Bulls Keep Grooving

The market finished higher on Tuesday with the blue-chip Dow giving up its early gains ahead of a policy update by the Federal Reserve. Tech led the upswing as the major indexes continued to rebound from last week’s selloff with 2 and 3-session winning streaks.

Volatility remains a wild card as the bulls were unable to hold lower lows and a key level of support for the 2nd-straight session. Adobe Systems (ADBE) and FedEx (FDX) announced blowout earnings after the closing bell and will have some impact on Wednesday’s market open.

The Nasdaq tagged an intraday peak of 11,224 before finishing at 11,190 (+1.2%). Prior and lower resistance at 11,200-11,300 was cleared but held. A move above the latter would suggest a further retest towards 11,400-11,500.

The S&P 500 closed at 3,401 (+0.5%) with the midday high reaching 3,419. Lower resistance at 3,400-3,425 was recovered. A close above the latter would indicate further upside towards 3,450-3,475.

The Russell 2000 tested a high of 1,551 before going out at 1,538 (+0.1%). Current and lower resistance at 1,550-1,565 was cleared but held. Continued closes above the latter would be a bullish signal for a run towards 1,570-1,585.

The Dow traded to a morning high of 28,231 while ending at 27,995 (+0.01%). Prior and lower resistance at 28,000-28,250 was cleared but held for the 2nd-straight session. A move above the latter would be a bullish signal for additional strength 28,500-28,750.

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ANALYST UPGRADES/DOWNGRADES

CyberArk (CYBR) upgraded to Overweight from Equal Weight at Barclays
Plantronics (PLT) upgraded to Neutral from Underweight at JPMorgan
Western Union (WU) upgraded to Buy from Neutral at BofA

Immunomedics (IMMU) downgraded to Hold from Buy at Jefferies
Trip.com Group (TCOM) downgraded to Neutral from Buy at ICBC
Renasant (RNST) downgraded to Neutral from Buy at DA Davidson

WEDNESDAY'S EARNING ANNOUNCEMENTS
Before the open: Brady (BRC)

After the close: Herman Miller (MLHR), Oak Street Health (OSH)


WEDNESDAY'S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
Producer Price Index - 8:30am
Retail Sales - 8:30am
Business Inventories -10:00am
NAHB Housing Market Index - 10:00am
FOMC Minutes - 2:00pm

METALS/ OIL
Gold closed at $1,966.20  an ounce, up $2.50
Silver settled at $27.46 an ounce, up $0.11
Copper finished at $3.06 a pound, down $0.01
Crude Oil was at $37.31 a barrel,
down $0.08
Bitcoin Investment Trust (GBTC) ended at $11.95, up  $0.09


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


   Todd Mitchell


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