The stock market traded on both sides of the ledger before closing higher on Tuesday and ahead of a congressional vote on a resolution that calls for Vice President Pence to invoke the 25th amendment and removing President Trump from office. The vaccine continues to be rolled out in the U.S. amid ongoing and rising coronavirus cases but the pace in some cities has been slower than anticipated and continues to weigh on sentiment. The Russell 2000 tapped an afternoon all-time high of 2,128 before closing at 2,127 (+1.8%). Unchartered territory and lower resistance at 2,120-2,140 was cleared and held. A close above the latter would indicate additional upside towards 2,160-2,180. The Nasdaq tested a late day peak of 13,105 while finishing at 13,073 (+0.3%). Current and lower resistance at 13,100-13,225 was breached but held. A move above the latter and the lifetime high at 13,208 would suggest additional strength towards 13,250-13,375. The Dow settled at 31,068 (+0.2%) while trading to a record high of 31,114. Near-term and lower resistance at 31,100-31,300 was cleared but held. A close above the latter and the recent peak at 31,193 would suggest further upside towards 31,500-31,700. The S&P 500 traded to an intraday high of 3,810 before ending at 3,801 (+0.04%). Near-term and lower resistance at 3,800-3,825 was recovered. A close above the latter and the recent all-time high of 3,826 would signal additional momentum towards 3,850-3,875.
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Aflac (AFL) upgraded to Overweight from Equal Weight at Morgan StanleyPrecision Drilling (PDS) double upgraded to Strong Buy from Market Perform at Raymond JamesXenia Hotels (XHR) upgraded to Outperform on leisure exposure at Raymond James
Commercial Metals (CMC) downgraded to Underperform from Neutral at BofAKinder Morgan (KMI) downgraded to Equal Weight from Overweight at BarclaysLumber Liquidators (LL) downgraded to Hold from Buy at Loop Capital
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: IHS Markit (INFO), Infosys Technologies (INFY), Opsens (OPSSF), Shaw Communications (SJR), Wipro (WIT)
After the close: Volt Information Sciences (VOLT), Washington Federal (WAFD)
WEDNESDAY’S ECONOMIC NEWSNFIB Small Business Optimism Index – 6:00amMBA Mortgage Applications – 7:00amConsumer Price Index – 8:30am
METALS/ OILGold closed at $1,8544.20 an ounce, down $6.60Silver settled at $25.43 an ounce, up $0.15Copper finished at $3.61 a pound, up $0.05Crude Oil was at $53.50 a barrel, up $1.38Bitcoin Investment Trust (GBTC) ended at $38.92 up $1.52
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Todd Mitchell
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