Bulls Get Weekly Win Although Small-Caps Slack

The stock market closed mostly higher on Friday despite a choppy open with the major indexes closing out a solid week of gains. Tech recovered earlier losses to trade in positive territory while the small-caps danced in the red for most of the session before edging slightly higher into the closing bell.
 
The strong showing remains a bullish development ahead of the official start for the first-quarter earnings season with record highs and previous resistance levels back in play. Traders seem to believe earnings will be much better than forecasts and will provide some justification of current valuation levels.
 
The Dow tagged an intraday and all-time high of 33,810 before settling at 33,800 (+0.9%). Unchartered territory and lower resistance at 33,750-34,000 was cleared and held. A close above the latter would suggest ongoing momentum towards 34,250-34,500.

The S&P 500 tapped a fresh record peak of 4,129 before going out at 4,128 (+0.8%). Fresh and lower resistance at 4,125-4,150 was cleared and held. A move above this level keeps upside towards 4,175-4,200 in focus.

The Nasdaq traded to an afternoon high of 13,905 while closing at 13,900 (+0.5%). Prior and lower resistance from early February at 13,850-14,000 was recovered. A close above the latter would indicate a possible run towards 14,100-14,250 with the all-time peak at 14,175.

The Russell 2000 tested an opening low of 2,231 before finishing at 2,243 (+0.04%) while holding its 50-day moving average for the second-straight session. Near-term and upper support at 2,225-2,200 was challenged but held. A close below the latter would signal a backtest towards 2,175-2,150. Below is a chart of the IWM.

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ANALYST UPGRADES/DOWNGRADES

Charles Schwab (SCHW) upgraded to Outperform from Market Perform at JMP Securities
Harley-Davidson (HOG) upgraded to Buy from Neutral at Northcoast
Philip Morris (PM) upgraded to Overweight from Neutral at JPMorgan

Altice USA (ATUS) downgraded to Neutral from Buy at Citi
Chuy's (CHUY) downgraded to Hold from Buy at Stifel
Credit Suisse (CS) downgraded to Equal Weight from Overweight at Morgan Stanley

MONDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: Aphria (APHA), Canaan (CAN), TuanChe (TC)

After the close: BioHiTech Global (BHTG), MIND Technology (MIND), Simulations Plus (SLP)

MONDAY’S ECONOMIC NEWS
​No major announcements

METALS/ OIL
Gold closed at $1,744.80 an ounce,  down $13.40
Silver settled at $25.33 an ounce, down $0.33
Copper finished at $4.04 a pound, down $0,05
Crude Oil was at $59.34 a barrel, down $0.45
Bitcoin Investment Trust (GBTC) ended at $49.65 up $0.60

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

 Todd Mitchell

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