Bulls Push Another Round of Record Highs

March 11, 2021 By: Todd Mitchell

The stock market kept its current momentum with three of the four major averages setting fresh all-time highs. The bullish sentiment came on the heels of the president signing into law a $1.9 trillion coronavirus relief package, which includes provisions of $1,400 stimulus checks to most Americans. Also, relative stability in bond rates, a continued ramp-up in vaccinations and increasing optimism in the economic growth outlook is also helping fuel the current rally.The Nasdaq tapped a midday high of 13,433 while ending at 13,398 (+2.5%). Prior and lower resistance from the start of the month at 13,350-13,500 and the 50-day moving average were cleared and held. A close above the latter would indicate ongoing strength towards 13,600-13,750.The Russell 2000 settling on the session peak and record high at 2,338 (+2.3%). Unchartered territory and lower resistance at 2,325-2,350 was breached and held. A move above the latter would signal additional momentum towards 2,375-2,400. Below is a chart of the IWM.The S&P 500 closed at 3,939 (+1%) after tapping an intraday record high of 3,960. Fresh and lower resistance at 3,950-3,975 was cleared but held. A pop above the latter would indicate strength towards 3,975-4,000.The Dow tested a lifetime high of 32,661 before finishing at 32,485 (+0.6%). New and lower resistance at 32,500-32,750 was breached but held. A close above the latter would indicate additional momentum towards 33,000-33,250.

EARN 58% & MORE Per Trade On Average & Risk 91% LESS Doing It!

Potentially EARN 6,438% More Per Year By Defying All Of the Regular, Ordinary, Common, Boundaries & Restrictions On  Trading & Investing (like our model portfolio)…

…With Speed, Convenience, & FREEDOM!…& Risk As Little As $300 & NEVER Own    A Single Stock or ETF!

Go Here to Learn More…

ANALYST UPGRADES/DOWNGRADES

Camping World (CWH) upgraded to Outperform from Market Perform at BMO CapitalCostco (COST) upgraded to Overweight from Equal Weight at Wells FargoD.R. Horton (DHI) upgraded to Overweight from Neutral at JPMorganGeneral Electric (GE) downgraded to Perform from Outperform at OppenheimerMission Produce (AVO) downgraded to Neutral from Overweight at JPMorganRestaurant Brands (QSR) downgraded to Market Perform from Outperform at Cowen

FRIDAY’S EARNINGS ANNOUNCEMENTS Before the open:  ​Buckle (BKE), Century Casinos (CNTY), Diamond S Shipping (DSSI), Drive Shack (DS), International Seaways (INSW), Iterum Therapeutics (ITRM), Kirkland’s (KIRK), Northern Oil and Gas (NOG), Orbit International (ORBT), PLx Pharma (PLXP), Saga Communications (SGA)After the close: ​None

THURSDAY’S ECONOMIC NEWSProducer Price Index – 8:30amConsumer Sentiment – 10:00amBaker-Hughes Rig Count – 1:00pm

METALS/ OILGold closed at $1,722.60 an ounce,  up $0.80Silver settled at $26.19 an ounce, up $0.06Copper finished at $4.14 a pound, up $0.11Crude Oil was at $65.97 a barrel,  up $1.28Bitcoin Investment Trust (GBTC) ended at $52.50 up $1.88

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

 Todd Mitchell

Not sure the best way to get started?Follow these 3 simple steps …

Step #1: Get These FREE Reports & VideosOptions INCOME  Profits   8 Video  Series    Habits that Kill Traders…

Step #2: Enroll in an Advisory or Educational ProgramPremium Advisories | Featured  Educational  Programs 

Step #3: Connect with The CommunityTrading Concepts Official Facebook Page