Nasdaq Up 5-Straight Sessions

U.S. markets showed strength throughout Thursday’s session while recovering losses over the last couple of sessions to keep fresh resistance and 2019 highs in play.

Better-than-expected economic news helped overall sentiment but the weakness in the Financials remain a slight concern following the Fed news they weren’t going to raise rates this year.

The Nasdaq jumped 1.4% after tapping a fresh 2019 high of 7,850 to extend its winning streak to 5-straight sessions. The close above the 7,800 level was super bullish with fresh and lower resistance at 7,850-7,900 holding into the closing bell.

The Russell 2000 rallied 1.3% following the first half push to 1,569 and topping Monday’s peak by a third-point. Lower resistance at 1,570-1,585 held with a move above the latter and the 200-day moving average being a bullish signal for higher highs.

The S&P 500 advanced 1.1% following the run to 2,860. Major resistance at 2,850 was cleared and held with continued closes above this level being a bullish setup for a run towards 2,875-2,900.

The Dow rose 0.8% to regain positive territory for the week after reaching an intraday peak of 26,009. Lower resistance at 26,000-26,250 held for the 4th time in 5 sessions with continued closes above the latter being a more bullish development.

Technology led sector leaders after zooming 2.5% while Real Estate and Consumer Discretionary added 1.7% and 1.4%, respectively.

Financials were the only sector laggard after giving back 0.3%.

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ANALYST UPGRADES/DOWNGRADES

Apple (AAPL) upgraded to Strong Buy from Buy at Needham
ConocoPhillips (COP) upgraded to Overweight from Neutral at Piper Jaffray
Qorvo (QRVO) upgraded to Buy from Neutral at Goldman Sachs
Biogen (BIIB) downgraded to Market Perform from Outperform at Wells Fargo
Magna (MGA) downgraded to Market Perform from Outperform at BMO Capital
Micron (MU) downgraded to Sell from Neutral at Citi

EARNINGS 
Before the open (EST):
BRP (DOOO), Hibbett Sports (HIBB), IMV (IMV), JinkoSolar Holding (JKS), Tiffany & Company (TIF)

After the close(EST):
​None

UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST): 
PMI Composite Flash - 10:00am
Existing Home Sales - 10:00am
Wholesale Trade - 10:00am
Baker-Hughes Rig Count - 1:00pm
Treasury Budget - 2:00pm

METALS / OIL
Gold closed at $1,307.30 an ounce, up $5.60
Silver settled at $15.44 an ounce, up $0.12
Copper finished at $2.90 a pound, down $0.02
Crude Oil was at $59.88 a barrel, down $0.24
Bitcoin Investment Trust (GBTC) ended at$4.81, down $0.11



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

   Todd Mitchell


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