The market was resilient throughout Wednesday’s session following the outcome of the Georgia senate elections and the late day chaos that played out in our nation’s capital. The capture of the second seat by the Democrats likely opened the door to a presumably sizable increase in fiscal spending as the incoming Biden administration’s agenda will likely face little opposition. The Russell 2000 surged to an intraday record high of 2,079 while settling at 2,057 (+4%). Unchartered territory and lower resistance at 2,060-2,080 was cleared but held. A close above the latter would indicate additional momentum towards 2,100-2,120. The Dow finished at 30,829 (+1.4%) after soaring to a lifetime high of 31,022. New and lower resistance at 31,000-31,250 was breached but held. A close above the latter would suggest further strength towards 31,500-31,750. The S&P 500 closed at 3,748 (+0.6%) while tagging an afternoon all-time peak of 3,783. Fresh and lower resistance at 3,775-3,800 was breached but held. A close above the latter would signal ongoing momentum towards 3,825-3,850. The Nasdaq topped out at 12,909 before ending lower at 12,740 (-0.6%). Current and lower resistance at 12,900-13,000 was tripped but held. A move above the latter and the current all-time peak at 12,973 would indicate additional strength towards 13,100-13,200.
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Cintas (CTAS) upgraded to Equal Weight from Underweight at Morgan StanleyPerformance Food Group (PFGC) upgraded to Overweight from Equal Weight at BarclaysWingstop (WING) upgraded to Overweight from Equal Weight at BarclaysBeyond Meat (BYND) downgraded to Neutral from Overweight at Piper SandlerEcopetrol (EC) downgraded to Neutral from Buy at UBSKeurig Dr Pepper (KDP) downgraded to In Line from Outperform at Evercore ISI
THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: Acuity Brands (AYI), AngioDynamics (ANGO), Bed Bath & Beyond (BBBY), Conagra Brands (CAG), Constellation Brands (STZ), Helen of Troy (HELE), Lamb Weston Holdings, Lindsay Manufacturing (LNN), Northern Technologies International (NTIC), REV Group (REVG), Schnitzer Steel Industries (SCHN), Walgreens Boots Alliance (WBA)
After the close: Accolade (ACCD), Aehr Test Systems (AEHR), Duck Creek Technologies (DCT), Franklin Covey (FC), Micron Technology (MU), PriceSmart (PSMT), WD-40 (WDFC)
THURSDAY’S ECONOMIC NEWS Jobless Claims – 8:30amImport and Export Prices – 8:30amISM Non-Manufacturing Index – 10:00am
METALS/ OILGold closed at $1,908.60 an ounce, down $45.80Silver settled at $27.04 an ounce, down $0.60Copper finished at $3.65 a pound, up $0.01Crude Oil was at $50.79 a barrel, up $0.79Bitcoin Investment Trust (GBTC) ended at $43.93 up $4.52
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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