Bulls Get Hat Trick

U.S. markets showed strength for the 3rd-straight session as better-than-expected economic news outweighed recent trade headlines. Tech led the rally to higher highs with the Dow lagging but finishing in the green for the 2nd time in 3 sessions.

The major indexes remain on track to recover the lower end of the previous near-term trading ranges from the back half of February. A heavy dose of corporate earnings on Thursday along with jobless claims and Friday’s expiration of regular March options could help or hinder current momentum.00

The Nasdaq gained 0.7% following the intraday run to 7,677. Prior and major resistance at 7,650 was cleared and held on the fresh monthly high with continued closes above this level keeping 7,700-7,750 in play.

The S&P 500 also rose 0.7% after trading to a midday high of 2,821. Fresh and lower resistance at 2,825-2,850 held on the close back above the 2,800 level for the first time since the beginning of the month.

The Dow was higher by 0.6% following the intraday push to 25,776. Prior resistance at 25,750-26,000 was cleared but held with continued closes above the latter being a bullish signal for higher highs.

The Russell 2000 advanced 0.4% after trading an midday peak of 1,562. Upper resistance at 1,550-1,560 held on the close above with additional hurdles at 1,575-1,585 and the 200-day moving average.

Healthcare was the strongest sectors after jumping 1.1%. Industrials rallied 0.9% while Consumer Staples and Financials were up 0.7%.

There were no sector laggards.

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Aurora Cannabis (ACB) upgraded to Buy from Hold at GMP Securities
Carnival (CCL) upgraded to Buy from Neutral at Goldman Sachs
Sanderson Farms (SAFM) upgraded to Neutral from Underweight at JPMorgan

Comerica (CMA) downgraded to Neutral from Outperform at Wedbush
Hercules Capital (HTGC) downgraded to Market Perform from Outperform at Keefe Bruyette
Roku (ROKU) downgraded to Sell from Hold at Loop Capital

Thursday Before the Open (EST):
Agenus (AGEN), BioScrip (BIOS), Dollar General (DG), Embraer (ERJ), Genesco (GCO), Hudson (HUD), Internap (INAP), Neos Therapeutics (NEOS), RadNet (RDNT), Smart Sand (SND), Tiptree Financial (TIPT), Uxin (UXIN)

Thursday After the close(EST):
​Asure Software (ASUR), BioLife Solutions (BLFS), Broadcom (AVGO), CorMedix (CRMD), DocuSign (DOCU), Fusion Telecommunications (FSNN), Hanger (HNGR), Jabil Circuit (JBL), Noodles & Company (NDLS), Oracle (ORCL), Pivotal (PVTL), Rimini Street (RMNI), Tilly’s (TLYS), Turtle Beach (HEAR), Ulta Beauty (ULTA), ViewRay (VRAY), Zumiez (ZUMZ)

Thursday's Economic Reports (EST):
Jobless Claims - 8:30am
Import and Export Prices - 8:30am
New Home Sales - 10:00am

Gold closed at $1,309.30 an ounce, up $11.20
Silver settled at $15.46 an ounce, up $0.05
Copper finished at $2.93 a pound, up $0.01
Crude Oil was at $58.39 a barrel, up $1.30
Bitcoin Investment Trust (GBTC) ended at$4.50, down $0.10

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

   Todd Mitchell

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