29,806 while closing at 29,872 (-0.6%). Fresh and upper support at 30,000-29,750 failed to hold. A move below the latter would suggest a continued back-test towards 29,500-29,250.The Russell 2000 settled at 1,845 (-0.5%) with the opening low hitting 1,831. New and upper support at 1,845-1,825 was cracked but held by a smidge. A close below the latter would suggest a further pullback towards 1,805-1,785.The S&P 500 finished at 3,629 (-0.2%) after tagging a low of 3,617. Near-term and upper support at 3,625-3,600 was breached but held. A drop below the latter would indicate further weakness towards 3,575-3,550.
Let me show you my Step-by-StepBLUEPRINT that Returned 5,500%in the last 2 years!
Here are a few recent LIVE Trades:
AngioDynamics (ANGO) double upgraded to Strong Buy from Market Perform at Raymond JamesF5 Networks (FFIV) upgraded to Neutral from Underperform at BofAZscaler (ZS) upgraded to Outperform from Neutral at Credit SuisseCanada Goose (GOOS) double-downgraded to Sell from Buy at BTIGCaesars (CZR) downgraded to Equal Weight from Overweight at Morgan StanleyFord (F) downgraded to Equal Weight from Overweight at Morgan Stanley
FRIDAY’S EARNINGS ANNOUNCEMENTSBefore the open: NoneAfter the close: None
FRIDAY’S ECONOMIC NEWSBaker-Hughes Rig Count – 1:00pm
METALS/ OILGold closed at $1,805.50 an ounce, up $0.90Silver settled at $23.36 an ounce, up $0.06Copper finished at $3.31 a pound, up $0.01Crude Oil was at $45.86 a barrel, up $1.03Bitcoin Investment Trust (GBTC) ended at $20.86 down $1.50
Wishing you a very Happy Thanksgiving! Markets are closed tomorrow, but will resume for a shorter day on Friday.
Todd Mitchell
Step #2: Enroll in an Advisory or Educational ProgramPremium Advisories | Featured Educational Programs
Step #3: Connect with The CommunityTrading Concepts Official Facebook Page
