The market closed mostly lower on Wednesday with Tech escaping the pullback to record with its 4th-straight session win. The small-caps led the pack lower and continue to make the most violent price swings although volatility continues to track lower lows.This action is signaling a possible trading range forming as Wall Street awaits 2Q earnings that will begin the second week of July. However, given the lighter trading environment, a breakdown or breakout could also be in the works if geopolitical events heighten in the coming weeks.The Russell 2000 kissed a late day low of 1,424 before settling at 1,426 (-1.8%). Crucial support at 1,425 was breached but held with a close below this level signaling additional downside risk towards the 1,400 level.The Dow closed at 26,119 (-0.7%) with the afternoon low kissing 26,068. Key support at 26,000 was challenged but held with a close below this level keeping risk towards 25,500 in focus.The S&P 500 tapped a low of 3,108 before settling at 3,113 (-0.4%). Current support at 3,100 was also challenged but held with a move below this level signaling additional downside risk towards the 3,050 area.The Nasdaq traded to an intraday peak of 9,991 before settling at 9,910 (+0.2%). Current resistance at 9,900 was recovered with continued closes above this level signaling strength towards 10,000-10,100 and fresh all-time highs.
A uniqueincome strategyallows you to profit regardless if the market goes up, down or sideways…as high as 84.2% accuracy & puts money into your account as soon as you place the trade!
These unique ‘Income Trades’ have limited risk and they typically play out in a few days.Perfect for boosting your weekly income and building your retirement account.
Go here to learn more about Creating a Steady Stream of Profits Each Week Like Clockwork…
Atlantica Yield (AY) upgraded to Overweight from Equal Weight at Morgan StanleyDiana Shipping (DSX) upgraded to Buy from Hold at Pareto. This listHersha Hospitality (HT) upgraded to Neutral from Underperform at DA Davidson.Alerus Financial (ALRS) downgraded to Market Perform from Outperform at Raymond JamesNordson (NDSN) downgraded to Sector Weight from Overweight at KeyBancValero (VLO) downgraded to Neutral from Buy at Goldman Sachs
THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Commercial Metals (CMC), Designer Brands (DBI), Francesca’s Holdings (FRAN), Kroger (KR), Lee Enterprises (LEE), Regis (RGS), Smith & Wesson Brands (SWBI)
After the close: At Home Group (HOME), Fronteer Development Group (FRG), LiveXLive Media (LIVX), Urovant Sciences (UROV)
THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amPhiladelphia Fed Business Outlook Survey – 8:30amLeading Indicators – 10:00am
METALS/ OILGold closed at $1,735.60 an ounce, down