Bears Get Second-Straight Win


The stock market showed weakness for the second-straight session amid a resurgence in worries over the coronavirus that have caused nervousness about the global recovery outlook. Profit taking could continue over the near-term despite better-than-expected earnings as sentiment gauges remain extremely bullish, which could be a contrarian warning.

The Russell 2000 tested a first half low of 2,171 before closing at 2,188 (-2%). Current and upper support at 2,175-2,150 was breached but held. A drop below the latter would signal additional weakness towards 2,125-2,100. Below is a chart of the IWM.

The Nasdaq settled at 13,786 (-0.9%) following the intraday fade to 13,698. Prior and upper support at 13,750-13,500 was tripped but held. A move below the latter and the 50-day moving average would indicate ongoing weakness towards 13,400-13,250.

The Dow ended at 33,821 (-0.8%) with the low reaching 33,687. Near-term and upper support at 33,750-33,500 was breached but held. A close below the latter and the 50-day moving average would suggest a retest towards 33,250-33,000.

The S&P 500 traded down to 4,118 before finishing at 4,134 (-0.7%). Current and upper support at 4,125-4,100 was clipped but held. A fall below the latter would likely lead to additional weakness towards 4,075-4,050.

Mess Up ALL Your Trades & Still PROFIT
Every Week Like Clockwork!

unique income strategy allows you to profit regardless if the market goes up, down or sideways…as high as 84.2% accuracy & puts money into your account as soon as you place the trade!

These unique ‘Income Trades’ have limited risk and they typically play out in a few days.

Perfect for boosting your weekly income and building your retirement account.

Go here to learn more about Creating a Steady Stream of Profits Each Week Like Clockwork


Aegon (AEG) upgraded to Hold from Sell at Societe Generale
Coupa Software (COUP) upgraded to Overweight from Neutral at Piper Sandler
Steel Dynamics (STLD) upgraded to Buy from Neutral at BofA

Avis Budget (CAR) downgraded to Neutral from Buy at BofA
Nike (NKE) downgraded to Neutral from Buy at Citi
Ovid Therapeutics (OVID) downgraded to Neutral from Overweight at Cantor Fitzgerald

Before the open: Anthem (ANTM), Baker Hughes (BKR), Ericsson (ERIC), FirstCash (FCFS), Halliburton (HAL), Knight-Swift Transportation (KNX), Lithia Motors (LAD), Nasdaq (NDAQ), Rogers Communications (RCI), Signature Bank (SBNY), TE Connectivity (TEL), Universal Stainless & Alloy Products (USAP), Verizon Communications (VZ)

After the close: BancorpSouth (BXS), Chipotle Mexican Grill (CMG), Churchill Downs (CHDN), Discover Financial Services (DFS), Equifax (EFX), First Industrial Realty Trust (FR), Graco (GGG), Howard Bancorp (HBMD), Kinder Morgan (KMI), Lam Research (LRCX), Las Vegas Sands (LVS), Martin Midstream Partners (MMLP), Northeast Bancorp (NBN), Plexus (PLXS), Qualtrics (XM), Robert Half International (RHI), Sallie Mae (SLM), Sleep Number (SNBR), Texas Capital Bancshares (TCBI), Universal Forest Products (UFPI), Valmont Industries (VMI), Whirlpool (WHR)

​MBA Mortgage Applications - 7:00am

Gold closed at $1,778.40 an ounce,   up $7.80
Silver settled at $25.84 an ounce, unchanged
Copper finished at $4.241 a pound, down $0.03
Crude Oil was at $62.61 a barrel, down $0.82
Bitcoin Investment Trust (GBTC) ended at 47.01 down $0.94

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

 Todd Mitchell

Not sure the best way to get started?

Follow these 3 simple steps ...

Step #1: Get These FREE Reports & Videos
Options INCOME  Profits   8 Video  Series    Habits that Kill Traders...

Step #2: Enroll in an Advisory or Educational Program
Premium Advisories | Featured  Educational  Programs 

Step #3: Connect with The Community
Trading Concepts Official Facebook Page