Nasdaq / S&P 500 Clears 50-Day MA’s

U.S. markets showed strength for the 3rd-straight session following upbeat economic news and strong company profits as the 1Q continues to wind down. The gains pushed all of the major moving averages back into positive territory for the week with volatility also settling below key levels of support.

The Nasdaq jumped 1% following the intraday high of 7,946. Prior and lower resistance from early April at 7,950-8,000 was challenged but held on the close back above the 50-day moving average.

The S&P 500 soared 0.9% after testing a 2nd half high of 2,892. Fresh and lower resistance at 2,900-2,925 held with the index also recovering its 50-day moving average.

The Dow rose 0.8% following the late day run to 25,957. Late March and lower resistance at 25,800-26,000 was cleared and held with a close above the latter and the 50-day moving average being a more bullish signal for continued momentum.

The Russell 2000 rallied 0.6% after trading to an intraday high of 1,567. Near-term and lower resistance at 1,550-1,575 was cleared and held with a close above the latter and the 50/200-day moving averages being a more bullish signal for higher highs.

Materials led sector strength after jumping 1.4% while Financials were up 1%. Technology, Industrials, Consumer Discretionary and Communication Services all added 0.9%.

There were no sector laggards.


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ANALYST UPGRADES/DOWNGRADES

KB Home (KBH) upgraded to Outperform from Sector Perform at RBC Capital
Macy's (M) upgraded to Neutral from Sell at Goldman Sachs
Scorpio Tankers (STNG) upgraded to Overweight from Neutral at JPMorgan

Nomura (NMR) downgraded to Sell from Neutral at Citi
Occidental Petroleum (OXY) downgraded to Hold from Buy at Argus
Sito Mobile (SITO) downgraded to Hold from Buy at Lake Street

EARNINGS 
Before the open (EST):
​​Cae (CAE), Deere & Co (DE), LexinFintech Holdings (LX), TuanChe (TC)

After the close(EST):
​None

UPCOMING ECONOMIC NEWS
Friday's economic reports (EST): 
​Quarterly Services Survey - 10:00am
Consumer Sentiment - 10:00am
E-Commerce Retails Sales - 10:00am
Leading Indicators - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS / OIL
Gold closed at $1,286.20 an ounce, down $11.60
Silver settled at $14.54 an ounce, down $0.27
Copper finished at $2.74 a pound, unchanged
Crude Oil was at $63.06 a barrel, up $0.86
Bitcoin Investment Trust (GBTC) ended at $9.94 down $0.61



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

   Todd Mitchell


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