The market zigzagged for a 3rd-straight session following a historically low employment report with the numbers missing forecasts by a landslide. Specifically, Nonfarm Payrolls for March sank -701,000, versus forecaats for a decline of 148,000, with the unemployment rate spiking to 4.4% from 3.5% and forecasts at 3.9%.
The pullback wasn’t alarming as the major indexes have started to form a mini trading range and avoided fresh weekly lows. Surprisingly, volatility settled lower to indicate the market could be range bound ahead of next week’s official start to the 1Q earnings season.
The Russell 2000 tested a session low of 1,035 while settling at 1,052. Crucial support at 1,050 was breached but held with a close below this level keeping downside risk towards 1,035-1,020 in focus.
The Dow tapped a low of 20,863 before closing at 21,052. Key support at 21,000 was tripped but held with continued closes below this level keeping risk towards 20,500-20,000 in play.
The S&P 500 traded to a intraday low of 2,459 while closing at 2,488. Current support at 2,450 was challenged but held with additional downside risk towards 2,425-2,400 on a close below this level.
The Nasdaq tapped a late day low of 7,288 while settling at 7,373. Critical support at 7,300 was cracked but held with a close below this level signaling weakness towards 7,250-7,200.
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Akamai (AKAM) upgraded to Outperform from Market Perform at Raymond JamesCabot (CBT) upgraded to Overweight from Neutral at JPMorganTwitter (TWTR) upgraded to Buy from Neutral at Goldman Sachs
Shake Shack (SHAK) downgraded to Neutral from Outperform at Credit SuisseRalph Lauren (RL) downgraded to Sector Perform from Outperform at RBC CapitalUnited Rentals (URI) downgraded to Neutral from Outperform at Jefferies
MONDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Digital Ally (DGLY), Simply Good Foods (SMPL)
After the close: Corporación América Airports (CAAP), iAnthus Capital Holdings (ITHUF)
MONDAY’S ECONOMIC NEWSNone
METALS/ OILGold closed at 1,645.70 an ounce, up $8.00Silver settled at $14.49 an ounce, down $0.15Copper finished at $2.19 a pound, down $0.03Crude Oil was at $29.00 a barrel, up $3.68Bitcoin Investment Trust (GBTC) ended at $7.48 down $0.24
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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