Major Indexes Resume Assault at Record Highs

August 6, 2021 By: Todd Mitchell

The stock market shrugged off a choppy open to end higher on Tuesday as strong earnings and better-than-expected economic news helped sentiment.Eli Lilly (LLY), Bausch Health (BHC) and Under Armour (UAA) reported strong numbers while factory orders rose 1.5% in June versus forecasts for an increase of 1%.The Dow tested an intraday high of 35,120 before settling at 35,116 (+0.8%). Lower resistance at 35,000-35,150 was recovered. A close above the latter and Monday’s all-time high at 35,192 would suggest a breakout towards 35,250-35,500.The S&P 500 ended at 4,423 (+0.8%) and the session peak. Near-term and lower resistance at 4,400-4,425 was cleared and held. A move above the latter and the recent record peak at 4,429 would indicate additional strength towards 4,450-4,475.The Nasdaq closed at 14,761 (+0.6%) after trading to a late day high of 14,762. Current and lower resistance at 14,700-14,850 was recovered. A close above the latter and last Monday’s lifetime high at 14,863 would be a bullish signal for a trip towards 15,000-15,150.The Russell 2000 went out at 2,223 (+0.4%) and the session high. Lower resistance at 2,225-2,250 was challenged but held. A pop above the latter and the 50-day moving average would signal ongoing strength towards 2,275-2,300. 

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ANALYST UPGRADES/DOWNGRADES

Cable One (CABO) upgraded to Neutral from Underweight at JPMorganSquare (SQ) upgraded to Market Perform from Underperform at Raymond JamesWorkday (WDAY) upgraded to Overweight from Equal Weight at BarclaysAutohome (ATHM) double-downgraded to Underperform from Buy at BofA Clear Secure (YOU) downgraded to Neutral from Overweight at JPMorgan Professional Holding (PFHD) downgraded to Neutral from Overweight at Piper Sandler

WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Avista (AVA), BorgWarner (BWA), Clean Harbors (CLH), CVS Health (CVS), Donnelley Financial Solutions (DFIN), Emerson Electric (EMR), Fresh Del Monte Produce (FDP), General Motors (GM), Honda Motor (HMC), International Money Express (IMXI), Jones Lang LaSalle (JLL), Kraft Heinz (KHC), Lumber Liquidators (LL), Macerich Company (MAC), New York Times (NYT), Orion Energy Systems (OESX), ParkOhio Holdings (PKOH), Royal Caribbean Cruises (RCL), Scotts Miracle-Gro (SMG), Tupperware (TUP), United Therapeutics (UTHR), Virtu Financial (VIRT)

After the close: Alkami Technology (ALKT), Boot Barn Holdings (BOOT), Chesapeake Utilities (CPK), Dynavax Technologies (DVAX), Electronic Arts (EA), Fox (FOXA), Globus Medical (GMED), Hostess Brands (TWNK), ICU Medical (ICUI), Jack in the Box (JACK), Kronos Worldwide (KRO), Lemonade (LMND), Marathon Oil (MRO), Nu Skin Enterprises (NUS), Ormat Technologies (ORA), PetIQ (PETQ), Qorvo (QRVO), Rapid7 (RPD), Sarepta Therapeutics (SRPT), Trimble (TRMB), Uber Technologies (UBER), Valvoline (VVV), Western Union (WU), Wynn Resorts (WYNN)

WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amADP Employment Report – 8:15amPMI Composite Flash – 9:45amISM Manufacturing Index – 10:00am

METALS/ OILGold closed at $1,814.10 an ounce, down $8.10Silver settled at $25.58 an ounce, unchangedCopper finished at $4.39 a pound, down $0.04Crude Oil was at $70.48 a barrel, down $1.01Bitcoin Investment Trust (GBTC) ended at $31.87 down $1.68

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

Todd Mitchell

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