S&P 500 Up Six-Straight Sessions

July 1, 2021 By: Todd Mitchell

The stock market showed continued strength on Thursday and the start of the third-quarter with the broader market hitting a fresh record high. Better-than-expected economic news and the approval of a $715 billion transportation package fueled sentiment. Initial jobless claims posted another post-pandemic low after falling 51,000 to 364,000 versus forecasts for a print of 395,000. Meanwhile, volatility fell for the second-straight session and for the seventh time in nine after closing below key support levels. The Russell 2000 ended at 2,329 (+0.8%) with the afternoon high reaching 2,332. Current and lower resistance at 2,325-2,350 was cleared and held. A move above the latter and the lifetime high of 2,360 would indicate a breakout towards 2,375-2,400.  The S&P 500 closed at 4,319 (+0.5%) after testing an all-time peak of 4,320. Unchartered territory and key resistance at 4,325 was challenged but held. A close above this level would suggest ongoing momentum towards 4,350-4,375. The Dow made a push to 34,640 before finishing at 34,633 (+0.4%). Key resistance at 34,750 easily held. A pop above this level would signal additional upside towards 35,000 with the record high from early May at 35,091. The Nasdaq came within 2 points of a new all-time top after tapping 14,533 while settling at 14,522 (+0.1% ). Key resistance at 14,550 was challenged but held. A close above this level would be a bullish development for a trip towards 14,600-14,750.

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ANALYST UPGRADES/DOWNGRADES

Agco (AGCO) upgraded to Outperform from Neutral at Credit SuisseCelanese (CE) upgraded to Buy from Hold at Deutsche BankThor Industries (THO) upgraded to Buy from Neutral at CitiMicron (MU) downgraded to Hold from Buy at Summit InsightsBioventus (BVS) downgraded to Neutral from Buy at Goldman SachsVentas (VTR) downgraded to Neutral from Buy at BofA

FRIDAY’S EARNINGS ANNOUNCEMENTS Before the open: NoneAfter the close: None

FRIDAY’S ECONOMIC NEWSNonfarm Payrolls – 8:30amBaker-Hughes Rig Count – 1:00pmFactory Orders – 10:00am

METALS/ OILGold closed at $1,776.80 an ounce, up $5.20Silver settled at $26.10 an ounce, down $0.09Copper finished at $4.24 a pound, down $0.05Crude Oil was at $74.93 a barrel, up $1.46Bitcoin Investment Trust (GBTC) ended at $28.47 down $1.34

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

 Todd Mitchell

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