Major Indexes Near-Top of Trading Ranges

The market settled higher despite the  protests, riots and looting that continued for the 7th-straight day here in the United States. Despite the economic damage and the possible rise in coronavirus cases, the major indexes continue to push the tops of last week’s trading ranges.

The Russell 2000 traded to an afternoon high of 1,419 while closing at 1,405 (+0.8%). Fresh resistance at 1,425 was challenged but held with continued closes above this level signaling a retest towards the 1,450 level.

The Nasdaq made an intraday run to 9,571 while closing at 9,552 (+0.7%). Current resistance at 9,550 was recovered with continued closes above this level keeping a retest 9,750 in focus.

The Dow settled at 25,475 (+0.4%) after testing an intraday peak of 25,508. Key resistance at 25,500 was breached but held with a close back above this level signaling strength towards the 26,000 area.

The S&P 500 tapped a session high of 3,062 before resting at 3,055 (+0.4%). Prior resistance at 3,050 was recovered with continued closes above this level keeping 3,075-3,100 in the picture.

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ANALYST UPGRADES/DOWNGRADES

Gap (GPS) upgraded to Neutral from Underweight at JPMorgan
Hostess Brands (TWNK) upgraded to Buy from Hold at SunTrust
Woodward (WWD) upgraded to Overweight from Equal Weight at Barclays

Abbott (ABT) downgraded to Sell from Neutral at Goldman Sachs
Canopy Growth (CGC) downgraded to Sell from Buy at Stifel
Vail Resorts (MTN) downgraded to Hold from Buy at Deutsche Bank

TUESDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Build-A-Bear Workshop (BBW), Cracker Barrel Old Country Store (CBRL), DICK'S Sporting Goods (DKS), Donaldson Company (DCI), Eltek (ELTK), Lands' End (LE)

After the close: Ambarella (AMBA), CrowdStrike (CRWD), Digital Turbine (APPS), Everi Holdings (EVRI), HealthEquity (HQY), Medallia (MDLA), Zoom Video Communications (ZM)

TUESDAY'S ECONOMIC NEWS
Redbook - 8:55am
ISM New York Business Conditions - 9:45am

METALS/ OIL
Gold closed at $1,715.30  an ounce, down $1.40
Silver settled at $18.83 an ounce, up $0.33
Copper finished at $2.47  a pound,  up $0.04
Crude Oil was at $35.56 a barrel, 
up $0.24
Bitcoin Investment Trust (GBTC) ended at $11.28 up $0.39


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


   Todd Mitchell


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