Bulls Continue to Push Record Highs

The stock market showed continued strength on Thursday as encouraging economic news and better-than-expected earnings pushed the major indexes towards new all-time highs and prior resistance levels. Specifically, a much stronger than expected report on consumer spending and a sharp improvement in the number of new jobless claims fueled bullish sentiment.

The Nasdaq tested a late day peak of 14,049 before ending at 14,038 (+1.3%). Prior and lower resistance from early February at 14,000-14,150 was recovered. A close above the latter and the all-time high at 14,175 would indicate additional strength towards 14,200-14,350.

The S&P 500 tapped another record high of 4,173 before settling at 4,170 (+1.1%). Fresh and lower resistance at 4,150-4,175 was cleared and held. A close above the latter would suggest ongoing momentum towards 4,200-4,225.

The Dow traded to a new all-time high of 34,068 before finishing at 34,035 (+0.9%). Unchartered territory and lower resistance at 34,000-34,250 was breached and held. A pop above the latter would signal additional upside towards 34,250-34,500.

The Russell 2000 tagged an opening high of 2,264 before closing at 2,255 (+0.3%). Near-term and lower resistance at 2,250-2,275 was cleared and held. A close above the latter would indicate ongoing strength towards 2,300-2,325 with the mid-March record peak at 2,360.

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​AB InBev (BUD) upgraded to Overweight from Equal Weight at Barclays
Goosehead (GSHD) upgraded to Outperform from Market Perform at Keefe Bruyette
Hershey (HSY) upgraded to Buy from Neutral at Goldman Sachs

CrossAmerica (CAPL) downgraded to Market Perform from Outperform at Raymond James
Intel (INTC) downgraded to Underperform from Market Perform at Raymond James
VMware (VMW) downgraded to Market Perform from Outperform at Northland

Before the open: Ally Financial (ALLY), Bank of New York Mellon (BK), Citizens Financial Group (CFG), EHang Holdings (EH), Kansas City Southern Industries (KSU), Morgan Stanley (MS), PNC Bank (PNC), State Street (STT)

After the close: None

​Consumer Sentiment - 10:00am
Baker-Hughes Rig Count - 1:00pm

Gold closed at $1,766.80 an ounce,  up $30.50
Silver settled at $25.96 an ounce, up $0.44
Copper finished at $4.22 a pound, up $0.09
Crude Oil was at $63.34 a barrel, up $0.59
Bitcoin Investment Trust (GBTC) ended at $52.60 up $1.10

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

 Todd Mitchell

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