Bears Get 2nd-Straight Weekly Win

The market showed less volatility on Friday while closing on both sides of the ledger with Tech and the small-caps tagging fresh weekly and monthly lows. The Russell 2000 joined the Nasdaq in closing below its 50-day moving average from the prior session and were the laggards.

The Dow traded to an intraday high of 27,828 while finishing at 27,665 (+0.5%). Prior resistance at 27,750 was cleared but held with a close above this level indicating strength towards the 28,000 level.

The S&P 500 reached a peak of 3,358 before closing at 3,340 (+0.1%). Key resistance at 3,350 was breached but held with continued closes above this level suggesting a retest towards the 3,400 level.

The Russell 2000 settled at 1,497 (-0.7%) after tagging an afternoon low of 1,484. Key support at 1,500 failed to hold with continued closes below this level keeping 1,475 in play. Below is a chart of the IWM.

The Nasdaq went out at 10,853 (-0.6%) following the late session backtest to 10,728. Near-term support at 10,750 was breached but held with a close below this level indicating further weakness towards the 10,250 area.

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ANALYST UPGRADES/DOWNGRADES

Adobe (ADBE) upgraded to Outperform from Market Perform at Cowen
Domino's Pizza (DPZ) upgraded to Outperform from Market Perform at Cowen
Etsy (ETSY) upgraded to Buy from Neutral at BTIG

Expedia (EXPE) downgraded to Neutral from Buy at UBS
Satsuma Pharmaceuticals (STSA) was downgraded to Market Perform from Outperform at SVB Leerink
Virtusa (VRTU) downgraded to Neutral from Outperform at Wedbush

MONDAY'S EARNINGS ANNOUNCEMENTS

Before the open: Charlotte's Web Holdings (CWBHF), Ruhnn Holdings (RUHN)

After the close: Aspen Group (ASPU), Champions Oncology (CSBR), Investcorp Credit Management BDC (ICMB), Lennar (LEN), Mitcham Industries (MIND), Vince Holding (VNCE)


MONDAY'S ECONOMIC NEWS
No major news

METALS/ OIL
Gold closed at $1,947.90  an ounce, down $16.40
Silver settled at $26.86 an ounce, down  $0.43
Copper finished at $3.04 a pound, up  $0.04
Crude Oil was at $37.39 a barrel, 
up $0.19
Bitcoin Investment Trust (GBTC) ended at $11.22, down  $0.15


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


   Todd Mitchell


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