Bears Return to Push Lower Lows

Federal Reserve

The market showed some strength during the first half of Thursday’s session despite slightly disappointing news concerning initial jobless claims. The action worsened after Congress failed once again on a fresh stimulus bill with the major indexes falling for the 4th time over the past 5 sessions.

The Nasdaq finished at 10,919 (-2%) following the late session pullback to 10,875. Near-term support at 10,900 was breached for the 3rd time in 4 sessions but held with a close below this level indicating further weakness towards the 10,500 area.

The S&P 500 tapped an afternoon low of 3,329 while settling at 3,339 (-1.8%). Prior support at 3,350 failed to hold with continued closes below this reopening downside risk towards the 3,300 level.

The Dow traded to an intraday low of 27, 447 before closing at 27,534 (-1.5%). Prior support at 27,500 was triggered for the 2nd time in 3 sessions but held with a close below this level indicating additional weakness towards the 27,000 level.

The Russell 2000 exited at 1,507 (-1.2%) after tagging a low of 1,507 ahead of the closing bell. Key support at 1,500 was challenged for the 4th-straight session but stood firm with a close below this level getting 1,475 back in focus.

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ANALYST UPGRADES/DOWNGRADES

Charles River (CRL) upgraded to Buy from Hold at Jefferies
Park Hotels & Resorts (PK) upgraded to Equal Weight from Underweight at Wells Fargo
Sanderson Farms (SAFM) upgraded to Buy from Neutral at Goldman Sachs

Churchill Downs (CHDN) downgraded to Hold from Buy at Jefferies
HD Supply (HDS) downgraded to Hold from Buy at Truist
Virtusa (VRTU) downgraded to Hold from Buy at Needham

FRIDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Christopher & Banks (CBKC), Kroger (KR), U.S. Global Investors (GROW)

After the close: None


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

METALS/ OIL
Gold closed at $1,964.30 an ounce, up $9.40
Silver settled at $27.29  an ounce, up $0.21
Copper finished at $3.00 a pound, down $0.05
Crude Oil was at $37.20 a barrel, 
 down $0.80
Bitcoin Investment Trust (GBTC) ended at $11.37, down $0.19


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


   Todd Mitchell


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