Wall Street settled slightly lower on Friday to close out a strong week as former Vice President Joe Biden edged closer to victory in the presidential election. The monthly jobs report outperformed expectations and provided some upside as Tech showed strength while volatility continued to fade.
The S&P 500 tested an opening low of 3,484 before settling at 3,509 (-0.03%). Current and upper support at 3,500-3,475 was breached but held. A move below the latter would signal further downside risk towards 3,450-3,425.
The Dow finished at 28,323 (-0.2%) after trading down to 28,189 shortly after the opening bell. New and upper support at 28,250-28,000 was breached but a level that held. A drop below the latter would suggest a retest towards 27,750-27,500.
The Russell 2000 closed on the session low of 1,644 (-1%). Fresh and upper support at 1,650-1,635 failed to hold. A move below the latter would indicate a further backtest towards 1,630-1,615. Below is a chart of the IWM.
The Nasdaq tapped an afternoon high of 11,920 while ending at 11,895 (+0.04%). Mid-October and lower resistance at 11,900-12,000 was cleared but held for the second-straight session. A close above the latter and the early September all-time high of 12,074 signaling further momentum towards 12,100-12,200.
For the week, the Nasdaq skyrocketed 9% while the S&P 500 soared 7.3%. The Russell 2000 jumped 7% while the Dow was higher by 6.9%.
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AMD (AMD) upgraded to Overweight from Equal Weight at Wells FargoSquare (SQ) upgraded to Buy from Neutral at CitiZillow Group (ZG) upgraded to Outperform from Sector Perform at RBC Capital
Electronic Arts (EA) downgraded to Neutral from Overweight at Piper SandlerMicrochip (MCHP) downgraded to Neutral from Buy at CitiPaylocity (PCTY) downgraded to Hold from Buy at Craig-Hallum
MONDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Advance Auto Parts (AAP), CyberArk (CYBR), D.R. Horton (DHI), GasLog (GLOG), Hain Celestial Group (HAIN), Novanta (NOVT), Rockwell Automation (ROK), TC PipeLines (TCP), Vital Farms (VITL)
After the close: Amdocs (DOX), Brooks Automation (BRKS), Coherent (COHR), Datadog (DDOG), Electromed (ELMD), Fox Factory Holding (FOXF), Grocery Outlet (GO), IsoRay (ISR), Lyft (LYFT), Myomo (MYO), Perspecta (PRSP), Rackspace Technology (RXT), Rocket Companies (RKT), Staffing 360 Solutions (STAF), Vectrus (VEC)
MONDAY’S ECONOMIC NEWSWholesale Trade Sales – 9:00am
METALS/ OILGold closed at $1,951.70 an ounce, up $4.90Silver settled at $25.66 an ounce, up $0.47Copper finished at $3.15 a pound, up $0.12Crude Oil was at $37.48 a barrel, down $1.02Bitcoin Investment Trust (GBTC) ended at $17.54 up $0.27
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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