Bears Stay Aggressive

major indexes

U.S. markets trended lower for a 2nd-straight session as Wall Street awaits Wednesday’s FOMC minutes and Friday’s official start to the 1Q earnings season. The major indexes held near-term support levels holding but closed at sessions low with volatility closing above a key level of support.

The Russell 2000 sank 1.3% following the pullback to 1,558. Lower support at 1,575-1,560 and the 200-day moving average failed to hold to open up risk towards 1,550-1,535 and the 50-day moving average.

The Dow fell 0.7% after trading down to 26,103 ahead of the closing bell. Lower support at 26,250-26,000 held with a move below this level opening up risk towards 25,750 and the 50-day moving average.

The S&P 500 closed lower for the 1st time in 9 sessions after giving back 0.6% while tapping a morning low 2,873. Current and upper support at 2,875-2,850 held with backup held at 2,825-2,800 and the 50-day moving average.

The Nasdaq also dropped 0.6% following the late day test to 7,897. Upper support at 7,900-7,850 but held with a move below 7,800 being a bearish signal.

Communication Services and Utilities gained 0.3% and 0.2%, respectively, and were the only sectors that showed strength.

Industrials and Energy were the main sector laggards after sinking 1.4% and 1.2%.

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Disney (DIS) upgraded to Outperform from Market Perform at Cowen
Geron (GERN) upgraded to Buy from Hold at Needham
Public Storage (PSA) upgraded to Hold from Underperform at Jefferies

Ball (BLL) downgraded to Market Perform from Outperform at BMO Capital
Charter (CHTR) downgraded to Neutral on valuation at Macquarie
U.S. Steel (X) downgraded to Underperform from Neutral at Credit Suisse

Before the open (EST):
Delta Air Lines (DAL), MSC Industrial Direct (MSM)

After the close(EST):
​Bed Bath & Beyond (BBBY), Conversion Labs (CVLB), SeaChange International (SEAC), Vince Holding (VNCE)

Thursday’s economic reports (EST): 
MBA Mortgage Applications - 7:00am
CPI - 8:30am
Atlantic Fed Business Inflation Expectations - 10:00am
FOMC Minutes - 2:00pm
Treasury Budget - 2:00pm

Gold closed at $1,308.30 an ounce, up $6.40
Silver settled at $15.21 an ounce, unchanged
Copper finished at $2.93 a pound, up $0.04
Crude Oil was at $64.22 a barrel, Down $0.23
Bitcoin Investment Trust (GBTC) ended at $6.64  Down $0.19

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

   Todd Mitchell

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