S&P 500 Clears 4,000 level

April 2, 2021 By: Todd Mitchell

The stock market showed continued momentum on Thursday as the major indexes started off April with solid gains. Better-than-expected economic news and fresh details of President Biden’s $2.3 trillion infrastructure plan fueled bullish sentiment.

Technology led the surge higher with the Nasdaq clearing and holding a key level of resistance while the S&P 500 set another all-time closing high. The blue-chips are also on the verge of fresh record highs as volatility fell to its lowest level since February 2020.

The Nasdaq settled at 13,480 (+1.8%) after trading to a second half high of 13,487 while closing back above its 50-day moving average. Prior and lower resistance at 13,450-13,600 was cleared and held. A close above the latter would suggest additional momentum towards 13,650-13,800.

The Russell 2000 finished on its session peak of 2,253 (+1.5%). Prior and lower resistance at 2,250-2,275 was recovered. A move above the latter would signal additional upside towards 2,300-2,325. 

The S&P 500 closed at 4,019 (+1.2%) with the new intraday record high hitting 4,020. Unchartered territory and lower resistance at 4,000-4,025 was cleared and held. A pop the latter would indicate ongoing strength towards 4,050-4,075.

The Dow made an late day run to 33,167 before ending at 33,153 (+0.5%). Near-term and lower resistance at 33,000-33,250 was recovered. A close above the latter and the all-time high of 33,259 would suggest a breakout towards 33,500-33,750.

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ANALYST UPGRADES/DOWNGRADES

Acuity Brands (AYI) upgraded to Outperform from Neutral at BairdDatadog (DDOG) upgraded to Buy from Neutral at Monness CrespiGilead (GILD) upgraded to Outperform from Market Perform at BernsteinGoldman Sachs (GS) downgraded to Neutral from Buy at UBSPhillips 66 (PSX) downgraded to Neutral from Overweight at Piper SandlerSenseonics (SENS) downgraded to Market Perform from Outperform at SVB Leerink

MONDAY’S EARNINGS ANNOUNCEMENTS Before the open: NoneAfter the close: Duck Creek Technologies (DCT), First High-School Education Group (FHS)

MONDAY’S ECONOMIC NEWS​ISM New York Business Conditions – 9:45amPMI Services Index – 9:45amDurable Goods Orders – 10:00amISM Non-Manufacturing Index – 10:00am

METALS/ OILGold closed at $1,728.40 an ounce,  up $12.80Silver settled at $24.95 an ounce, up $0.42Copper finished at $3.99 a pound, down $0.01Crude Oil was at $61.28 a barrel, up $1.95Bitcoin Investment Trust (GBTC) ended at $50.87 up $0.83

The markets are closed for Good Friday. Enjoy the  long weekend.

 Todd Mitchell

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