Nasdaq Closes Above 15,000

August 25, 2021 By: Todd Mitchell
The stock market showed continued strength on Tuesday as better-than-expected economic news fueled bullish sentiment ahead of the much-anticipated Jackson Hole Symposium later in the week. Specifically, new home sales rose 1% to 708,000 in July following the -2.6% drop to 701,000 in June to snap a string of three-straight monthly declines.
 
The gains pushed Tech and the broader market to another round of all-time highs with the small-caps showing the most strength for the third-straight session. Volatility traded in a tighter range while closing slightly higher but held a key level of resistance.
 
The Russell 2000 closed 2,230 (+1%) with the intraday peak tapping 2,232. Prior and lower resistance from earlier this month at 2,225-2,250 was reclaimed. A close above the latter and the 50-day moving average would indicate additional strength towards 2,275-2,300. Below is a chart of the IWM.
 
The Nasdaq tagged a record high of 15,034 before settling at 15,019 (+0.5%). Unchartered territory and lower resistance at 15,000-15,150 was cleared and held. A pop above the latter would be an ongoing bullish development for upside towards 15,200-15,350.
 
The S&P 500 tested a lifetime high of 4,492 while ending at 4,486 (+0.2%). Fresh and new resistance at 4,500 was challenged but held. A close above this level would suggest additional momentum towards 4,525-4,550.
 
The Dow finished at 35,445 (+0.1%) after making an afternoon run to 35,366. Key resistance at 35,500 was also challenged but easily held. A close back above this level and the recent all-time peak at 35,631 would signal a breakout towards 35,750-36,000.

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ANALYST UPGRADES/DOWNGRADES

Agco (AGCO) upgraded to Buy from Neutral at Goldman Sachs
Precision Drilling (PDS) upgraded to Buy from Hold at Canaccord
Sunstone Hotel (SHO) upgraded to Equal Weight from Underweight at Wells Fargo

Cummins (CMI) downgraded to Neutral from Buy at Goldman Sachs
Genmab (GMAB) downgraded to Neutral from Buy at H.C. Wainwright
Victoria's Secret (VSCO) downgraded to Equal Weight from Overweight at Morgan Stanley

WEDNESDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: Autohome (ATHM), DICK'S Sporting Goods (DKS), Express (EXPR), iClick Interactive Asia Group (ICLK), Jiayin Group (JFIN), Kingsoft Cloud (KC), LexinFintech Holdings (LX), Photronics (PLAB), Royal Bank of Canada (RY), Shoe Carnival (SCVL), uCloudlink Group (UCL), Viomi Technology (VIOT)

After the close: Autodesk (ADSK), Box (BOX), Elastic (ESTC), Guess (GES), Lannett (LCI), NetApp (NTAP), Pure Storage (PSTG), Salesforce (CRM), Snowflake (SNOW), ULTA Beauty (ULTA), Vitru (VTRU), Williams-Sonoma (WSM), Zuora (ZUO)

WEDNESDAY'S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
Durable Goods Orders -
8:30am

METALS/ OIL
Gold closed at $1,808.50 an ounce, up $2.20
Silver settled at $23.89  an ounce, up $0.23
Copper finished at $4.26 a pound, up $0.02
Crude Oil was at $67.61 a barrel, up $2.19
Bitcoin Investment Trust (GBTC) ended at $39.09 down $0.77

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

 Todd Mitchell

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