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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TUESDAY'S EARNINGS ANNOUNCEMENTS
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)
TUESDAY'S ECONOMIC NEWS
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,