The stock market closed mostly lower on Monday following news of the sudden unwinding of positions by a major hedge fund. Specifically, Archegos Capital Management was forced into selling Chinese tech stocks and U.S. media firms on Friday and yesterday which caused some of the nervousness.Bank stocks slumped after Credit Suisse (CS) warned that they could be hit with sizable losses from the positions that had to be liquidated. The blue-chips managed to escape the selling pressure but volatility jumped 10% and back above a key level of resistance.The Dow ended at 33,171 (+0.3%) after tapping a fresh all-time high of 33,259. Unchartered territory and lower resistance at 33,250-33,500 was cleared but held. A close above the latter would signal additional momentum towards 33,750-34,000.The S&P 500 settled at 3,871 (-0.1%) after trading to a morning low of 3,943. Near-term and upper support at 3,950-3,925 was breached but held. A move below the latter would indicate a further pullback towards 3,900-3,875.The Nasdaq tagged an intraday low of 12,968 before finishing at 13,059 (-0.6%). Prior and upper support at 13,000-12,850 was tripped but held. A fade below the latter would signal a retest towards 12,750-12,600.The Russell 2000 closed on its session low of 2,158 (-2.8%) and back below its 50-day moving average. Current and upper support at 2,175-2,150 was tripped and failed to hold. A drop below the latter would signal a retest towards 2,125-2,100 with the early March low at 2,085. Below is a chart of the IWM.
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Baidu (BIDU) upgraded to Buy from Hold at Loop CapitalGSX Techedu (GSX) double upgraded to Buy from Sell at CitiTwitter (TWTR) upgraded to Buy from Hold at TruistAres Management (ARES) downgraded to Market Perform from Outperform at BMO CapitalCredit Suisse (CS) downgraded to Neutral from Buy at BofATranscat (TRNS) downgraded to Neutral from Buy at Sidoti
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Academy Sports and Outdoors (ASO), BioNTech (BNTX), China Automotive Systems (CAAS), FactSet Research Systems (FDS), Granite Construction (GVA), Kandi Technologies (KNDI), Logiq (LGIQ), McCormick & Company (MKC), Natural Gas Services Group (NGS), Orbital Energy Group (OEG), PolarityTE (PTE), Protalix BioTherapeutics (PLX), Radius Global Infrastructure (RADI), Target Hospitality (TH), Usio (USIO)
After the close: Apria (APR), BlackBerry (BB), Chewy (CHWY), Daré Bioscience (DARE), Eledon Pharmaceuticals (ELDN), Global Defense Technology & Systems (GTEC), HyreCar (HYRE), IGM Biosciences (IGMS), Lululemon Athletica (LULU), MedAvail Holdings (MDVL), Oblong (OBLG), Phreesia (PHR), Reed’s (REED), Spectrum Pharmaceuticals (SPPI), Voxeljet (VJET)
TUESDAY’S ECONOMIC NEWSRedbook – 8:55amS&P Corelogic Case-Shiller – 9:00am
METALS/ OILGold closed at $1,714.60 an ounce, down $17.70Silver settled at $24.77 an ounce, down $0.34Copper finished at $4.03 a pound, down $0.04Crude Oil was at $61.61 a barrel, up $0.89Bitcoin Investment Trust (GBTC) ended at $49.45 up $3.02
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