Dow/ S&P 500 Hit Third-Straight Record Closes

August 13, 2021 By: Katie Mitchell
The stock market showed continued strength on Thursday despite underwhelming economic news with producer prices coming in hotter than expected. The PPI for July jumped 7.8%, a record high, while initial claims fell 12,000 to 375,000, matching expectations.
 
The action was slightly choppy with the major indexes trading on both sides of the ledger and the small-caps failing to keep pace into the closing bell. The slow grind higher remains a bullish signal over the near-term with volatility slipping for the second-straight session.
 
The Nasdaq snapped a two-session slide after testing a late day high of 14,824 while ending at 14,816 (+0.4%). Key resistance at 14,900 easily held. A close above this level and the recent lifetime top at 14,896 would indicate a breakout towards 15,000-15,150.
 
The S&P 500 hit a record high of 4,461 before finishing at 4,460 (+0.3%). Key resistance at 4,450 was cleared and held. Continued closes above this level would suggest additional momentum towards 4,475-4,500.
 
The Dow tagged an all-time peak of 35,510 while closing at 35,499 (+0.04%). Current and key resistance at 35,500 was cleared but held for the second-straight session. A close above this level would be a bullish signal for additional gains towards 35,750-36,000.
 
The Russell 2000 traded to a morning low of 2,232 while going out at 2,244 (-0.3%). Key support at 2,225 was challenged but held. A move below this level would signal another fade towards 2,200-2,175. Below is a chart of the IWM.

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ANALYST UPGRADES/DOWNGRADES

Exelon (EXC) upgraded to Neutral from Underperform at Mizuho
Lyft (LYFT) upgraded to Buy from Neutral at Northcoast
Wendy's (WEN) upgraded to Outperform from In Line at Evercore ISI

Blink Charging (BLNK) downgraded to Neutral from Buy at Roth Capital
Micron (MU) downgraded to Equal Weight from Overweight at Morgan Stanley
Virgin Galactic (SPCE) reinstated at Neutral from Outperform at Credit Suisse

FRIDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: Alimera Sciences (ALIM), Bio-Path Holdings (BPTH), CareMax (CMAX), Diversey Holdings (DSEY), Embraer (ERJ), Flexible Solutions International (FSI), GreenPower Motor Company (GP), Honest Company (HNST), Iterum Therapeutics (ITRM), Jaguar Health (JAGX), Lion Electric (LEV), Medicenna Therapeutics (MDNA), ProPhase Labs (PRPH), RCM Technologies (RCMT), Superior Drilling Products (SDPI), Twin Disc (TWIN), Vasta Platform (VSTA)

After the close: Loral Space and Communications (LORL)

FRIDAY'S ECONOMIC NEWS
Import and Export Prices - 8:30am
Consumer Sentiment - 10:00am
Baker-Hughes Rig Count -
1:00pm

METALS/ OIL
Gold closed at $1,751.80 an ounce, down $1.50
Silver settled at $23.12 an ounce, down $0.37
Copper finished at $4.36 a pound, down $0.01
Crude Oil was at $68.93 a barrel, down $0.44
Bitcoin Investment Trust (GBTC) ended at $36.87 down $2.00

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

 Todd Mitchell

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