Dow Lags Despite Setting a Fresh Record High

The market showed overall strength for the 2nd-straight session and for the 6th time in 7 sessions following another round of record highs. Fed speak after the open from Chairman Jay Powell caused some of the early morning and late day choppiness after he said there is a lot of uncertainty regarding the impact of the coronavirus.

The Nasdaq traded to an all-time high of 9,714 while closing at 9,638. Fresh resistance at the 9,700 level was cleared and held with continued closes above this level keeping upside potential towards 9,800 in focus.

The S&P 500 tapped a record high of 3,375 while settling at 3,357. Near-term and key resistance at 3,375 was tapped but held with upside towards 3,400 on continued closes above this level.

The Russell 2000 tested a morning high of 1,686 while closing back above the 1,675 level by a couple of points. Key support at 1,675 was cleared and held with more important hurdles at 1,685-1,700.

The Dow tested an all-time high of 29,415 while closing at 29,276. Key resistance at 29,400 was cleared but held with potential towards 29,750-30,000 on continued closes above this level.

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ANALYST UPGRADES/DOWNGRADES

Boston Beer (SAM) upgraded to Outperform from Neutral at Credit Suisse
Flir Systems (FLIR) upgraded to Strong Buy from Outperform at Raymond James
Jack in the Box (JACK) upgraded to Outperform from Market Perform at Cowen

Facebook (FB) downgraded to Sell from Hold at Pivotal Research
GenMark (GNMK) downgraded to Market Perform from Outperform at Raymond James
WWE (WWE) downgraded to Neutral from Overweight at JPMorgan

WEDNESDAY'S EARNINGS ANNOUNCEMENTS  
Before the open: Ares Capital (ARCC), Barrick Gold (GOLD), CME Group (CME), CVS Health (CVS), Global Payments (GPN), Insight Enterprises (NSIT), IQVIA Holdings (IQV), Kamada (KMDA), Lithia Motors (LAD), Molson Coors Brewing (TAP), Moody's (MCO), NetSol Technologies (NTWK), Radware (RDWR), Shopify (SHOP), Tradeweb Markets (TW), Veru (VERU), Wabash National (WNC)

After the close: Applied Materials (AMAT), Blue Bird (BLBD), Cadence Design Systems (CDNS), Chefs' Warehouse (CHEF), Cisco Systems (CSCO), Equifax (EFX), FTS International (FTSI), HubSpot (HUBS), Kadant (KAI), Lantronix (LTRX), MGM Resorts International (MGM), NetApp (NTAP), Paramount Group (PGRE), QuickLogic (QUIK), Redfin (RDFN), SS&C Technologies (SSNC), SunPower (SPWR), Trimble Navigation (TRMB), Waste Connections (WCN)

WEDNESDAY'S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am

METALS/ OIL
Gold closed at $1,570.10 an ounce,down $9.40
Silver settled at $17.60 an ounce,   down $0.18
Copper finished at $2.58  a pound, up $0.03
Crude Oil was at $50.48 a barrel,
up $0.68
Bitcoin Investment Trust (GBTC) ended at $12.99  up $0.81


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


   Todd Mitchell


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