The stock market was tentative throughout Tuesday’s session before closing lower as investors braced for a number of high profile earnings after the close and the start of Fed’s two-day policy meeting. The S&P did manage to test a fresh intraday all-time high while volatility continues to hold a key level a resistance after also closing in the red. The Russell 2000 tested a midday low of 2,146 before ending at 2,149 (-0.6%). Current and upper support at 2,150-2,125 failed to hold. A close below the latter would signal a continued backtest towards 2,100-2,075. The S&P 500 finished at 3,849 (-0.2%) despite tagging an intraday record high of 3,870. The low reached 3,847 afterwards with near-term and upper support at 3,850-3,825 failing to hold. A move below the latter would suggest additional weakness towards 3,800-3,775. The Nasdaq settled at 13,626 (-0.1%) following the first half fade to 13,603. Current and upper support at 13,600-13,500 was challenged but held. A drop below the latter would indicate a further retest towards 13,400-13,300. The Dow closed at 30,937 (-0.1%) after tagging a low of 30,921 while trading in a 200-point range. Near-term and upper support 30,750-30,500 easily held. A move below the latter would signal additional weakness towards 30,250-30,000.
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Comcast (CMCSA) upgraded to Buy from Hold at TD SecuritiesDraftKings (DKNG) upgraded to Buy from Neutral at Goldman SachsUnder Armour (UAA) upgraded to Outperform from Market Perform at CowenBed Bath & Beyond (BBBY) downgraded to Sell from Neutral at UBSIzea (IZEA) downgraded to Sell from Neutral at LadenburgKimberly-Clark (KMB) downgraded to Hold from Buy at Argus
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Abbott (ABT), AT&T (T), Boeing (BA), Corning (GLW), Extreme Networks (EXTR), General Dynamics (GD), Hess (HES), Knight-Swift Transportation Holdings (KNX), Nasdaq (NDAQ), Oshkosh (OSK), Progressive (PGR), Southside Bancshares (SBSI), Textron (TXT), Universal Stainless & Alloy Products (USAP), VF Corp. (VFC)
After the close: Apple (AAPL), Cohen & Steers (CNS), Duke Realty (DRE), Edwards Lifesciences (EW), Facebook (FB), Hologic (HOLX), Investors Bancorp (ISBC), Las Vegas Sands (LVS), Levi Strauss (LEVI), NovaGold Resources (NG), Packaging Corporation of America (PKG), Quantum (QMCO), Raymond James Financial (RJF), Sallie Mae (SLM), Tesla (TSLA), United Rentals (URI), Whirlpool (WHR)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amDurable Goods Orders – 8:30amFOMC Minutes – 2:00pm
METALS/ OILGold closed at $1,850.90 an ounce, down $4.30Silver settled at $25.54 an ounce, up $0.06Copper finished at $3.62 a pound, down $0.01Crude Oil was at $52.80 a barrel, down $0.14Bitcoin Investment Trust (GBTC) ended at $31.49, down $1.56
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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