Bulls Show Continued Momentum

March 15, 2021 By: Todd Mitchell

The stock market traded in a tight range on Monday before making a strong move higher in the final hour as investors await further updates from the Federal Reserve’s policy meeting this week. Additionally, Treasury Secretary Janet Yellen said the Biden administration hasn’t decided whether to pursue a wealth tax, but will likely issue proposals to address the swelling federal budget deficit.Yellen also added that U.S. inflation risks remain small and manageable but if inflation materializes, the Fed has tools to address it. Meanwhile, volatility continued to ease after falling for the fifth-straight session while testing a key level of support.The Nasdaq settled at 13,459 (+1.1%) after kissing high of 13,460 just ahead of the closing bell. Current and lower resistance at 13,350-13,500 and the 50-day moving average were recovered. A close above the latter would indicate a push towards 13,600-13,750.The S&P 500 tested a record high of 3,970 while ending at 3,968 (+0.7%). Current and lower resistance at 3,950-3,975 was cleared and held. A move above the latter would signal additional strength towards 4,000-4,025.The Dow closed at 32,953 (+0.5%) with the late day all-time high hitting 32,973. Fresh and lower resistance at 33,000-33,250 was challenged but held. A move above the latter would suggest additional momentum towards 33,500-33,750.The Russell 2000 finished on its session high of 2,360 (+0.3%) and new lifetime peak. Unchartered territory and lower resistance at 2,360-2,385 was cleared and held. A close above the latter would indicate ongoing strength towards 2,390-2,415. Below is a chart of the IWM.

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ANALYST UPGRADES/DOWNGRADES

Ericsson (ERIC) upgraded to Buy from Hold at SEB EquitiesDomo (DOMO) upgraded to Buy from Neutral at UBSMGM Resorts (MGM) upgraded to Buy from Hold at JefferiesBoston Properties (BXP) downgraded to Hold from Buy at TruistCabot Oil & Gas (COG) downgraded to Neutral from Overweight at Piper SandlerViacomCBS (VIAC) downgraded to Underperform from Market Perform at BMO Capital

TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Citi Trends (CTRN), Designer Brands (DBI), FuelCell Energy (FCEL), Jabil (JBL), New Age Beverages (NBEV), Puxin Limited (NEW), Townsquare Media (TS​Q), Village Farms International (VFF), Whole Earth Brands (FREE), Xunlei (XNET)

After the close: Advantage Solutions (ADV), BM Technologies (BMTX), CrowdStrike (CRWD), Dynagas LNG Partners (DLNG), Eastman Kodak (KODK), Fluent (FLNT), Hill International (HIL), Infinity Pharmaceuticals (INFI), Kindred Biosciences (KIN), Lennar (LEN), Mistras Group (MG), OncoCyte (OCX), Priority Technology Holdings (PRTH), Ra Medical Systems (RMED), Smartsheet (SMAR), Surgalign Holdings (SRGA), Velocity Financial (VEL)

TUESDAY’S ECONOMIC NEWSRetail Inventories – 8:30amImport and Export Prices – 8:30amRedbook – 8:55amIndustrial Production – 9:15am

METALS/ OILGold closed at $1,729.20 an ounce,  up $9.40Silver settled at $26.29 an ounce, up $0.38Copper finished at $4.14 a pound, unchangedCrude Oil was at $65.34 a barrel, down $0.27Bitcoin Investment Trust (GBTC) ended at $51.38 up $1.38

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

 Todd Mitchell

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