Nasdaq, S&P 500 Back at Record Highs

August 23, 2021 By: Todd Mitchell
The stock market showed continued strength on Monday after the Food and Drug Administration officially approved Pfizer’s (PFE) coronavirus vaccine. Mixed data, including better-than-expected housing numbers versus softer PMIs appeared to have little impact on stocks.
 
Energy led sector strength after jumping nearly 4% with oil stocks showing strong gains. Meanwhile, volatility fell for the second-straight session after closing back below a key level of support.
 
The Russell 2000 traded to a late day peak of 2,211 while settling at 2,208 (+1.9%). Fresh and lower resistance at 2,200-2,225 was cleared and held. A move above the latter would be a bullish development for another run at 2,250-2,275 and the 50-day moving average. Below is a chart of the IWM.
 
The Nasdaq extended its winning streak to three-straight sessions after finishing at 14,942 (+1.6%) while testing an all-time intraday high of 14,963. Key resistance at 14,850 was breached and held. Continued closes above this level keeps upside momentum towards 15,000-15,150 in focus.
 
The S&P 500 ended at 4,479 (+0.9%) with the record high hitting 4,489. Prior and lower resistance at 4,450-4,475 was recovered. Continued closes above the latter would indicate ongoing strength towards 4,500-4,525.
 
The Dow tapped a high of 35,428 while closing at 35,335 (+0.6%). Near-term and lower resistance at 35,250-35,500 was reclaimed. A move above the latter and the all-time top at 35,631 would suggest additional strength towards 35,750-36,000.

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ANALYST UPGRADES/DOWNGRADES

Dycom (DY) upgraded to Overweight from Equal Weight at Wells Fargo
Pearson (PSO) upgraded to Overweight from Neutral at JPMorgan
Snap (SNAP) upgraded to Buy from Neutral at Arete

Earthstone Energy (ESTE) downgraded to Underweight from Equal Weight at Wells Fargo
Facebook (FB) downgraded to Neutral from Buy at Arete
Trillium Therapeutics (TRIL) downgraded to Neutral from Buy at H.C. Wainwright

TUESDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: Advance Auto Parts (AAP), Bank of Montreal (BMO), Best Buy (BBY), Citi Trends (CTRN), Genetron Holdings (GTH), Huazhu Group (HTHT), iMedia Brands (IMBI), Medtronic (MDT), Pinduoduo (PDD). Qudian (QD), Vext Science (VEXTF)

After the close: 21Vianet Group (VNET), Electromed (ELMD), Heico (HEI), Intuit (INTU), Nordstrom (JWN), Prospect Capital (PSEC), ScanSource (SCSC), Toll Brothers (TOL), Urban Outfitters (URBN), Xponential Fitness (XPOF)

TUESDAY'S ECONOMIC NEWS
New Home Sales - 10:00am

METALS/ OIL
Gold closed at $1,806.30 an ounce, up $22.30
Silver settled at $23.66  an ounce, up $0.55
Copper finished at $4.24 a pound, up $0.10
Crude Oil was at $65.42 a barrel, up $3.28
Bitcoin Investment Trust (GBTC) ended at $39.86 ​up $0.28

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

 Todd Mitchell

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