The Wrap 8/26/20

{+++}Technical resistance and a lack of leadership led stocks to roll over in the face of a better-than-expected weekly jobless claims report, but near-term support helped keep the averages from closing at their session lows. After the close IRF, MCRS, DLLR, BEBE, SLH, ARUN, NZ, NOVL and OVTI reported.

In corporate news, HPQ raised its PAR proposal to $27 per share in cash. After hours, PAR is trading 6.8% higher.

All ten sectors were in negative territory, led by tech (-1.1%), energy (-1.0%) and financials (-0.9%).

Tomorrow morning before the open, GDP — second estimate (Consensus 1.4%) and GDP Deflator — second estimate (Consensus 1.8%) are scheduled to be released. Tomorrow before the open look for the following companies to report: FRO and TIF.

XLF is close to snapping like a twig, if we get hit hard tomorrow I will have the search party out looking for longs because the snap back will be big.

Tomorrow is the big day as GDP will either kill  this  market or send us into a pretty dramatic short squeeze. Get your rest.

Good Luck, I will see you on the chatroom.

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