The stock market was mostly lower on Friday as renewed concerns over nationwide covid-19 lockdowns in Europe stoked fears about new restrictions around the globe. Options expiration day also weighed on sentiment but not the Tech sector as it traded to a record all-time high.
The Nasdaq reached a record peak of 16,121 (0.4%) before finishing at 16,057. Unchartered territory and lower resistance at 16,100-16,250 was breached but held. A close above the latter would indicate additional momentum towards 16,350-16,500.
The Russell 2000 tested a late day low of 2,341 while ending at 2,343 (-0.9%). New and upper support 2,350-2,325 failed to hold. A drop below the latter would suggest an ongoing slide towards 2,300-2,275 and the 50-day moving average. Below is a chart of the IWM.
The Dow closed at 35,601 (-0.8%) after testing a low of 35,555. Prior and upper supper from late October at 35,750-35,500 was tripped and failed to hold. A move below the latter would signal a further fade towards 35,250-35,000.
The S&P 500 bottomed at 4,694 before ending at 4,697 (-0.1%). Current and upper support at 4,700-4,675 failed to hold. A close below the latter would likely lead to a retest towards 4,650-4,625.
Trade your Way to a Fortune with Biotech and Marijuana Stocks!
Let me show you my Step-by step BLUEPRINT that returned 5,500 % over 2 years!
Datadog (DDOG) upgraded to Outperform from Sector Perform at RBC Capital
Southwest (LUV) upgraded to Outperform from Peer Perform at Wolfe Research
Walmart (WMT) upgraded to Buy from Neutral at MKM Partners
Arista Networks (ANET) downgraded to Equal Weight from Overweight at Morgan Stanley
Vipshop (VIPS) downgraded to Hold from Buy at Benchmark
Zendesk (ZEN) downgraded to Market Perform from Outperform at Cowen
MONDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Avaya Holdings (AVYA), Cerence (CRNC), Kamada (KMDA), Niu Technologies (NIU), Paragon 28 (FNA), Spire (SR), Twist Bioscience (TWST), Zhihu (ZH)
After the close: Agilent Technologies (A), Cango (CANG), Elys Game Technology (ELYS), Genasys (GNSS), Ibex (IBEX), Keysight Technologies (KEYS), Tuya (TUYA), Urban Outfitters (URBN), Zoom Video Communications (ZM)
MONDAY'S ECONOMIC NEWS
Chicago Fed National Activity Index - 8:30am
Existing Home Sales - 10:00am
Gold closed at $1,851.60 an ounce, down $9.80
Silver settled at $24.78 an ounce, down $0.12
Copper finished at $4.41 a pound, up $0.11
Crude Oil was at $76.11 a barrel, up $2.67
Bitcoin Investment Trust (GBTC) ended at $47.14, up $0.66
Not sure the best way to get started?
Follow these 3 simple steps ...
Step #1: Get These FREE Reports & Videos
Options INCOME Profits | 8 Video Series | 7 Habits that Kill Traders...
Step #3: Connect with The Community
Trading Concepts Official Facebook Page