Bears Make an Appearance

Wall Street closed lower on Thursday following ongoing news in the spike of coronavirus cases and fresh lockdowns in Chicago and tighter restrictions in other states. A continued breakdown in stimulus talks also weighed on sentiment after the Trump administration said it was leaving negotiations on a new stimulus package up to Congress.

The Russell 2000 tapped a low of 1,696 before finishing flat at 1,708 (-1.6%). Near-term and upper support at 1,700-1,685 was tripped but held. A move below the latter would indicate a further slide towards 1,675-1,660.

The Dow settled at 29,080 (-1.1%) with the afternoon low tapping 28,902. Current and upper support at 29,000-28,750 was breached but held. A drop below the latter would suggest a retest towards 28,500-28,250.

The S&P 500 tested a late session low of 3,518 before settling at 3,537 (-1%). Current and upper support at 3,525-3,500 was cracked but held. A move below the latter would signal further downside risk towards 3,475-3,450.

The Nasdaq traded down to 11,666 ahead of the closing bell while finishing at 11,709 (-0.7%). Near-term and upper support at 11,700-11,600 was breached but held. A close below the latter would indicate another retest towards 11,500-11,400.

  • Takes LESS Than 10 Minutes a Week
  • Averaged 32.26% Gains in Weekly Income Over the Last Year
  • Made 1,677.96% Returns in the Last 12 Months

ANALYST UPGRADES/DOWNGRADES

Acco Brands (ACCO) upgraded to Overweight from Sector Weight at KeyBanc
Home Depot (HD) upgraded to Buy from Accumulate at Gordon Hackett
ServiceNow (NOW) upgraded to Overweight from Equal Weight at Morgan Stanley

Air Products (APD) downgraded to Neutral from Overweight at JPMorgan
Palomar (PLMR) downgraded to Neutral from Overweight at Piper Sandle with
Triumph Bancorp (TBK) downgraded to Market Perform from Outperform at Keefe Bruyette

FRIDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Bio-Path Holdings (BPTH), DraftKings (DKNG), Fang Holdings (SFUN), Li Auto (LI), Manchester United (MANU), Spectrum Brands (SPB), Vipshop Holdings (VIPS)

After the close: Flexible Solutions International (FSI), Maiden Holdings (MHLD), Pyxis Tankers (PXS), Turquoise Hill Resources (TRQ)

FRIDAY'S ECONOMIC NEWS
Producer Price Index - 8:30am
Consumer Sentiment - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS/ OIL
Gold closed at $1,873.30 an ounce,  up $11.70
Silver settled at $24.31 an ounce, up $0.04
Copper finished at $3.14 a pound, up $0.01
Crude Oil was at $40.97 a barrel,
 down $0.53
Bitcoin Investment Trust (GBTC) ended at $18.24 up $0.72


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