Blue-Chips Test Fresh All-Time High

April 14, 2021 By: Todd Mitchell

The stock market closed mixed on Wednesday despite exceptional earnings from the Financial sector. Technology stocks weighed down the broader market while the small-caps showed the most strength.

Fed speak was also back in focus although Chairman Powell provided little in the way of news for bond-market traders. The 10-year Treasury yield held its slight early gains after going out at 1.64% while volatility edged higher despite falling near the 15 level shortly after the opening bell.

The Russell 2000 tapped a morning high of 2,272 while ending at 2,247 (+0.8%) and back above its 50-day moving average Current and lower resistance at 2,250-2,275 was cleared but failed to hold. A move above the latter would indicate additional upside towards 2,300-2,325. 

The Dow closed at 33,730 (+0.2%) with the intraday record high tagging 33,911. Unchartered territory and lower resistance at 33,750-34,000 was breached but held. A close above the latter would signal ongoing momentum towards 34,250-34,500.

The S&P 500 finished lower at 4,124 (-0.4%) despite trading to an all-time peak of 4,151. Key resistance at 4,150 tripped but held for the second-straight session. A close above this level would suggest ongoing strength towards 4,175-4,200.

The Nasdaq traded to an opening high of 14,033 before settling in negative territory at 13,857 (-1%). Near-term and lower resistance at 14,000-14,150 was breached but held for the second-straight day. A close above the latter and the record peak at 14,175 would indicate strength towards 14,200-14,350.

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ANALYST UPGRADES/DOWNGRADES

​​Apollo Global (APO) upgraded to Outperform from Perform at OppenheimerExxon Mobil (XOM) upgraded to Market Perform from Underperform at Raymond JamesLowe’s (LOW) upgraded to Overweight from Neutral at Atlantic EquitiesPetrobras (PBR) downgraded to Neutral from Buy at Goldman SachsT. Rowe Price (TROW) downgraded to Sell from Neutral at CitiSynchrony (SYF) downgraded to Perform from Outperform at Oppenheimer

THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: Affimed (AFMD), Bank of America (BAC), BlackRock (BLK), Citigroup (C), Delta Air Lines (DAL), Home BancShares (HOMB), PepsiCo (PEP), Rite Aid (RAD), Taiwan Semiconductor Manufacturing (TSM), Truist Financial (TFC), U.S. Bancorp (USB), UnitedHealth Group (UNH), Westamerica Ban (WABC)

After the close: Alcoa (AA), J.B. Hunt Transport Services (JBHT), Kaspien Holdings (KSPN), Lakeland Industries (LAKE), Marten Transport (MRTN), PPG Industries (PPG), Wipro Limited (WIT)

THURSDAY’S ECONOMIC NEWS​​Jobless Claims – 8:30amRetail Inventories – 8:30amPhiladelphia Fed Business Outlook Survey – 8:30amIndustrial Production – 9:15amBusiness Inventories –10:00am

METALS/ OILGold closed at $1,736.30 an ounce,  down $11.30Silver settled at $25.52 an ounce, up $0.09Copper finished at $4.13 a pound, up $0.10Crude Oil was at $62.75 a barrel, up $2.36Bitcoin Investment Trust (GBTC) ended at $51.50 down $3.43

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

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