Market Pulls Back on Final Trading Day for April

The stock market struggled on Friday and the last trading day of April as profit taking going into the weekend and month end weighed on sentiment. However, the four major indexes posted strong gains for the month with the S&P 500 leading the way after jumping 5.2% while the Nasdaq rose 5%.
The Dow was up 2.5% and the Russell 2000 added 2.1% in April. Despite the good news, one concern remains volatility which edged higher for the second-straight session but held a key level of resistance.
The Russell 2000 was the weakest link after testing a low of 2,259 while closing at 2,266 (-1.3%). Prior and upper support at 2,275-2,250 was breached and failed to hold. A close below the latter and the 50-day moving average would indicate additional weakness towards 2,225-2,200. Below is a chart of the IWM.

The Nasdaq tapped an intraday low of 13,941 while ending at 13,962 (-0.9%). Near-term and upper support at 14,000-13,850 failed to hold. A move below the latter would likely lead to a retest towards 13,750-13,600.

The S&P 500 settled at 4,181 (-0.7%) after trading an afternoon low of 4,174. Near-term and upper support at 4,175-4,150 was tripped and failed to hold. A drop below the latter would signal a further fade towards 4,125-4,100.

The Dow finished at 33,874 (-0.5%) with the first half low reaching 33,784. Current and upper support at 34,000-33,750 was breached and failed to hold. A close below the latter would suggest weakness towards 33,250-33,000.

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Comcast (CMCSA) upgraded to Outperform from Perform at Oppenheimer
Discovery (DISCA) upgraded to Neutral from Underperform at Macquarie
Under Armour (UA) upgraded to Buy from Hold at Williams Trading

Bristol-Myers (BMY) downgraded to Equal Weight from Overweight at Morgan Stanley
Carrier Global (CARR) downgraded to Neutral from Overweight at Atlantic Equities
STMicroelectronics (STM) downgraded to Hold from Buy at Liberum

Before the open:​ Affiliated Managers Group (AMG), Berkshire Hathaway (BRK.B), Ceragon Networks (CRNT), DSP Group (DSPG), Estee Lauder Companies (EL), GlycoMimetics (GLYC), Itron (ITRI), Karyopharm Therapeutics (KPTI), LoanDepot (LDI), ON Semiconductor (ON), PetMed Express (PETS), Sterling Bancorp (SBT), WEC Energy Group (WEC)

After the close: American Water Works (AWK), Bonanza Creek Energy (BCEI), Chegg (CHGG), Diamondback Energy (FANG), Elevate Credit (ELVT), Freshpet (FRPT), Harmonic (HLIT), iRobot (IRBT), Jack Henry & Associates (JKHY), Kforce (KRFC), Livent (LTHM), Mosaic (MOS), Northwest Pipe (NWPX), Otter Tail (OTTR), Rambus (RMBS), SolarEdge Technologies (SEDG), Transocean (RIG), Vornado Realty Trust (VNO), Williams Companies (WMB), XPO Logistics (XPO), ZoomInfo Technologies (ZI)

PMI Manufacturing Index - 9:45am
ISM Manufacturing Index - 10:00am
Construction Spending -

Gold closed at $1,767.70 an ounce,   down $0.60
Silver settled at $25.87 an ounce, down $0.21
Copper finished at $4.47 a pound, down $0.02
Crude Oil was at $63.49 a barrel, down $1.38
Bitcoin Investment Trust (GBTC) ended at $46.85 up $3.85

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

 Todd Mitchell

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