The stock market rebounded on Tuesday with the gains pushing the Nasdaq to its fourth-straight record high and the S&P 500 to a new all-time peak. Renewed talks of a stimulus package and mostly positive economic news helped sentiment as lawmakers offered a new $908 billion stimulus plan.The Nasdaq tested an afternoon and lifetime high of 12,405 while finishing at 12,355 (+1.3%). Uncharted territory and lower resistance at 12,400-12,500 was cleared but held. A move above the latter would signal continued momentum towards 12,600-12,700.The S&P 500 ended at 3,662 (+1.1%) after trading to a record peak of 3,678. Fresh and lower resistance at 3,675-3,700 was breached but held. A close above the latter would suggest additional upside towards 3,725-3,750.The Russell 2000 tapped a morning high of 1,848 before settling at 1,836 (+0.9%). Near-term and lower resistance at 1,850-1,870 was challenged but held. A close above the latter and the recent all-time high at 1,862 would indicate continued strength towards 1,880-1,900.The Dow traded to a peak of 30,083 shortly after the opening bell before finishing at 29,823 (+0.6%). Current and lower resistance 29,750-30,000 was recovered. A move above the latter and the record high at 30,116 would suggest a possible run towards 30,250-30,500.
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FedEx (FDX) upgraded to Overweight from Equal Weight at BarclaysPinterest (PINS) upgraded to Buy from Hold at ArgusSouthern Company (SO) upgraded to Overweight from Equal Weight at Wells FargoFirst Solar (FSLR) downgraded to Underweight from Equal Weight at Barclays0ccidental Petroleum (OXY) downgraded to Sell from Neutral at UBSVail Resorts (MTN) downgraded to Market Perform from Outperform at William Blair
WEDNESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: BlueCity Holdings (BLCT), Daktronics (DAKT), New Frontier Health (NFH), Patterson Companies (PDCO), Royal Bank of Canada (RY)After the close: Avid Bioservices (CDMO), CrowdStrike (CRED), Descartes Systems Group (DSGX), Five Below (FIVE), GreenTree Hospitality Group (GHG), Okta (OKTA), Semtech (SMTC), Splunk (SPLK), Zscaler (ZS)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amADP Employment Report – 8:15amISM New York Business Conditions – 9:45amFactory Orders – 10:00amBeige Book – 2:00pm
METALS/ OILGold closed at $1,818.90 an ounce, up $38.00Silver settled at $24.09 an ounce, up $1.50Copper finished at $3.48 a pound, up $0.04Crude Oil was at $44.18 a barrel, down $0.78Bitcoin Investment Trust (GBTC) ended at $23.74 up $0.55
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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