Bulls Push Prior Resistance Levels on Fedspeak

U.S. markets traded in a tight range and slightly mixed ahead of the release of the Fed minutes on Wednesday. There was no real surprises in the meeting minutes with the majority of the Fed members seeing no change in rates this year.

The major averages were unaffected by the news and closed higher to keep near-term resistance levels in play. Volatility slightly eased but remains above key levels of support.

The Russell 2000 showed the most strength after rallying 1.4% and closing at its session high of 1,581. Major resistance at 1,575 and the 200-day moving average was reclaimed with fresh hurdles at 1,585-1,600 on continued strength.

The Nasdaq gained 0.7% following the intraday push to 7,965. Prior and lower resistance at 7,950-8,000 was cleared and held with a move above the latter leading towards 8,100-8,150 and new all-time highs.

The S&P 500 rose 0.4% while reaching a late day peak of 2,889. Lower resistance at 2,900-2,925 was challenged but held with a move above the latter getting 2,950-2,975 and fresh all-time highs in play.

The Dow traded in a 108-point range while rising 6 points, or 0.03%, and tapping a high of 26,209 ahead of the closing bell. Lower resistance at 26,250-26,500 held with a close above the latter being a more bullish development.

Real Estate and Technology led sector strength after rising 0.8% and 0.7%, respectively. Consumer Discretionary added 0.5%.

Utilities were the weakest sector after giving back 0.3%. Materials and Industrials were down 0.05% and 0.03% to round out the losers.

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ANALYST UPGRADES/DOWNGRADES

Disney (DIS) upgraded to Outperform from Market Perform at BMO Capital
First Solar (FSLR) upgraded to Conviction Buy from Buy at Goldman Sachs
Under Armour (UA, UAA) assumed with a Buy from Neutral at Citi

Apple (AAPL) downgraded to Reduce from Hold at HSBC
Foot Locker (FL) assumed with a Neutral from Buy at Citi
Novartis (NVS) downgraded to Underweight from Equal Weight at Morgan Stanley

EARNINGS 
Before the open (EST):
Apogee Enterprises (APOG), Fastenal (FAST), Rite Aid (RAD)

After the close(EST):
​​Taronis Technologies (TRNX)

UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST): 
Jobless Claims - 8:30am
PPI-FD - 8:30am

METALS / OIL
Gold closed at $1,313.90 an ounce, up $5.60
Silver settled at $15.24 an ounce, up $0.03
Copper finished at $2.92 a pound, down $0.01
Crude Oil was at $64.42 a barrel, up $0.20
Bitcoin Investment Trust (GBTC) ended at $7.32 up $0.68



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

   Todd Mitchell


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