The market shrugged off disappointing economic news ahead of Thursday’s open while closing mostly higher with the Nasdaq setting its 35th record close for 2020. The small-caps lagged while volatility spiked to its highest level in 7 sessions to keep the broader market gains limited.
The Nasdaq tapped an intraday lifetime peak of 11,283 before closing at 11,264 (+1.1%). Fresh resistance at 11,250 was cleared and held with continued closes above this level signaling additional momentum towards the 11,500 area.
The S&P 500 reached an intraday peak of 3,390 before settling at 3,385 (+0.3%). Prior resistance at 3,375 was cleared and held with continued closes above this level indicating further upside towards 3,400 and new all-time highs.
The Dow tested a late day high of 27,781 while finishing 27,739 (+0.2%). Key resistance at 27,750 was cleared but held with a close above this level indicating a retest towards the 28,000 level.
The Russell 2000 closed at 1,564 (-0.5%) after tapping a low of 1,554 shortly after the opening bell. Crucial support at 1,550 was challenged but held with a close below this level suggesting a further pullback towards the 1,525 area.
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AutoWeb (AUTO) upgraded to Buy from Neutral at B. Riley FBRElanco (ELAN) upgraded to Overweight from Equal Weight at Morgan StanleyShake Shack (SHAK) upgraded to Outperform from Neutral at Wedbush
BioMarin (BMRN) downgraded to Neutral from Buy at CitiCrown Castle (CCI) downgraded to Equal Weight from Overweight at Wells FargoSarepta (SRPT) downgraded to Neutral from Outperform at Credit Suisse
FRIDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Buckle (BKE), Deere & Company (DE), Foot Locker (FL), Pinduoduo (PDD), X Financial (XYF)
After the close: None
FRIDAY’S ECONOMIC NEWSPMI Services Index – 9:45amExisting Home Sales – 10:00amBaker-Hughes Rig Count – 1:00pm
METALS/ OILGold closed at $1,946.50 an ounce, down $23.80Silver settled at $27.15 an ounce, down $0.19Copper finished at $2.97a pound, down $0.05Crude Oil was at $42.62 a barrel, down $0.17Bitcoin Investment Trust (GBTC) ended at $14.16, up $0.45
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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