Market Mixed for the Week

The stock market traded in another tight range on Friday as ongoing coronavirus concerns and renewed state restrictions weighed on sentiment. Selling pressure picked up in the final hour of trading with the lower closes for the major indexes giving the bulls and bears a split for the week.

Overbought conditions remain in play while volatility continues to signal choppy action into month end. Despite the headwinds, the major indexes remain in tight trading ranges and could be on the verge of another breakout if current support levels hold.

The Dow tested a late day low of 29,231 before ending at 29,263 (-0.8%). Current and upper support at 29,250-29,000 was tripped but held. A move below the latter would suggest a continued backtest towards 28,750-28,500.

The S&P 500 closed at 3,557 (-0.7%) after tapping a low of 3,556 ahead of the closing bell. Near-term and upper support at 3,575-3,550 failed to hold. A drop below the latter would indicate further weakness towards 3,525-3,500.

The Nasdaq traded down to 11,760 ahead of the final bell while finishing at 11,854 (-0.4%). Near-term and upper support at 11,800-11,700 was breached but held. A close below the latter would indicate ongoing weakness towards 11,600-11,500.

The Russell 2000 spent much of the session in negative territory before making a run to 1,787 while settling at 1,785 (+0.1%). Current and lower resistance at 1,785-1,800 was reclaimed. A close above the latter and the recent all-time peak of 1,805 would indicate continued momentum towards 1,820-1,840.

For the week, the S&P 500 lost 0.8% while the Dow was off 0.7%. The Russell 2000 rallied 2.4% while the Nasdaq added 0.2%.

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Capri Holdings (CPRI) upgraded to Buy from Neutral at BTIG
GAP Airports (PAC) upgraded to Overweight from Equal Weight at Barclays
United Rentals (URI) upgraded to Buy from Neutral at BofA

BNY Mellon (BK) downgraded to Underperform from Neutral at BofA
Hologic (HOLX) downgraded to Hold from Buy at Needham
Liquidia Technologies (LQDA) downgraded to Neutral from Outperform at Wedbush


Before the open:  BioLineRx (BLRX), Daqo New Energy (DQ), Korn/Ferry International (KFY), Niu Technologies (NIU), OneSmart International (ONE), Twist Bioscience (TWST), Vertrue (VTRU), Warner Music Group (WMG)

After the close: Ambarella (AMBA), Cabot (CBT), ePlus (PLUS), ImageWare Systems (IWSY), Monmouth Real Estate Investment (MNR), Nutanix (NTNX), Urban Outfitters (URBN)

Chicago Fed National Activity Index - 8:30am

PMI Manufacturing Index - 9:45am

Gold closed at $1,872.40 an ounce,  up $10.90
Silver settled at $24.36 an ounce, up $0.31
Copper finished at $3.29 a pound, up $0.09
Crude Oil was at $42.47 a barrel, 
up $0.71
Bitcoin Investment Trust (GBTC) ended at $21.24 up $1.14

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

   Todd Mitchell

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