The stock market was mixed on Wednesday after Treasury Secretary Janet Yellen attempted to walk back her comments where she said interest rates may need to rise to keep the economy from overheating. Yellen clarified that she was not making a forecast or advocating for a rate hike from the Fed.The blue-chips rebounded to set a fresh record high while Tech and the small-caps showed continued weakness despite opening gains. Meanwhile, volatility held after holding a key level of support but remains slightly elevated,The Dow traded to an afternoon all-time peak of 34,331 while ending at 34,230 (+0.3%). Lower resistance at 34,250-34,500 was cleared but held. A move above the latter would indicate additional momentum towards 34,750-35,000.The S&P 500 closed at 4,167 (+0.1%) with the intraday high hitting 4,187. Near-term and lower resistance at 4,175-4,200 was breached but held. A close above the latter keeps additional upside towards 4,225-4,250 in play with the current all-time top at 4,218.The Nasdaq finished in the red at 13,582 (-0.4%) despite testing an opening high of 13,753. Fresh and lower resistance at 13,750-13,900 was cleared but held. A recovery of the 14,000 level would be a more bullish signal for a retest towards 14,100-14,250 with the record peak at 14,211.The Russell 2000 tagged a second half low of 2,232 while settling at 2,241 (-0.3%). Prior and upper support at 2,225-2,200 was challenged but held along with the 50-day moving average. A close below the latter would indicate additional weakness towards 2,175-2,150.
Let me show you my Step-by-StepBLUEPRINT that Returned 5,500%in the last 2 years!
Here are a few recent LIVE Trades:
Community Health (CYH) upgraded to Buy from Hold at JefferiesSealed Air (SEE) upgraded to Overweight from Neutral at JPMorganUnder Armour (UAA) upgraded to Buy from Neutral at UBSFerrari (RACE) downgraded to Hold from Buy at Societe GeneraleKraft Heinz (KHC) downgraded to Hold from Buy at DZ BankMercury Systems (MRCY) downgraded to Hold from Buy at Canaccord
THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: Air Products & Chemicals (APD), Bally’s (BALY), Cerence (CRNC), Duke Energy (DUK), Eagle Pharmaceuticals (EGRX), Gates Industrial (GTES), ImmunoGen (IMGN), Jacobs (J), Kandi Technolgies (KNDI), Lincoln Educational Services (LINC), Marriott International (MAR), New Age Beverages (NBEV). Party City Holdco (PRTY), RadNet (RDNT), Scientific Games (SGMS), Trade Desk (TTD), Tyson Foods (TSN), US Foods Holding (USFD), Viatris (VTRS), Weibo (WB), Yalla Group (YALA)
After the close: 3D Systems (DDD), AppFolio (APPF), Brighthouse Financial (BHF), Callaway Golf (ELY), Danaos (DAC), Everbridge (EVBG), FibroGen (FGEN), Genpact (G), Halozyme Therapeutics (HALO), International Flavors & Fragrances (IFF), j2 Global Communications (JCOM), Magnite (MGNI), NortonLifeLock (NLOK), Occidental Petroleum (OXY), Pulse Biosciences (PLSE), Rackspace Technology (RXT), ScanSource (SCSC), Trex Company, (TREX), UWM Holdings (UWMC), Virgin Galactic Holdings (SPCE), Vuzix (VUZI), Western Midstream Partners (WES)
THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amProductivity and Costs – 8:30am
METALS/ OILGold closed at $1,784.30 an ounce, up $3.80Silver settled at $26.52 an ounce, down $0.04Copper finished at $4.52 a pound, unchangedCrude Oil was at $65.31 a barrel, down $0.38Bitcoin Investment Trust (GBTC) ended at $46.06 up $1.71
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
Step #2: Enroll in an Advisory or Educational ProgramPremium Advisories | Featured Educational Programs
Step #3: Connect with The CommunityTrading Concepts Official Facebook Page
