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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Domino's Pizza (DPZ) upgraded to Outperform from Market Perform at Cowen
Etsy (ETSY) upgraded to Buy from Neutral at BTIG
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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
Gold closed at $1,947.90 an ounce,