Bulls Rebound but Outlook Remains Cloudy

The market showed strength throughout Monday’s action following better-than-expected economic news concerning housing and manufacturing. The gains weren’t enough to cover the prior session selloff but eased concerns of a continued pullback.

The Russell 2000 tested a morning high of 1,427 while closing at 1,421 (+3.1%). Key resistance at 1,425 was breached but held with a move above this level signaling additional momentum towards 1,450.

The Dow tested a midday high of 26,156 before closing at 25,595 (+2.3%). Key resistance at 25,500 was breached and held with continued closes above this level keeping a retest towards 26,000 in focus.

The S&P 500 settled on its session high of 3,053 (+1.5%). Near-term resistance at 3,050 was recovered with continued closes above this level signaling upside towards the 3,100 area.

The Nasdaq closed at 9,874 (+1.2%) after trading to a late session high of 9,877. Fresh resistance at 9,850 was cleared and held with continued closes above this level signaling a retest towards 9,950-10,000.

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Big Lots (BIG) upgraded to Buy from Hold at Loop Capital
Mosaic (MOS) double upgraded to Buy from Underperform at BofA
Southwest (LUV) upgraded to Buy from Sell at Goldman Sachs

Allegiant Travel (ALGT) downgraded to Neutral from Buy at Goldman Sachs
Pilgrim's Pride (PPC) downgraded to Market Perform from Outperform at BMO Capital
Unilever (UN, UL) downgraded to Sell from Neutral at UBS

Before the open: Acuity Brands (AYI), Conagra Brands (CAG), Methode Electronics (MEI), RTI Surgical (RTIX), Tel-Instrument Electronics (TIKK), X Financial (XYF)

After the close: Avid Bioservices (CDMO), Exela Technologies (XELA), FedEx (FDX), Steelcase (SCS), Stein Mart (SMRT)

Redbook - 8:55am
S&P Corelogic Case-Shiller - 9:00am
Chicago PMI - 9:45am

Gold closed at $1,782.20  an ounce, up $1.90
Silver settled at $18.07 an ounce, up $0.04
Copper finished at $2.67  a pound, down $0.01
Crude Oil was at $39.62  a barrel, 
up $1.46
Bitcoin Investment Trust (GBTC) ended at $9.49down $0.21

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

   Todd Mitchell

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