Bears Return to Push Prior Trading Ranges

The market settled in a sea of red on Thursday following disappointing economic news and the continued fallout over negotiations on another  stimulus package. The losses held near-term and key support levels with the bulls needing a bounce back on Friday to avoid their 3rd-straight weekly loss.

The Dow had its 4-session winning streak snapped after testing a morning low of 27,647 while closing at 27,901 (-0.5%). Near-term and upper support at 27,750-27,500 was tripped but held. A close below the latter would suggest additional weakness towards 27,250-27,000.

The Russell 2000 tested an opening low of 1,526 before going out at 1,542 (-0.6%). Prior and upper support at 1,540-1,525 was breached but held. A move below the latter would indicate further weakness towards 1,515-1,500.

The S&P 500 settled at 3,357 (-0.8%) following the intraday back-test to 3,328. Prior and upper support at 3,350-3,325 was breached but held. A close below the latter and the 50-day moving average would signal further downside risk towards the 3,300-3,275 area.

The Nasdaq ended at 10,910 (-1.3%) after plunging to a midday low of 10,793 and closing back below the 50-day moving average. Prior and upper support at 10,800-10,700 was breached but held. A move below the latter would suggest further downside risk towards 10,600-10,500 and levels from late July.

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Bausch Health (BHC) upgraded to Neutral from Underperform at BofA
Lennar (LEN) upgraded to Positive from Neutral at Susquehanna
Stitch Fix (SFIX) upgraded to Buy from Hold at Needham

CF Industries (CF) downgraded to Hold from Buy at HSBC
General Dynamics (GD) double downgraded to Sell from Buy at Goldman Sachs
Novocure (NVCR) downgraded to Hold from Buy at Truist

Before the open: None
After the close: None

Current Account - 8:30am
Consumer Sentiment - 10:00am
Leading Indicators - 10:00am
Baker-Hughes Rig Count - 1:00pm

Gold closed at $1,949.90  an ounce, down $20.60
Silver settled at $27.10 an ounce, down $0.38
Copper finished at $3.07 a pound, up $0.01
Crude Oil was at $41.04 a barrel, 
up $0.75
Bitcoin Investment Trust (GBTC) ended at $11.93, down  $0.13

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

   Todd Mitchell

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