Stocks Close Lower, But Near Their Highs Of The Day

Plus 5 New Strong Buys for Today [Kevin Matras] Profit from the Pros By Kevin Matras Executive Vice President [Zacks Investment Research] Stocks Close Lower, But Near Their Highs Of The Day Image: Bigstock Interesting day in the markets with the major indexes finishing in the red, but in disparate fashion. They all closed nicely off their lows, but the Dow was down by -1.84%, while the S&P was down by just -1.16%, and the Nasdaq almost closed in the green giving up only -0.13%. The small-cap Russell 2000 index, which had outperformed the others all last week, got hit the hardest with a -3.35% decline. There was a bit of relief over the weekend when it was made clear that the U.S. would not immediately ban downloads of the TikTok app after the President gave his 'blessing' to the Oracle/Walmart/TikTok deal. Moreover, an injunction against the Commerce Department's plans to ban downloads of the WeChat app and block financial transactions on the platform took that issue off the table as well -- at least temporarily. But it was not enough to overcome the disappointment in realizing that there's unlikely to be a 5th coronavirus relief/stimulus bill before the election. And as the election rhetoric heats up, the fate of the upcoming vote on the continuing resolution was suddenly called into doubt. The government runs out of money on October 1st. Without a continuing resolution which would fund it thru December 11th, the government would shut down. Everyone hopes that's avoidable, but it's nonetheless a real fear. In the meantime, the economy is actually looking stronger and stronger. But the headwinds mentioned above, along with continuing worries over the coronavirus, are the yin to the market's yang. With the indexes now all trading below the 50-day moving average, but still above the 200-day moving average -- that will likely be the upper and lower bands of the trading range for a while. Of course, once we can definitely close back above the 50-day, that will improve the technical outlook. For the S&P, the 50-day is 1.95% above the market, while the 200-day is 5.39% below the market. So keep your eyes on those levels. But also keep your eyes on the outperformers. Even with the market's pullback yesterday, there were over 80 Zacks Rank Strong Buy and Buy stocks that were up more than 1% yesterday, and 12 that were up over 5%. There's always money to be made in the market if you know where to look. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [5 Tech Stocks to Buy Immediately]( Eric Fry has identified five stocks that are growing fast... and gaining momentum. These hot tech companies will be booming for a long time. Don't miss out. 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