Bulls Rebound Despite Rising Jobless Claims

The stock market traded in the red throughout the first half of Thursday’s action following news Initial Jobless Claims gained 31,000 to 742,000 last week. The concern over coronavirus cases continued as New York closed the nations biggest school district with more closures coming in other major cities by Friday night.

The bounce off the lows and positive closes have the market mixed for the week with Friday’s action giving the bulls or bears the weekly win.

The Nasdaq tested an afternoon high of 11,912 while ending at 11,904 (+0.9%). 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.

The Russell 2000 closed on its session and peak of 1,784 (+0.8%). 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 S&P 500 finished at 3,581 (+0.4%) after reaching a late day high of 3,585. Current and lower resistance at 3,575-3,600 was cleared and held. A close above the latter would suggest additional upside towards 3,625-3,650 with the current all-time high at 3,645.

The Dow traded to an afternoon high of 29,524 before settling at 29,483 (+0.2%). Prior and lower resistance at 29,500-29,750 was breached but held. A move above the latter would suggest another run towards the 30,000 level.

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Coty (COTY) upgraded to Buy from Neutral at Citi
Shopify (SHOP) upgraded to Buy from Hold at Jefferies
Wells Fargo (WFC) upgraded to Buy from Neutral at DA Davidson

FuelCell (FCEL) downgraded to Neutral from Overweight at JPMorgan
Robert Half (RHI) downgraded to Underperform from Neutral at Credit Suisse
Victory Capital (VCTR) double-downgraded to Underperform from Buy at BofA

Before the open: Buckle (BKE), Foot Locker (FL), Hibbett Sports (HIBB), RMR Group (RMR)

After the close: None

​Baker-Hughes Rig Count - 1:00pm

Gold closed at $1,861.50 an ounce,  down $12.40
Silver settled at $24.05 an ounce, down $0.40
Copper finished at $3.20 a pound, unchanged
Crude Oil was at $41.76 a barrel, up $0.15
Bitcoin Investment Trust (GBTC) ended at $20.10 up $0.46

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

   Todd Mitchell

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