Bulls Take a Breather

The stock market traded in a tighter range on Tuesday before ending slightly lower as Wall Street took a breather following Monday’s record-setting rally. The blue-chips and small-caps showed the most weakness despite a strong JOLTS report with job openings climbing 268,000 to 7,370,000 in February.
 
While this underscored the increasingly good news on the economic recovery and the labor market, Wednesday’s update from the Fed minutes may have also played a role in keeping traders cautious.
 
The Russell 2000 tagged an opening high of 2,280 before going out at 2,259 (-0.3%). Near-term and lower resistance at 2,275-2,300 was breached but held for the second-straight session. A close above the latter would suggest ongoing strength towards 2,325-2,350 with the mid-March record peak at 2,360. Below is a chart of the IWM.
 
The Dow traded to an afternoon low of 33,380 before closing at 33,430 (-0.3%). Fresh and upper support at 33,500-33,250 was breached and failed to hold. A move below the the latter would signal a further fade towards 33,000-32,750.
 
The Nasdaq finished at 13,698 (-0.1%) with the morning high hitting 13,776. Current and lower resistance at 13,750-13,900 was cleared but held. A close above the latter would indicate a retest towards 14,000-14,150 with the mid-February all-time peak at 14,175.
 
The S&P 500 tagged its fourth-straight all-time high after reaching 4,086 before settling slightly down at 4,073 (-0.1%). Near-term and lower resistance at 4,100-4,125 was challenged but held. A close the latter would suggest additional breakout potential towards 4,150-4,175.

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ANALYST UPGRADES/DOWNGRADES

Hudbay Minerals (HBM) upgraded to Buy from Underperform at BofA
United Airlines (UAL) upgraded to Equal Weight from Underweight at Morgan Stanley
Wynn Resorts (WYNN) upgraded to Buy from Hold at Argus

Chevron (CVX) downgraded to Neutral from Buy at Goldman Sachs
Credit Suisse (CS) downgraded to Hold from Buy at Societe Generale
Pioneer Natural (PXD) downgraded to Neutral from Overweight at JPMorgan

WEDNESDAY'S EARNINGS ANNOUNCEMENTS 
Before the open:  Blue Hat Interactive Entertainment Technology (BHAT), Lamb Weston Holdings (LW), MSC Industrial Direct (MSM), Overseas Shipholding Group (OSG), RPM International (RPM), Schnitzer Steel Industries (SCHN), Simply Good Foods Company (SMPL)

After the close: Dolphin Entertainment (DLPN), ePlus (PLUS), Landec (LNDC), Resources Global Professionals (RGP), Richardson Electronics (RELL)

WEDNESDAY’S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
Import and Export Prices - 8:30am
FOMC Minutes -
2:00pm

METALS/ OIL
Gold closed at $1,743.60 an ounce,  up $14.80
Silver settled at $25.19 an ounce, up $0.41
Copper finished at $4.11 a pound, down $0.03
Crude Oil was at $59.40 a barrel, up $0.64
Bitcoin Investment Trust (GBTC) ended at $50.62 down $2.33

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

 Todd Mitchell

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