Market Rebounds but Tech Lags

The stock market closed mostly higher on Monday and the first official trading day for May despite mixed economic news as first-quarter earnings remain broadly supportive. Specifically, news that 87% of the S&P 500 companies that had reported through last Friday have topped analysts’ expectations helped bullish sentiment.

The Dow traded to a midday high of 34,221 while ending at 34,113 (+0.7%). Lower resistance at 34,000-34,250 was recovered. A move above the latter and the mid-April all-time peak at 34,256 would signal ongoing strength towards 34,500-34,750.

The Russell 2000 settled at 2,277 (+0.5%) with the afternoon high tapping 2,288. Prior and lower resistance at 2,275-2,300 was cleared and held. A close above the latter would suggest additional upside towards 2,325-2,350 with the all-time top from mid-March at 2,360.

The S&P 500 closed at 4,192 (+0.3%) after reaching a morning peak of 4,209. Current and lower resistance at 4,200-4,225 was breached but held. A pop above the latter and last Thursday’s all-time high of 4,218 would indicate momentum towards 4,250-4,275.

The Nasdaq tested an intraday low of 13,881 while finishing at 13,895 (-0.5%). Near-term and upper support at 13,900-13,750 failed to hold. A drop below the latter would likely lead to a retest towards 13,650-13,500.

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Carvana (CVNA) upgraded to Buy from Neutral at BofA
DraftKings (DKNG) upgraded to Outperform from Market Perform at Cowen
First Solar (FSLR) upgraded to Buy from Neutral at BofA

Clorox (CLX) double downgraded to Underweight from Overweight at Wells Fargo
Graphic Packaging (GPK) downgraded to Equal Weight from Overweight at Morgan Stanley
Weyerhaeuser (WY) downgraded to Equal Weight from Overweight at Stephens

Before the open: Arcbest (ARCB), Bunge (BG), Camping World (CWH), CVS Health (CVS), Dominion Energy (D), Eaton (ETN), Ferrari (RACE), Global Payments (GPN), Henry Schein (HSIC), IPG Photonics (IPGP), LouisianaPacific (LPX), Malibu Boats (MBUU), NuStar Energy (NS), Pfizer (PFE), Sealed Air (SEE), Tennant (TNC), Under Armour (UA), Vishay Intertechnology (VSH), Warner Music Group (WMG), Xylem (XYL), Zebra Technologies (ZBRA)

After the close: Akamai Technologies (AKAM), Big 5 Sporting Goods (BGFV), Corteva (CTVA), Denny’s (DENN), Exact Sciences (EXAS), GreenSky (GSKY), Hyatt Hotels (H), Inogen (INGN), Jazz Pharmaceuticals (JAZZ), Kadant (KAI), Lyft (LYFT), Match Group (MTCH), Outfront Media (OUT), Pixelworks (PXLW), Red Rock Resorts (RRR), Smart Sand (SND), T-Mobile (TMUS), Viavi Solutions (VIAV), Western Union (WU), Xilinx (XLNX), Zillow (Z)

Redbook - 8:55am
Import and Export Prices - 8:30am
New York Empire State Manufacturing Survey - 8:30am
Factory Orders - 10:00am

Gold closed at $1,791.80 an ounce,   up $24.10
Silver settled at $26.96 an ounce, up $1.09
Copper finished at $4.53 a pound, up $0.06
Crude Oil was at $64.43 a barrel, up $0.94
Bitcoin Investment Trust (GBTC) ended at $47.23 up $0.38

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

 Todd Mitchell

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