Bulls Win Another Choppy Session

The market closed higher on Friday despite another choppy session and more disappointing economic news after the JOLTS report showed job openings dove -813,000 to 6,191,000 in March versus forecasts for a loss of 5.9 million.

The midday rebound was led by the small-caps and Tech stocks as the rising tide lifted all of the major indexes into a positive close. However, it wasn’t enough to avoid a weekly loss for the bulls, the 3rd in the past 4 weeks.

The Russell 2000 closed just below 1,257 (+1.6%) after trading to an intraday high of 1,259. Key resistance at the 1,250 level was cleared and held with retest potential towards 1,275 on continued strength. Below is a chart of the IWM.

The Nasdaq tested an afternoon peak of 9,018 while closing at 9,014 (+0.8%). Key resistance at 9,000 was recovered with upside strength towards 9,150-9,200 on continued momentum.

The S&P 500 traded to an afternoon high of 2,865 before going out at 2,863 (+0.3%). Prior resistance at 2,875 was challenged but held with a close above this level signaling additional strength towards 2,900-2,925

The Dow tapped a 2nd half peak of 23,730 while closing at 23,685 (+0.3%). Key resistance at 23,750 was also pushed but held with continued closes above this level signaling additional upside towards 24,000-24,250.

For the week, the Russell 2000 plummeted 5.7% and the Dow fell 2.7%. The S&P 500 sank 2.3% and the Nasdaq gave back 1.2%.

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Applied Materials (AMAT) upgraded to Buy from Neutral at B. Riley FBR
LabCorp (LH) upgraded to Buy from Neutral at Mizuho
Northrop Grumman (NOC) upgraded to Outperform from Market Perform at Cowen

Best (BEST) downgraded to Neutral from Outperform at Macquarie.
PayPal (PYPL) downgraded to Market Perform from Outperform at BMO Capital
Wayfair (W) downgraded to Sell from Neutral at Citi

Before the open: Consolidated Water (CWCO), Denbury Resources (DNR), Four Seasons Education (FEDU), Horizon Global (HZN), International Game Technology (IGT), Kamada (KMDA), Milestone Scientific (MLSS), Niu Technologies (NIU), Oasis Petroleum (OAS), P & F Industries (PFIN), Sea Limited (SE)

After the close:  Adamis Pharmaceuticals (ADMP), Bilibili (BILI), Danaos (DAC), Flotek Industries (FTK), Mistras Group (MG), Noah Holdings (NOAH), Trivago (TRVG), VERB Technology (VERB)

NAHB Housing Market Index - 10:00am

Gold closed at $1,756.30  an ounce, up $15.40
Silver settled at $17.07 an ounce, up $0.91
Copper finished at $2.33  a pound, down $0.02
Crude Oil was at $29.65 a barrel,
 up $2.12
Bitcoin Investment Trust (GBTC) ended at $11.05 down $0.75

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

   Todd Mitchell

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