Bears Get Rare April Win

trading volume
The stock market retreated from last week’s record highs after trading in negative territory throughout Monday’s session. Some of the nervousness was attributed to a rise in the 10-year Treasury yield which topped 1.6% and the weekend plunge in Bitcoin.
 
Specifically, Bitcoin sank as much as 15% on Sunday, and other major coins like Ether also tumbled. Additionally, a busy week for first-quarter earnings caused a slight pause in the action as investors await the next round of results from a number of major companies.
 
The Russell 2000 finished at 2,232 (-1.6%) and back below its 50-day moving average with the morning low reaching 2,219. Prior and upper support at 2,225-2,200 was breached but held. A close below the latter would likely lead to a further pullback towards 2,175-2,150. 
 
The Nasdaq hit an afternoon low of 13,842 while closing at 13,914 (1%). Near-term and upper support at 13,900-13,750 was tripped but held. A drop below the latter would signal a retest towards 13,650-13,500.
 
The S&P 500 ended at 4,163 (-0.5%) after testing a low of 4,150. Fresh and upper support at 4,150-4,125 was breached but held. A move below the latter would suggest additional weakness towards 4,100-4,075.
 
The Dow tapped an intraday low of 33,980 before settling at 34,077 (-0.4%). New and upper support at 34,000-33,750 was clipped but held. A close below the latter would indicate a further fade towards 33,500-33,250.

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ANALYST UPGRADES/DOWNGRADES

Albemarle (ALB) upgraded to Outperform from In Line at Evercore ISI
Baker Hughes (BKR) upgraded to Outperform from Market Perform at BMO Capital
Sempra Energy (SRE) upgraded to Buy from Neutral at Mizuho

Church & Dwight (CHD) downgraded to Underweight from Equal Weight at Morgan Stanley
Discover (DFS) downgraded to Market Perform from Outperform at BMO Capital
Skechers (SKX) downgraded to Neutral from Buy at Monness Crespi

TUESDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: Abbott (ABT), AutoNation (AN), Badger Meter (BMI), Comerica (CMA), Dover (DOV), Fifth Third Bancorp (FITB), GATX Corporation(GATX), Harley-Davidson (HOG), Iridium Communications (IRDM), Johnson & Johnson (JNJ), KeyCorp (KEY), Lockheed Martin (LMT), ManpowerGroup (MAN), Mercantile Bank (MBWM), Northern Trust (NTRS), Omnicom Group (OMC), Philip Morris International (PM), Procter & Gamble (PG), Sandstorm Gold (SAND), Travelers Companies (TRV), Webster Financial (WBS), Xerox (XRX)

After the close: CSX (CSX), Edwards Lifesciences (EW), Forestar Group (FOR), Hancock Whitney (HWC), Interactive Brokers Group (IBKR), Intuitive Surgical (ISRG), MamaMancini's Holdings (MMMB), Netflix (NFLX), Preferred Bank (PFBC), Silvergate Capital (SI), Stride (LRN), Tenet Healthcare (THC), United Community Banks (UCBI), W.R. Berkley (WRB)

TUESDAY’S ECONOMIC NEWS
​​Redbook - 8:55am

METALS/ OIL
Gold closed at $1,770.60 an ounce,  down $9.60
Silver settled at $25.84 an ounce, down $0.26
Copper finished at $4.24 a pound, up $0.07
Crude Oil was at $63.43 a barrel, up $0.36
Bitcoin Investment Trust (GBTC) ended at 47.95 down $3.42

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

 Todd Mitchell

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