Bears Stay Aggressive as Nasdaq Closes Below 11K

U.S. markets

The market fell for the 3rd-straight session on Tuesday following a long 3-day holiday weekend with the lower lows being an ongoing bearish signal. Technology stocks and the sector led the downdraft with the Nasdaq and the Russell 2000 closing back below their 50-day moving averages.

The Nasdaq settled at 10,847 (-4.1%) after tapping a session low of 10,837. Fresh support from mid-August at 10,800 was challenged but held with a move below this level reopening downside risk towards 10,500.

The S&P 500 kissed an afternoon low of 3,329 while finishing at 3,331 (-2.8%). Prior support at 3,350 failed to hold with continued closes below this indicating a retest towards the 3,300 level.

The Dow hit an intraday low of 27, 464 before going out at 27,500 (-2.3%). Prior support at 27,500 was tripped but held with a close below this level indicating a further pullback towards the 27,000 level.

The Russell 2000 closed at 1,504 (-2%) after sinking to a low of 1,499 shortly after the opening bell. Key support at 1,500 was breached but held with a close below this level getting 1,475 back in focus.

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Camping World (CWH) upgraded to Overweight from Neutral at JPMorgan
Disney (DIS) upgraded to Buy from Hold at Deutsche Bank
Ford (F) upgraded to In Line from Underperform at Evercore ISI

Fastenal (FAST) downgraded to Underperform from Market Perform at Raymond James
Penumbra (PEN) downgraded to Neutral from Buy at BofA
Ventas (VTR) downgraded to Hold from Buy at Argus with analyst Angus

Before the open: American Eagle Outfitters (AEO), G-III Apparel Group (GIII), HD Supply Holdings (HD​S), Lovesac (LOVE), MasterCraft Boat (MCFT), Navistar International (NAV), REV Group (REVG), SecureWorks (SCWX), Vertex (VERX), Yatra Online (YTRA)
After the close: AeroVironment (AVAV), BigCommerce Holdings (BIGC), Concrete Pumping (BBCP), Descartes Systems Group (DSGX), Evolution Petroleum (EPM), GameStop (GME), Lakeland Industries (LAKE), MEI Pharma (MEIP), Restoration Hardware (RH), SelectQuote (SLQT), Verint Systems (VRNT), Zscaler (ZS)

MBA Mortgage Applications - 7:00am
Jolts - 10:00am

Gold closed at $1,943.20 an ounce, up $8.90
Silver settled at $26.99 an ounce, up $0.28
Copper finished at $3.03 a pound, down $0.03
Crude Oil was at $36.84 a barrel, 
down $2.93
Bitcoin Investment Trust (GBTC) ended at $11.11, down  $0.90.

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

   Todd Mitchell

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