Small-Caps Reclaim 200-Day Moving Average

July 15, 2020 By: Todd Mitchell

The market showed strength throughout much of Wednesday’s action following updated news on a coronavirus vaccine. Better-than-expected earnings and economic news also lifted sentiment with the small-caps showing the most strength.Tech traded in a more volatile environment after giving back its opening gains and was in the red by Wall Street’s lunch break. Strength in the Industrials and Energy led the rally with the Nasdaq climbing off its low to join the party.The Russell 2000 surged to an intraday high of 1,485 before closing at 1,478 (3.5%) and back above its 200-day moving average. Key resistance at 1,475 was reclaimed with continued closes above this level signaling momentum towards 1,500.The Dow extended its winning streak to 4-straight sessions after reaching a morning peak of 27,071 while settling at 26,870 (0.9%). Key resistance at 27,000 cleared and held with continued closes above this level signaling additional upside towards 27,500.The S&P 500 traded to a first half high of 3,238 before finishing at 3,226 (+0.9%). Early June resistance at 3,225 was breached and held with continued closes above this level signaling additional strength towards the 3,275 area.The Nasdaq went out at 10,555 (+0.6%) after tagging a high of 10,604 shortly after the open. Prior resistance at 10,600 was pierced but held with a close above this level suggesting another push towards 10,800 and fresh all-time peaks.

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ANALYST UPGRADES/DOWNGRADES

Gap (GPS) upgraded to Outperform from Sector Perform at RBC CapitalHarley-Davidson (HOG) upgraded to Buy from Neutral at UBSWells Fargo (WFC) upgraded to Outperform from In Line at Evercore ISIAmerican Express (AXP) downgraded to Underweight from Neutral at JPMorganGW Pharmaceuticals (GWPH) downgraded to Hold from Buy at StifelWaste Management (WM) downgraded to Neutral from Outperformer at CIBC

 

THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Abbott (ABT), Bank of America (BAC), Charles Schwab (SCHW), Domino’s (DPZ), Home BancShares (HOMB), Insteel Industries (IIIN), Johnson & Johnson (JNJ), Morgan Stanley (MS), Sonoco (SON), Taiwan Semiconductor Manufacturing (TSM), WNS Holdings (WNS)After the close:  Aehr Test Systems (AEHR), F.N.B. Corporation (FNB), J.B. Hunt Transport Services (JBHT), Marten Transport (MRTN), Netflix (NFLX), PPG Industries (PPG), Western Alliance Bancorporation (WAL)

THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amRetail Sales – 8:30amPhiladelphia Fed Business Outlook Survey – 8:30amNAHB Housing Market Index – 10:00amWholesale Inventories – 10:00am

METALS/ OILGold closed at $1,813.80  an ounce, up $0.40Silver settled at $19.76 an ounce, up $0.23Copper finished at $2.88  a pound, down $0.05Crude Oil was at $40.99  a barrel, up $0.55Bitcoin Investment Trust (GBTC) ended at $9.47 down $0.26

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

   Todd Mitchell

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