Bulls Snap Two-Session Slide

March 25, 2021 By: Todd Mitchell

The stock market shrugged off a weak first half of trading to close higher on Thursday and snap a two-session losing streak. Better-than-expected news on jobless claims provided some relief as unemployment benefits dropped to a one-year low.This was a positive sign that the U.S. economy is on the verge of stronger growth as the public health situation from the coronavirus improves. Meanwhile, volatility fell back below a major level of support after holding key resistance shortly after the opening bell.The Russell 2000 showed the most strength after tagging a late day high of 2,190 while closing at 2,183 (+2.3%). Fresh and lower resistance at 2,175-2,200 was cleared and held. A close above the latter would indicate a retest towards 2,225-2,250 and the 50-day moving average. Below is a chart of the IWM.The Dow settled at 32,619 (+0.6%) with the afternoon peak reaching 32,672. Near-term and lower resistance at 32,500-32,750 was recovered. A move above the latter would suggest further upside towards 33,000-33,250 with the current record high at 33,227.The S&P 500 tested an intraday high of 3,919 before ending at 3,909 (+0.5%). Current and lower resistance at 3,900-3,925 was breached and held. A pop above the latter would signal another run towards 3,950-3,975 with the current all-time high at 3,960.The Nasdaq finished at 12,977 (+0.1%) after tapping a second half high of 13,021. New and lower resistance at 13,000-13,150 was cleared but held. A close above the latter would indicate additional upside towards 13,250-13,400 and the 50-day moving average.

Claim $500 to $4,600 & More In Hidden Unclaimed Income Every Month Like Clockwork

  • Takes LESS Than 10 Minutes a Week
  • Averaged 32.26% Gains in Weekly Income Over the Last Year
  • Made 1,677.96% Returns in the Last 12 Months

ANALYST UPGRADES/DOWNGRADES

Cisco (CSCO) upgraded to Buy from Neutral at Goldman SachsMaxar Technologies (MAXR) upgraded to Overweight from Neutral at JPMorganVail Resorts (MTN) upgraded to Buy from Neutral at BofAAllianceBernstein (AB) downgraded to Neutral from Buy at CitieHealth (EHTH) downgraded to Neutral from Buy at Goldman SachsViacomCBS (VIAC) downgraded to Sell from Neutral at MoffettNathanson

FRIDAY’S EARNINGS ANNOUNCEMENTS Before the open: Cloopen Group Holding (RAAS), Fang Holdings (SFUN), Leju Holdings (LEJU), QuoteMedia (QMCI), RLX Technology (RLX), UP Fintech Holding (TIGR)

After the close: none

THURSDAY’S ECONOMIC NEWSConsumer Sentiment – 10:00amBaker-Hughes Rig Count – 1:00pm

METALS/ OILGold closed at $1,725.10 an ounce,  down $8.10Silver settled at $25.05 an ounce, down $0.18Copper finished at $3.98 a pound, down $0.08Crude Oil was at $58.34 a barrel, down $2.48Bitcoin Investment Trust (GBTC) ended at $44.50 down $0.50

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