Small-Caps Up 5-Straight Sessions

The market showed continued momentum on Wednesday with the small-caps once again leading the rally and extending the Russell’s winning streak to 5-straight sessions. The broader market and the blue-chip indexes cleared key resistance levels while Technology made a final hour comeback to give the bulls a clean sweep.

The Russell 2000 surged to an afternoon high of 1,438 while closing at 1,436 (+3.1%). Fresh resistance at 1,435 was cleared and held with continued closes above this level signaling strength towards the 1,450 level.

The Dow settled at 25,551 (+2.2%) after testing an intraday high of 25,548. Key resistance at 25,500 was recovered with continued closes above this level signaling strength towards the 26,000 area.

The S&P 500 closed on its session peak of 3,036 (+1.5%). Crucial resistance at 3,025 and the 200-day moving average were cleared and held with continued closes above these levels signaling additional momentum towards the 3,075-3,100 zone.

The Nasdaq tested a late session high of 9,414 while closing at 9,412 (+0.8%). Current resistance at 9,500 easily held with a close above this level getting 9,750 focus.

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ANALYST UPGRADES/DOWNGRADES

AMC Entertainment (AMC) upgraded to Neutral from Sell at MKM Partners
Dentsply Sirona (XRAY) upgraded to Outperform from In Line at Evercore ISI
Hibbett Sports (HIBB) upgraded to Positive from Neutral at Susquehanna

HP Enterprise (HPE) downgraded to Hold from Buy at Argus
Hyatt (H) downgraded to Neutral from Outperform at Baird
Pearson (PSO) downgraded to Sell from Hold at Berenberg

THURSDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Abercrombie & Fitch (ANF), Burlington Stores (BURL), Canadian Solar (CSIQ), Dollar General (DG), Dollar Tree Stores (DLTR), Golar LNG (GLNG), Hamilton Lane (HLNE), Lumber Liquidators (LL), Momo (MOMO), Rewalk Robotics (RWLK), Sanderson Farms (SAFM), Steven Madden (SHOO), TD Bank Group (TD), Tech Data (TECD), Urban One (UONE)

After the close: Afya (AFYA), Costco Wholesale (COST), Dell Technologies (DELL), FAT Brands (FAT), Giga-tronics (GIGA), Lumos Pharma (LUMO), Marvell Technology (MRVL), Navigator Holdings (NVGS), Nordstrom (JWN), Okta (OKTA), Pure Storage (PSTG), Remark Holdings (MARK), Salesforce (CRM), ULTA Beauty (ULTA), VMware (VMW), Williams-Sonoma (WSM), Zscaler (ZS)

FRIDAY'S ECONOMIC NEWS
Jobless Claims - 8:30am
GDP - 8:30am
Durable Goods Orders - 8:30am
Kansas City Fed Manufacturing Index - 11:00am

METALS/ OIL
Gold closed at $1,726.80  an ounce, up $21.20
Silver settled at $17.76 an ounce, up $0.17
Copper finished at $2.38  a pound,  down $0.04
Crude Oil was at $31.60 a barrel, 
down $2.35
Bitcoin Investment Trust (GBTC) ended at $10.54 up $0.36


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


   Todd Mitchell


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