Dow Clears Key Resistance

July 1, 2021 By: Todd Mitchell

The stock market rebounded on Wednesday with the small-caps leading the charge higher and the blue-chips struggling. Some of the strength came after a few Federal Reserve officials helped ease worries about higher inflation.A dip in bond yields continues to be positive for Technology as the 10-year Treasury note is pushing two-week lows. Key resistance levels remain in play with Wall Street eyeballing the personal consumption report due out on Friday.The Russell 2000 traded to an afternoon peak of 2,250 while settling at 2,249 (+2%). Prior and lower resistance at 2,225-2,250 was cleared and held along with the 50-day moving average. A move above the latter would signal additional upside towards 2,275-2,300. The Nasdaq closed at 13,738 (+0.6%) after tapping a midday high of 13,750. Prior and lower resistance at 13,700-13,850 was recovered. A pop above the latter would signal momentum towards 14,000-14,150 with the late April all-time peak at 14,211.The S&P 500 made an afternoon run to 4,202 before finishing just below 4,196 (+0.2%). Key resistance at 4,200 was cleared but held for the third-straight session. Continued closes above this level would be a more bullish development with upside strength towards 4,225-4,250 and the all-time high at 4,238.The Dow added 10 points to end at 34,323 (+0.03%) after testing a morning high of 34,409. Key resistance at 34,500 was challenged but held. A close above this level would suggest a retest towards 34,750-35,000 with the all-time high from earlier this month at 35,091.

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ANALYST UPGRADES/DOWNGRADES

Johnson Controls (JCI) upgraded to Overweight from Equal Weight at BarclaysSteris (STE) upgraded to Buy from Hold at NeedhamUrban Outfitters (URBN) upgraded to Neutral from Underweight at JPMorganAMC Entertainment (AMC) downgraded to Neutral from Buy at B. RileyCrown Holdings (CCK) downgraded to Market Perform from Outperform at BMO CapitalIllinois Tool Works (ITW) downgraded to Underweight from Equal Weight at Barclays

THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: Autohome (ATHM), Best Buy (BBY), Burlington Stores (BURL), Canadian Imperial Bank of Commerce (CM), Dollar General (DG), Dollar Tree Stores (DLTR), Genesco (GCO), Hamilton Lane (HLNE), Medtronic (MDT), Movado Group (MOV), RedHill Biopharma (RDHL), Royal Bank of Canada (RY), Sanderson Farms (SAFM), TD Bank Group (TD), Titan Machinery (TITN), Viomi Technology (VIOT))After the close: ​Autodesk (ADSK), Box (BOX), Costco Wholesale (COST), Dell Technologies (DELL), Domo (DOMO), Fanhua (FANH), Gap (GPS), Guess (GES), HP (HPQ), Lionsgate (LGF.A), Ollie’s Bargain Outlet Holdings (OLLI), Privia Health Group (PRVA), Salesforce (CRM), ULTA Beauty (ULTA), Veeva Systems (VEEV), VMware (VMW), Yext (YEXT)

THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amProducer Price Index – 8:30am

METALS/ OILGold closed at $1,903.80 an ounce, up $5.80Silver settled at $27.88 an ounce, down $0.18Copper finished at $4.53 a pound, up $0.02Crude Oil was at $66.11 a barrel, up $0.11Bitcoin Investment Trust (GBTC) ended at $32.05 up $0.54

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

Todd Mitchell

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