The market was choppy throughout Friday’s session as the bulls and bears battled over fresh concerns involving China’s push of a new security law on Hong Kong and positive comments from Dr. Anthony Fauci.
Fauci suggested now is the time to start reopening the economy but in the proper way to protect people's health. The mostly higher finish closed out a bullish and very strong week with the technical outlook starting to improve and comes ahead of a shortened week as the market is closed on Monday.
The Russell 2000 settled on its session high of 1,355 (+0.6%). Key resistance at 1,350 was recovered with continued closes above this level signaling strength towards the 1,375. Below is a chart of the IWM.
The Nasdaq tested a late day peak of 9,328 while going out at 9,324 (+0.4%). Current resistance at 9,350 was challenged but held with a close above this level getting 9,450-9,500 and early February hurdles back in focus.
The S&P 500 tapped a high of 2,956 ahead of the closing bell while settling at 2,955 (+0.2%). Near-term resistance at 2,950 was cleared and held with continued closes above this level signaling strength towards 2,975-3,000 and the 200-day moving average.
The Dow finished at 24,465 (0.4%) with the intraday pullback reaching 24,294. Key support at 24,250 was approached but held with a move below this level getting 24,000 back in focus.
For the week, the Russell 2000 rallied 7.8%; the Nasdaq Composite was up 3.4%; the Dow gained 3.3%; and the S&P 500 advanced 3.2%.
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MONDAY'S EARNINGS ANNOUNCEMENTS
Before the open: AutoZone (AZO), Bank of Nova Scotia (BNS), DouYu International (DOYU), Elbit Systems (ESLT), Hibbett Sports (HIBB), Magic Software Enterprises (MGIC), Qudian (QD), StealthGas (GASS), Viomi Technology (VIOT)
After the close: CBL & Associates Properties (CBL), Fanhua (FANH), Green Organic Dutchman Holdings (TGODF), HEICO (HEI), Keysight Technologies (KEYS), Ooma (OOMA), Star Bulk Carriers (SBLK), ViaSat (VSAT)
MONDAY'S ECONOMIC NEWS
Redbook - 8:55am
ISM New York Business Conditions - 9:45am
Gold closed at $1,735.50 an ounce, up $13.60
Silver settled at $17.69 an ounce,