Bulls Regain Momentum

The market was choppy for much of Wednesday’s session before gaining momentum during the second half of action and into the final hour. The fact that new coronavirus cases confirmations in the U.S. saw a record 60,000 additions in one day weighed on sentiment before Tech led the overall market higher while recording its 25th record close for 2020.

The Nasdaq tested a late day high of 10,494 while closing at 10,492 (+1.4%). Current resistance at 10,400 was recovered with a close above the 10,500 level and the recent all-time high of 10,518 would suggest additional momentum towards 10,700-10,750.

The S&P 500 traded to an intraday high of 3,171 before finishing at 3,169 (+0.8%). Short-term resistance at 3,175 was challenged but held with continued closes above this level, signaling additional upside towards 3,200.

The Dow reached a morning high of 26,109 before going out at 26,067 (0.7%). Key resistance at 26,000 was cleared and held with continued closes above this level, suggesting another push towards 26,250 and the 200-day moving average.

The Russell 2000 settled at 1,427 (+0.8%) after testing an opening high of 1,431. Key resistance at 1,425 was recovered with continued closes above this level keeping a return trip towards 1,450 and the 200-day moving average. 

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Kohl's (KSS) upgraded to Buy from Neutral at BofA
Nikola (NKLA) upgraded to Overweight from Neutral at JPMorgan
S&P Global (SPGI) upgraded to Conviction Buy from Buy at Goldman Sachs

Altria Group (MO) downgraded to Equal Weight from Overweight at Barclays
HubSpot (HUBS) downgraded to Neutral from Buy at Mizuho
Vista Outdoor (VSTO) downgraded to Neutral from Buy at B. Riley FBR

Before the open: ​Azz (AZZ), Helen of Troy (HELE), Jerrick Media Holdings (JMDA), Park Electrochemical (PKE), Walgreens Boots Alliance (WBA)
After the close: Capstone Turbine (CPST), Franklin Covey (FC), Griffin Industrial Realty (GRIF), PriceSmart (PSMT), Simulations Plus (SLP), WD-40 (WDFC)

Jobless Claims - 8:30am
Wholesale Trade - 10:00am

Gold closed at $1,820.60  an ounce, up $10.70
Silver settled at $19.16 an ounce, up $0.46
Copper finished at $2.82 a pound, up $0.02
Crude Oil was at $40.88 a barrel, 
up $0.43
Bitcoin Investment Trust (GBTC) ended at $10.33 up $0.58

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

   Todd Mitchell

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