Bulls Keep Momentum on Continued Vaccine hopes

Wall Street closed higher on Monday on fresh record highs after Moderna (MRNA) became the latest major drug-maker to announce positive data for its coronavirus vaccine candidate. The company said its vaccine is 94.5% effective based on early results but the logistical challenge of manufacturing and distribution remains a slight unknown.

The Russell 2000 closed on its session and record peak of 1,785 (+2.4%). Unchartered territory and lower resistance at 1,785-1,800 was cleared and held. A close above the latter would indicate continued momentum towards 1,820-1,840.

The Dow traded to an afternoon and lifetime high of 29,964 before settling at 29,950 (+1.6%). Prior and lower resistance from February at 29,750-30,000 was breached and held. A move above the latter would suggest additional strength towards 30,250-30,500.

The S&P 500 finished at 3,626 (+1.2%) after reaching a late day peak of 3,628. New and lower resistance at 3,625-3,650 was cleared but held. A close above the latter would suggest additional upside towards 3,675-3,700 with the current all-time high at 3,645.

The Nasdaq tested a morning high of 11,937 while ending at 11,924 (+0.8%). Near-term and lower resistance at 11,900-12,000 was recovered. A move above the latter would signal another retest towards 12,000-12,100 with the current lifetime peak at 12,108.

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Bloomin' Brands (BLMN) upgraded to Outperform from Market Perform at BMO Capital
F5 Networks (FFIV) upgraded to Overweight from Neutral at JPMorgan
International Paper (IP) upgraded to Buy from Neutral at Citi

Aurora Cannabis (ACB) downgraded to Underperform from Hold at Jefferies
Sage Therapeutics (SAGE) downgraded to Equal Weight from Overweight at Morgan Stanley
Welltower (WELL) downgraded to Equal Weight from Overweight at Wells Fargo

Before the open: Aramark Holdings (ARMK), Consolidated Water (CWCO), Evoqua Water Technologies (AQUA), Home Depot (HD), Kohl's (KSS), Milestone Scientific (MLSS), Palatin Technologies (PTN), Walmart (WMT)

After the close: La-Z-Boy (​​​​LZB), Nio (NIO), Paysign (PAYS), Varex Imaging (VREX)

Retail Sales - 8:30am
Import and Export Prices - 8:30am
Redbook - 8:55am
Industrial Production - 9:15am
NAHB Housing Market Index - 10:00am

Gold closed at $1,887.80 an ounce,  up $1.60
Silver settled at $24.80 an ounce, up $0.03
Copper finished at $3.22 a pound, up $0.04
Crude Oil was at $41.50 a barrel,
 up $1.38
Bitcoin Investment Trust (GBTC) ended at $18.86 up $0.90

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

   Todd Mitchell

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