Bulls Get Weekly Win on Friday’s Rebound

Bulls Get Weekly Win on Friday’s Rebound

U.S. markets posted a strong Friday while recovering losses from earlier in week to finish mostly higher overall. The strong session came after a solid start to the 1Q earnings with the Financial sector leading they way following better-than-expected numbers.

The gains helped pushed the major indexes towards their all-times highs from last November with the small-caps still having some work to do. Volatility sank to a fresh 2019 low and continues to confirm market momentum.

The Dow soared 1% after testing a high of 26,436 shortly after the opening bell. Fresh and lower resistance at 26,500-26,750 held with a close above the latter getting 27,000 and all-time highs in play.

The S&P 500 soared 0.7% following the morning push to 2,910 and close above the 2,900 for the first time since early October. Lower resistance at 2,900-2,925 was cleared and held with a move above the latter getting 2,950-2,975 and fresh lifetime highs in play.

The Nasdaq gained 0.5% after tapping a high of 7,992 within 10 minutes of trading. Prior and lower resistance from late September at 7,950-8,000 was cleared and held with a move above the latter getting 8,100-8,150 and all-time highs in the mix.

The Russell 2000 added 0.4% while closing at its session high of 1,589. Late February and major resistance at 1,600 with continued closes above this level getting 1,625-1,650 in focus.

For the week, the Nasdaq was up 0.6% and the S&P 500 was higher by 0.5%. The Russell 2000 rose 2 points while the Dow gave back 12 points.

Financials led sector strength after zooming 1.8%. Industrials and Materials were higher by 1.3%. Healthcare was fell 0.9% and was the only sector laggard.

For the week, Communication Services rose 1.5% while Consumer Staples and Technology gained 1.1% and 1%, respectively. Healthcare sank 2.4% while Energy dipped 0.1% to round out the losers.

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Adient (ADNT) upgraded to Buy from Neutral at BofA/Merrill
Delphi Technologies (DLPH) upgraded to Buy from Neutral at BofA/Merrill
Martin Marietta (MLM) upgraded to Buy from Neutral at Goldman Sachs

Apple (AAPL) downgraded to Sell at New Street
Crown Castle (CCI) downgraded to Neutral from Buy at Guggenheim
Grainger (GWW) downgraded to Underperform at Gordon Haskett

Before the open (EST):
Aphria (APHA), Charles Schwab (SCHW), Citigroup (C), Goldman Sachs (GS), M&T Bank (MTB), ShiftPixy (PIXY)

After the close(EST):
​Deep Down (DPDW), JB Hunt (JBHT), Limbach Holdings (LMB), Pinnacle Financial Partners (PNFP), ServisFirst Bancshares (SFBS), Wintrust Financial (WTFC)

Monday’s economic reports (EST): 
Empire State Manufacturing Survey - 8:30am

Gold closed at $1,295.20 an ounce, up $1.90
Silver settled at $14.95 an ounce, up $0.08
Copper finished at $2.84 a pound, up $0.06
Crude Oil was at $63.76 a barrel, down $0.65
Bitcoin Investment Trust (GBTC) ended at $6.49 down $0.17

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

   Todd Mitchell

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