Volatility Tumbles Back Below 20

March 22, 2021 By: Todd Mitchell

The stock market showed overall strength on Monday with the small-caps slacking as Treasury yields pulled back. Specifically, the benchmark 10-year yield fell back below 1.7% after rising above this level last week.Industrial stocks rallied following a report President Biden is looking at a $3 trillion infrastructure deal to boost the economy, well above previous expectations for around $2 trillion. Meanwhile, volatility tested a fresh 52-week low while closing back under a key level of support.The Nasdaq closed at 13,377 (+1.2%) after tapping a second half high of 13,455. Current and lower resistance at 13,350-13,500 was cleared but held. A close above the latter and the 50-day moving average would suggest additional upside towards 13,600-13,750.The S&P 500 tested to an intraday peak of 3,955 before ending at 3,940 (+0.7%). Near-term and lower resistance at 3,950-3,975 was breached but held. A move below the latter and the current all-time high at 3,960 would signal a breakout towards 4,000-4,025.The Dow settled at 32,731 (+0.3%) with the afternoon high reaching 32,810. Prior and lower resistance at 32,750-33,000 was tripped but held. A pop above the latter would indicate further upside towards 33,000-33,250 with the current record high at 33,227.The Russell 2000 tagged a morning low of 2,258 while finishing at 2,266 (-0.9%). Near-term and upper support at 2,275-2,250 failed to hold. A drop below the latter would suggest additional weakness towards 2,225-2,200 and the 50-day moving average. 

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ANALYST UPGRADES/DOWNGRADES

Booking Holdings (BKNG) upgraded to Buy from Neutral at BofADollar General (DG) upgraded to Outperform from In Line at Evercore ISIPepsiCo (PEP) upgraded to Overweight from Equal Weight at BarclaysB&G Foods (BGS) downgraded to Neutral from Overweight at Piper SandlerFive Below (FIVE) downgraded to In Line from Outperform at Evercore ISISnap (SNAP) downgraded to Neutral from Buy at BofA

TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: BlueCity Holdings (BLCT), Cheetah Mobile (CMCM), DouYu International Holdings (DOYU), Envela (ELA), Huya (HUYA), IHS Markit (INFO), iMedia Brands (IMBI), Liquidia Technologies (LQDA), mCloud Technologies (MCLDF), Neogen (NEOG), VolitionRX (VNRX)

After the close: Adobe (ADBE), At Home Group (HOME), Bionano Genomics, (BNGO), ClearSign Combustion (CLIR), Enservco (ENSV), Fathom Realty (FTHM), GameStop (GME), KORU Medical Systems (KRMD), LGL Group (LGL), Marrone Bio Innovations (MBII), Postal Realty Trust (PSTL), Relmada Therapeutics (RLMD), Steelcase (SCS)

TUESDAY’S ECONOMIC NEWSRedbook – 8:55amRichmond Fed Manufacturing Index – 10:00am

METALS/ OILGold closed at $1,738.10 an ounce,  down $3.60Silver settled at $25.77 an ounce, down $0.55Copper finished at $4.14 a pound, up $0.03Crude Oil was at $61.47 a barrel, up $0.03Bitcoin Investment Trust (GBTC) ended at $49.50 down $3.46

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

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