The stock market started Tuesday’s session in the red before showing strength later in the session while settling mixed. All of the major indexes set fresh record highs with Tech and the small-caps showing continued momentum while the broader market lagged. The Russell 2000 tested an intraday record high of 2,309 before closing at 2,299 (+0.4%). Unchartered territory and lower resistance at 2,300-2,320 was cleared but held. A move above the latter would indicate additional upside towards 2,330-2,350. The Nasdaq traded to an all-time morning peak of 14,044 while finishing at 14,007 (+0.1%). Key resistance at 14,000 was breached and held. Continued closes above this level would suggest ongoing momentum towards 14,100-14,250. The Dow settled slightly lower at 31,375 (-0.03%) after reaching a lifetime high of 31,439. Fresh and lower resistance at 31,500-31,750 was challenged but held. A close above the latter would signal upside towards the 32,000 area. The S&P 500 tagged a record high of 3,918 before ending slightly in the red at 3,902 (-0.1%). Key resistance at 3,925 was challenged but held. A close above this level would indicate additional strength towards 3,950-3,975.
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Chipotle (CMG) upgraded to Buy from Neutral at NorthcoastFord (F) upgraded to Buy from Hold at ArgusTwilio (TWLO) upgraded to Overweight from Neutral at JPMorganCubic (CUB) downgraded to Hold from Buy at NeedhamEsperion (ESPR) downgraded to Sell from Neutral at Goldman SachsKB Home (KBH) downgraded to Neutral from Buy at Seaport Global
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Advanced Energy Industries (AEIS), Bunge (BG), Chefs’ Warehouse (CHEF), CME Group (CME), Coca-Cola (KO), Diebold (DBD), General Motors (GM), Healthcare Services Group (HCSG), Kamada (KMDA), MasterCraft Boat Holdings (MCFT), Penske Automotive Group (PAG), Radware (RDWR), Teva Pharmaceutical Industries (TEVA), Toyota Motor (TM), Under Armour (UA), Veru (VERU)
After the close: Acadia Realty Trust (AKR), Brighthouse Financial (BHF), Callaway Golf (ELY), Equifax (EFX), Healthcare Realty Trust (HR), Ingevity (NGVT), iRobot (IRBT), Kinross Gold (KGC), Lumen Technologies (LUMN), MGM Resorts International (MGM), O’Reilly Automotive (ORLY), Paramount Group (PGRE), Qualys (QLYS), RealNetworks (RNWK), Sonos (SONO), Trimble (TRMB), Uber Technologies (UBER), Vanda Pharmaceuticals (VNDA), Watts Water Technologies (WTS), Western Union (WU), XPO Logistics (XPO), Zillow Group (ZG), Zynga (ZNGA)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amConsumer Price Index – 8:30amWholesale Trade – 10:00am
METALS/ OILGold closed at $1,837.50 an ounce, up $3.30Silver settled at $27.40 an ounce, down $0.18Copper finished at $3.72 a pound, up $0.05Crude Oil was at $58.40 a barrel, up $0.30Bitcoin Investment Trust (GBTC) ended at $47.90 up $2.21
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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