The stock market closed higher on Friday despite a disappointing jobs report as Wall Street remained focused on positive vaccine developments and growing hopes for more fiscal stimulus before yearend. The gains lifted all four of the major indexes to fresh all-time highs, along with the Transports, with volatility continuing to hold a key level of support.
The Russell 2000 finished on its session high of 1,892 (+2.4%). Fresh and lower resistance at 1,880-1,900 was cleared and held. A move above the latter would indicate continued upside towards 1,920-1,940.
The S&P 500 ended at 3,699 (+0.9%) and new record close. New and lower resistance at 3,675-3,700 was topped and held. A close above the latter would suggest additional strength towards 3,725-3,750.
The Dow settled on it peak of 30,218 (+0.8%). Near-term and lower resistance 30,000-30,250 was cleared and held. A pop above the latter would suggest momentum towards 30,500-30,750.
The Nasdaq closed at 12,464 (+0.7%) and the session top. Near-term and lower resistance at 12,400-12,500 was breached and held. A move above the latter would signal continued record highs towards 12,600-12,700.
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Funko (FNKO) upgraded to Overweight from Neutral at Piper SandlerOshkosh (OSK) upgraded to Overweight from Sector Weight at KeyBancSage Therapeutics (SAGE) upgraded to Buy from Neutral at Mizuho
Mesoblast (MESO) downgraded to Sell from Neutral at ChardanOllie’s Bargain Outlet (OLLI) downgraded to Neutral from Buy at Goldman SachsStitch Fix (SFIX) downgraded to Sell from Neutral at MKM Partners
MONDAY’S EARNINGS ANNOUNCEMENTSBefore the open: AstroNova (ALOT), DLH Holdings (DLHC), JinkoSolar Holding (JKS)
After the close: Casey’s General Stores (CASY), HealthEquity (HQY), KLX Energy Services Holdings (KLXE), RYB Education (RYB), Smartsheet (SMAR), Stitch Fix (SFIX), Toll Brothers (TOL)
MONDAY’S ECONOMIC NEWSConsumer Credit – 3:00pm
METALS/ OILGold closed at $1,840.00 an ounce, down $1.10Silver settled at $24.25 an ounce, up $0.11Copper finished at $3.52 a pound, up $0.03Crude Oil was at $46.09 a barrel, up $0.15Bitcoin Investment Trust (GBTC) ended at $23.22 down $0.78
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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