Multi-Month Resistance Levels Back in Play

The market was in rally mode to start the shortened holiday week with the major indexes tagging prior February and March peaks on Tuesday. Better-than-expected housing news along with another possible coronavirus treatment fueled the rally although the fade in Tech was a bummer.

The Russell 2000 kissed an intraday high of 1,406 while closing at 1,393 (+2.8%). Key resistance at 1,400 was breached but held with continued closes above this level signaling strength towards the 1,425 area.

The Dow tapped a high of 25,176 before settling at 24,995 (2.2%). Major resistance at 25,000 was cleared but held with a close below this level keeping 25,500 on the map.

The S&P 500 closed at 2,991 (+1.2%) after making a morning run to 3,021. Crucial resistance at 3,000 and the 200-day moving average were tripped but stuck with continued closes above these levels signaling additional momentum towards 3,050.

The Nasdaq zoomed to a high of 9,501 after the open before closing at 9,340 (+0.2%). New resistance at 9,500 was breached but held with a close above this level getting 9,700-9,750 in the mix.

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ANALYST UPGRADES/DOWNGRADES

iRobot (IRBT) upgraded to Neutral from Underweight at JPMorgan
LyondellBasell (LYB) upgraded to Buy from Hold at Deutsche Bank
Regeneron (REGN) upgraded to Overweight from Equal Weight at Wells Fargo

Eaton (ETN) downgraded to Neutral from Buy at BofA
Halliburton (HAL) downgraded to Sell from Neutral at UBS
Scotts Miracle-Gro (SMG) double downgraded to Market Perform from Strong Buy at Raymond James

FRIDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Bank of Montreal (BMO), Columbus McKinnon (CMCO), Embraer (ERJ), FinVolution Group (FINV), Genesis Healthcare (GEN), Itamar Medical (ITMR), Photronics (PLAB), Ralph Lauren (RL), Royal Bank of Canada (RY), Sunlands Technology (STG), Trinity Biotech (TRIB), Vipshop Holdings (VIPS)

After the close: Autodesk (ADSK), Box (BOX), Coherent (COHR), Descartes Systems Group (DSGX), HP (HPQ), NetApp (NTAP), Plantronics (PLT), QAD (QADA), Semtech (SMTC), Toll Brothers (TOL), Workday (WDAY)

FRIDAY'S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
Richmond Fed Manufacturing Index - 10:00am
Dallas Fed Manufacturing Survey - 10:30am
Beige Book - 2:00pm

METALS/ OIL
Gold closed at $1,705.60  an ounce, down $29.90
Silver settled at $17.59 an ounce, down $0.10
Copper finished at $2.42  a pound,  up $0.03
Crude Oil was at $33.95 a barrel, 
down $0.40
Bitcoin Investment Trust (GBTC) ended at $10.18 down $0.48


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


   Todd Mitchell


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