Selling Pressure Accelerates Into Closing Bell

The stock market showed continued weakness on Friday despite an unexpected increase in retail sales which rebounded 0.6% last month. Energy was the weakest sector after giving back 2.8% and 7.9% for the week.
Tech and the small-caps remained in four-session funks as the major indexes closed lower for the first time in four weeks. Volatility was higher for the second-straight session after closing above a key level of resistance.
The Russell 2000 tested a late day low of 2,160 before closing at 2,163 (-1.2%). Prior and upper support from mid-May at 2,175-2,150 failed to hold. A close below the latter would suggest ongoing weakness towards 2,125-2,100. Below is a chart of the IWM.

The Dow tagged a low of 34,647 before finishing at 34,687 (-0.9%). Key support at 34,750 was breached and failed to hold. Continued closes below this level would likely lead to additional weakness towards 34,500-34,250 and the 50-day moving average.

The Nasdaq ended at 14,427 (-0.8%) with the low hitting 14,413. Upper support at 14,450-14,300 failed to hold. A close below the latter would indicate additional weakness towards 14,150-14,000 and the 50-day moving average.

The S&P 500 settled at 4,327 (-0.8%) after falling to afternoon low of 4,322. Near-term and upper support at 4,325-4,300 was triggered but held. A drop below the latter would signal a further fade towards 4,275-4,250 and the 50-day moving average.

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Cintas (CTAS) upgraded to Outperform from Neutral at Baird
Matador (MTDR) upgraded to Buy from Neutral at MKM Partners
Textron (TXT) upgraded to Conviction Buy from Buy at Goldman Sachs

FibroGen (FGEN) downgraded to Hold from Buy at Stifel
Home Bancshares (HOMB) downgraded to Market Perform from Outperform at Raymond James
Turquoise Hill (TRQ) downgraded to Neutral from Outperform at Macquarie

Before the open: AutoNation (AN), Bank of Marin Bancorp (BMRC), Cal-Maine Foods (CALM), Guaranty Bancshares (GNTY), Prologis (PLD), Tractor Supply Company (TSCO)

After the close: Crown Holdings (CCK), Equity Bancshares (EQBK), FB Financial (FBK), International Business Machines (IBM), J.B. Hunt Transport Services (JBHT), Karooooo (KARO), PPG Industries (PPG), Steel Dynamics (STLD), Wintrust Financial (WTFC), Zions Bancorporation (ZION)

NAHB Housing Market Index - 10:00am

Gold closed at $1,815.00 an ounce, up $14.00
Silver settled at $25.80 an ounce, down $0.60
Copper finished at $4.35 a pound, unchanged
Crude Oil was at $71.45 a barrel, down $0.12
Bitcoin Investment Trust (GBTC) ended at $26.20 up $0.28

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

 Todd Mitchell

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