U.S. markets showed strength throughout Thursday’s session while recovering losses over the last couple of sessions to keep fresh resistance and 2019 highs in play.
Better-than-expected economic news helped overall sentiment but the weakness in the Financials remain a slight concern following the Fed news they weren’t going to raise rates this year.The Nasdaq jumped 1.4% after tapping a fresh 2019 high of 7,850 to extend its winning streak to 5-straight sessions. The close above the 7,800 level was super bullish with fresh and lower resistance at 7,850-7,900 holding into the closing bell.The Russell 2000 rallied 1.3% following the first half push to 1,569 and topping Monday’s peak by a third-point. Lower resistance at 1,570-1,585 held with a move above the latter and the 200-day moving average being a bullish signal for higher highs.The S&P 500 advanced 1.1% following the run to 2,860. Major resistance at 2,850 was cleared and held with continued closes above this level being a bullish setup for a run towards 2,875-2,900.The Dow rose 0.8% to regain positive territory for the week after reaching an intraday peak of 26,009. Lower resistance at 26,000-26,250 held for the 4th time in 5 sessions with continued closes above the latter being a more bullish development.Technology led sector leaders after zooming 2.5% while Real Estate and Consumer Discretionary added 1.7% and 1.4%, respectively.Financials were the only sector laggard after giving back 0.3%.
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Apple (AAPL) upgraded to Strong Buy from Buy at NeedhamConocoPhillips (COP) upgraded to Overweight from Neutral at Piper JaffrayQorvo (QRVO) upgraded to Buy from Neutral at Goldman SachsBiogen (BIIB) downgraded to Market Perform from Outperform at Wells FargoMagna (MGA) downgraded to Market Perform from Outperform at BMO CapitalMicron (MU) downgraded to Sell from Neutral at Citi
EARNINGS Before the open (EST):BRP (DOOO), Hibbett Sports (HIBB), IMV (IMV), JinkoSolar Holding (JKS), Tiffany & Company (TIF)After the close(EST):None
UPCOMING ECONOMIC NEWS Friday’s economic reports (EST): PMI Composite Flash – 10:00amExisting Home Sales – 10:00amWholesale Trade – 10:00amBaker-Hughes Rig Count – 1:00pmTreasury Budget – 2:00pm
METALS / OILGold closed at $1,307.30 an ounce, up $5.60Silver settled at $15.44 an ounce, up $0.12Copper finished at $2.90 a pound, down $0.02Crude Oil was at $59.88 a barrel, down $0.24Bitcoin Investment Trust (GBTC) ended at$4.81, down $0.11
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Todd Mitchell
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