Bulls Push Fresh all-Time Highs

Wall Street showed continued momentum on Friday to extend its winning streak to four-straight sessions while hitting another round of fresh all-time highs. The gains easily gave the bulls the weekly win following last Monday’s mini selloff and comes ahead of the busiest week for the second-quarter earnings season.
The Nasdaq tapped an all-time high of 14,846 before finishing at 14,836 (+1%). Key resistance at 14,850 was challenged but held. A move above this level gets a run towards 15,000-15,150 in play.

The S&P 500 tagged a record peak of 4,415 before ending at 4,411 (+1%). Unchartered territory and lower resistance at 4,400-4,425 was cleared and held. A move above the latter would indicate additional momentum towards 4,425-4,450.

The Dow closed at 35,061 (+0.7%) after trading to a lifetime high of 35,095. Key resistance at 35,000 was breached and held. Continued closes above this level would be a an ongoing bullish development for a trip towards 35,250-35,500.

The S&P 500 settled at 4,327 (-0.8%) after falling to afternoon low of 4,322. Near-term and upper support at 4,325-4,300 was triggered but held. A drop below the latter would signal a further fade towards 4,275-4,250 and the 50-day moving average.

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D.R. Horton (DHI) upgraded to Strong Buy from Outperform at Raymond James
Monster Beverage (MNST) upgraded to Buy from Neutral at Citi
Trade Desk (TTD) upgraded to Overweight from Equal Weight at Stephens

Adverum Biotechnologies (ADVM) downgraded to Neutral from Buy at Goldman Sachs
Boston Beer (SAM) downgraded to Neutral from Buy at Goldman Sachs
Domino's Pizza (DPZ) downgraded to Neutral from Overweight at JPMorgan

Before the open: Alliance Resource Partners (ARLP), Bank of Hawaii (BOH), Check Point Software Technologies (CHKP), Community Bank System (CBU), Dorman Products (DORM), First Merchants (FRME), Hasbro (HAS), Lakeland Financial (LKFN), Lennox International (LII), Lockheed Martin (LMT), Otis Worldwide (OTIS), PetMed Express (PETS), RPM International (RPM)

After the close: Amkor Technology (AMKR), Brown & Brown (BRO), Cadence Design Systems (CDNS), Enterprise Financial Services (EFSC), F5 Networks (FFIV), HealthStream (HSTM), Independence Realty Trust (IRT), J & J Snack Foods (JJSF), KKR Real Estate Finance Trust (KREF), Logitech International (LOGI), Medpace Holdings (MEDP), National Bank Holdings (NBHC), Packaging Corporation of America (PKG), QCR Holdings (QCRH), Range Resources (RRC), Simpson Manufacturing (SSD), Tesla (TSLA), Universal Health Services (UHS)

New Home Sales - 10:00am

Gold closed at $1,801.80 an ounce, down $3.60
Silver settled at $25.23 an ounce, down $0.15
Copper finished at $4.40 a pound, up $0.06
Crude Oil was at $72.17 a barrel, up $0.36
Bitcoin Investment Trust (GBTC) ended at $27.19 up $0.14

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

 Todd Mitchell

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