Dow Sets Another Record High

March 10, 2021 By: Todd Mitchell

The stock market showed continued strength on Wednesday after the House Democrats voted to pass a $1.9 trillion stimulus package with President Biden expected to sign the bill on Friday. Better-than-expected economic news also helped bullish sentiment after consumer prices increased less than expected in February, making it appear that inflation remains non-threatening to the Fed. The Russell 2000 finished at 2,285 (+1.8%) after testing a morning high of 2,299. Current and lower resistance at 2,275-2,300 was recovered. A close above the latter would suggest additional upside towards 2,325-2,350 with the recent record peak at 2,318.  The Dow tapped an all-time intraday high of 32,389 while ending at 32,297(+1.5%). Fresh and lower resistance at 32,250-32,500 was cleared and held. A pop above the latter would signal additional momentum towards 32,750-33,000. The S&P 500 traded to an afternoon peak 3,917 before closing at 3,898 (+0.6%). Near-term and lower resistance at 3,900-3,925 was breached but held. A move above the latter would indicate ongoing upside towards 3,950-3,975 with the former representing the record high from February. The Nasdaq closed slightly lower after testing an opening high of 13,277 while settling at 13,068 (-0.04%). Prior and lower resistance from late February at 13,250-13,400 was cleared but held. A close above the latter and the 50-day moving average would suggest strength towards 13,500-13,650.

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ANALYST UPGRADES/DOWNGRADES

Bentley Systems (BSY) upgraded to Overweight from Sector Weight at KeyBancOld Dominion (ODFL) upgraded to Buy from Neutral at Goldman SachsSunrun (RUN) upgraded to Overweight from Equal Weight at Morgan StanleyBoingo Wireless (WIFI) downgraded to Hold from Buy at JefferiesChevron (CVX) downgraded to Sector Perform from Outperform at ScotiabankMarineMax (HZO) downgraded to Neutral from Buy at B. Riley Securities

THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open:  ​Aemetis (AMTX), Ballard Power Systems (BLDP), Celsius Holdings (CELH), Docebo (DCBO), eXp World Holdings (EXPI), Genesco (GCO), Gogo (GOGO), Hudson Global (HSON), Inspired Entertainment (INSE), JD.com (JD), KNOT Offshore Partners (KNOP), Myers Industries (MYE), Option Care Health (OPCH), Party City Holdco (PRTY), Revlon (REV), SecureWorks (SCWX), Tecogen (TGEN), Yatsen Holding (YSG), Zealand Pharma (ZEAL)After the close: ​AutoWeb (AUTO), BRP Group (BRP), Cango (CANG), DocuSign (DOCU), El Pollo Loco Holdings (LOCO), Funko (FNKO), GoodRx Holdings (GDRX), Information Services Group (III), KemPharm (KMPH), Luna Innovations (LUNA), MicroVision (MVIS), Nabriva Therapeutics (NBRV), Ocular Therapeutix (OCUL), Poshmark (POSH), Potbelly (PBPB), Quest Resource Holding (QRHC), Ready Capital (RC), Sientra (SIEN), Tilly’s (TLYS), ULTA Beauty (ULTA), Vail Resorts (MTN), Wheaton Precious Metals (WPM), Zumiez (ZUMZ)

THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amJolts – 10:00am

METALS/ OILGold closed at $1,721.80 an ounce,  up $4.90Silver settled at $26.13 an ounce, down $0.05Copper finished at $4.03 a pound, up $0.02Crude Oil was at $64.69 a barrel,  up $0.93Bitcoin Investment Trust (GBTC) ended at $50.42 up $1.30

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

 Todd Mitchell

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