The market closed mostly higher on Monday with fresh record highs after President Trump signed the $2.3 trillion spending bill that will fund the government through September, and which also includes the $900 billion coronavirus pandemic relief package.
The S&P 500 traded to a late day record peak of 3,740 before ending at 3,735 (+0.9%). Fresh and lower resistance at 3,725-3,750 was cleared and held. A close above the latter would indicate additional momentum towards 3,775-3,800.
The Nasdaq kissed a lifetime high of 12,930 before finishing at 12,902 (+0.8%). Uncharted territory and lower resistance at 12,900-13,000 was cleared but held. A move above the latter would suggest additional strength towards 13,100-13,200.
The Dow closed at 30,403 (+0.7%) while trading to an all-time high of 30,525. New and lower resistance at 30,500-30,750 was breached but held. A close above the latter would signal further upside towards 31,000-31,250.
The Russell 2000 tapped a record high of 2,026 before closing slightly lower at 1,996 (-0.4%). Fresh and lower resistance at 2,020-2,040 was breached but held. A close above the latter would indicate continued strength towards 2,050-2,070.
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Kinnate Biopharma (KNTE) initiated with a Buy at Goldman SachsRMR Group (RMR) initiated with a Buy at BTIGShawcor (SAWLF) upgraded to Speculative Buy from Hold at Industrial Alliance
CNS Pharmaceuticals (CNSP) downgraded to Neutral from Buy at LadenburgOcular Therapeutix (OCUL) downgraded to Neutral from Buy at H.C. Wainwright
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: NoneAfter the close: China Finance Online (JRJC)
TUESDAY’S ECONOMIC NEWS (EST)Redbook – 8:55am
S&P Corelogic Case-Shiller – 9:00am
METALS/ OILGold closed at $1,880.40 an ounce, down $2.80Silver settled at $26.54 an ounce, up $0.63Copper finished at $3.57 a pound, up $0.01Crude Oil was at $47.95 a barrel, down $0.28Bitcoin Investment Trust (GBTC) ended at $30.45, up $3.10
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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