Nasdaq/ S&P 500 Hold 50-Day Moving Averages

The stock market opened with heavy losses to start Tuesday’s action as Wall Street awaited comments from Fed Chair Powell’s policy updates before the Senate Banking Committee. Powell reaffirmed the Fed will keep its current accommodative policy posturing for the time being, while keeping benchmark rates near zero.
 
The major indexes rebounded off the opening selloff and gained strength in the final hour of trading to settle mixed. Tech and the small-caps lagged while volatility tested a key level of resistance before closing slightly lower.
 
The S&P 500 tested a late day high of 3,895 before ending at 3,881 (+0.1%). Key resistance at 3,900 was challenged but held. A close above this level would indicate a retest towards 3,925-3,950 with the latter representing the current record high.
 
The Dow settle at 31,537 (+0.05%) with the late day and fresh all-time peak hitting 31,653. Unchartered territory and lower resistance at 31,750-32,000 was challenged but held. A move above the latter would signal ongoing momemtum towards 32,250-32,500.
 
The Nasdaq closed at 13,465 (-0.5%) following the morning plummet to 13,003. Fresh and upper support at 13,100-13,000 was breached and held along with the 50-day moving average. A close below the 13,000 level would indicate further weakness towards 12,900-12,800.
 
The Russell 2000 finished at 2,231 (-0.9%) after trading to a first half low of 2,169. Prior and upper support at 2,175-2,150 was breached but held. A drop below the latter would signal a continued backtest towards 2,125-2,100 and the 50-day moving average.

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ANALYST UPGRADES/DOWNGRADES

MGM Resorts (MGM) upgraded to Buy from Hold at Argus
Starbucks (SBUX) upgraded to Outperform from Market Perform at BMO Capital
Texas Instruments (TXN) upgraded to Outperform from Market Perform at Raymond James

Kroger (KR) downgraded to Underperform from Neutral at BofA
Host Hotels (HST) downgraded to Hold from Buy at Jefferies
Spotify (SPOT) downgraded to Neutral from Overweight at Atlantic Equities

WEDNESDAY’S EARNINGS ANNOUNCEMENTS 
Before the open:  Avista (AVA), Bausch Health Companies (BHC), Clean Harbors (CLH), Exelon (EXC), Global Net Lease (GNL), Horizon Pharma (HZNP), Installed Building Products (IBP), Koppers Holdings (KOP), Lowe's Companies (LOW), Overstock.com (OSTK), Photronics (PLAB), Repligen (RGEN), Six Flags (SIX), Tenneco (TEN), TJX Companies (TJX), U.S. Concrete (USCR), Venator Materials (VNTR), Xtant Medical Holdings (XTNT)

After the close: 3D Systems (DDD), Amedisys (AMED), Apache (APA), Bilibili (BILI), Churchill Downs (CHDN), Diversified Healthcare Trust (DHC), EPR Properties (EPR), Forterra (FRTA), Greif (GEF), Hostess Brands (TWNK), Inogen (INGN), Kraton (KRA), L Brands (LB), Marriott Vacations Worldwide (VAC), NetApp (NTAP), Nvidia (NVDA), Oasis Petroleum (OAS), PC Connection (CNXN), Public Storage (PSA), Radian Group (RDN), Sangamo Therapeutics (SGMO), Tandem Diabetes Care (TNDM), United Insurance Holdings (UIHC), ViacomCBS (VIAC), WideOpenWest (WOW), Zovio (ZVO)

WEDNESDAY’S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
New Home Sales -
10:00am

METALS/ OIL
Gold closed at $1,805.90 an ounce,  down $2.50
Silver settled at $27.69 an ounce, down $0.39
Copper finished at $4.18 a pound, up $0.04
Crude Oil was at $61.18 a barrel, down $0.51
Bitcoin Investment Trust (GBTC) ended at $45.84 down $7.66

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

 Todd Mitchell

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