The stock market rebounded on Friday with the gains nearly giving the bulls the weekly win. However, the bears did just enough damage throughout the week to get their first overall victory in five weeks. The rally was enough to lift the small-caps to a weekly gain with the S&P 500 setting a fresh all-time intraday peak in the process. Volatility also settled lower and below a key level of support ahead of the heart of the first-quarter earnings season and the end of month countdown. The Russell 2000 settled at 2,271 (+1.8%) with the afternoon high tapping 2,281. Prior and lower resistance at 2,275-2,300 was cleared but held. A move above the latter would suggest additional strength towards 2,325-2,350 with the all-time top from mid-March at 2,360. Below is a chart of the IWM.
The Nasdaq ended at 14,016 (+1.4%) with the late day peak hitting 14,062. Near-term and lower resistance at 14,050-14,150 was breached but held. A close above the latter and the record high at 14,175 would likely lead to a breakout towards 14,250-14,400.
The S&P 500 closed at 4,180 (+1.1%) after reaching a record peak of 4,194 ahead of the closing bell. Current and lower resistance at 4,175-4,200 was recovered. A pop above the latter would indicate momentum towards 4,225-4,250.
The Dow traded to a second half high of 34,157 while finishing at 34,043 (+0.7%). Lower resistance at 34,000-34,250 was reclaimed. A move above the latter and the recent all-time peak at 34,256 would signal ongoing strength towards 34,500-34,750.
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Clearfield (CLFD) upgraded to Outperform from Market Perform at Northland
Imax (IMAX) upgraded to Outperform from Neutral at Wedbush
Skechers (SKX) upgraded to Overweight from Equal Weight at Morgan Stanley
Kraft Heinz (KHC) downgraded to Neutral from Overweight at Piper Sandler
RingCentral (RNG) downgraded to Perform from Outperform at Oppenheimer
TAL Education (TAL) downgraded to Neutral from Buy at Nomura
MONDAY’S EARNINGS ANNOUNCEMENTS Before the open: Albertsons Companies (ACI), Bank of Hawaii (BOH), Check Point Software Technologies (CHKP), Dorman Products (DORM), HBT Financial (HBT), Lennox International (LII), Otis Worldwide (OTIS)
After the close: Albany International (AIN), Brown & Brown (BRO), Cadence Design Systems (CDNS), Encore Wire (WIRE), FB Financial (FBK), HealthStream (HSTM), Independent Bank Group (IBTX), J & J Snack Foods (JJSF), KKR Real Estate Finance Trust (KREF), Masimo (MASI), NXP Semiconductors (NXPI), OneMain Holdings (OMF), Packaging Corporation of America (PKG), Range Resources (RRC), SBA Communications (SBAC), Tesla (TSLA), Universal Health Services (UHS), Weingarten Realty Investors (WRI)
MONDAY’S ECONOMIC NEWSDurable Goods Orders – 8:30amDallas Fed Manufacturing Business Index – 10:30am
METALS/ OILGold closed at $1,770.80 an ounce, down $4.20Silver settled at $26.08 an ounce, down $0.10Copper finished at $4.34 a pound, up $0.07Crude Oil was at $62.04 a barrel, up $0.38Bitcoin Investment Trust (GBTC) ended at $42.38 up $1.06
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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