Bulls Tag Fresh Monthly Highs

The market closed at a 10-week high on Wednesday following a number of upbeat quarterly earnings results from retailers Target (TGT) and Lowe’s (LOW). The Fed minutes had little impact on the major indexes but the major indexes did slip from the session’s best levels after the U.S. Senate passed a bill to delist Chinese companies on U.S. exchanges.

The Russell 2000 rallied to a early session high of 1,353 while closing at 1,346 (+3%). Key resistance at the 1,350 level was breached but held with continued closes above this level keeping a retest towards 1,375 in play.

The Nasdaq reached an intraday peak of 9,392 while closing at 9,375 (+2.1%). New resistance at 9,400 was challenged but held with a close above this level getting the 9,500 level back in focus.

The Dow settled at 24,575 (+1.5%) after testing an first half peak of 24,649. Prior resistance at 24,500 was recovered with continued closes above this level signaling additional upside towards 24,750-25,000.

The S&P 500 traded to a morning high of 2,980 before settling at 2,971 (+1.7%). Fresh resistance at 2,975 was also challenged with a close above this level signaling additional momentum towards 3,000 and the 200-day moving average.

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Green Plains (GPRE) upgraded to Buy from Hold at Jefferies
Logitech (LOGI) upgraded to Neutral from Sell at UBS
Ultrapar (UGP) upgraded to Buy from Neutral at Goldman Sachs

Arconic (ARNC) initiated with an Outperform at Credit Suisse
Cimarex Energy (XEC) initiated with a Buy at RF Lafferty.
GrowGeneration (GRWG) initiated with a Buy at Benchmark

Before the open:  Advanced Drainage Systems (WMS), Best Buy (BBY), BJ's Wholesale Club (BJ), Endava (DAVA), Gamida Cell (GMDA), Hormel Foods (HRL), Lifetime Brands (LCUT), Macy’s (M), Medtronic (MDT), Select Interior Concepts (SIC), TJX Companies (TJX), U.S. Physical Therapy (USPH)

After the close: Agilent Technologies (A), Deckers Brands (DECK), ePlus (PLUS), Five Point Holdings (FPH), Hewlett Packard Enterprise (HPE), Intuit (INTU), Nvidia (NVDA), Palo Alto Networks (PANW), Ross Stores (ROST), Splunk (SPLK), Xenon Pharmaceuticals (XENE)

Jobless Claims - 8:30am
Philadelphia Fed Business Outlook Survey - 8:30am
PMI Manufacturing Index - 9:45am
Existing Home Sales - 10:00am

Gold closed at $1,752.10  an ounce, u$6.50
Silver settled at $18.04 an ounce, up $0.14
Copper finished at $2.42  a pound, up $0.01
Crude Oil was at $33.54 a barrel,
 up $0.68
Bitcoin Investment Trust (GBTC) ended at $11.23 down $0.18

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

   Todd Mitchell

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