Bulls Show Continued Momentum

The stock market was slightly choppy on Monday after trading in a tight range while setting another round of fresh all-time highs. The hesitancy came as Wall Street prepares for a slew of second-quarter earnings and another update from the Federal Reserve.
 
Excluding the small-caps, the major indexes extended their winning streak to five-straight sessions despite a slight uptick in volatility. However, the bulls held a key level of resistance to keep volatility in their favor heading into the busy week.
 
The Russell 2000 ended at 2,216 (+0.6%) after testing an opening high of 2,232. Lower resistance at 2,225-2,250 was cleared but held. A close above the later and the 50-day moving average would likely signal another push towards 2,275-2,300. 
 
The S&P 500 finished at a new record and session high of 4,422 (+0.2%). Unchartered territory and lower resistance at 4,425-4,450 was challenged but held. A pop above the latter would be an ongoing bullish development for additional upside towards 4,450-4,475.
 
The Dow settled at 35,144 (+0.2%) after tapping a late day and all-time high of 35,150. New resistance at 35,150 was tripped but held. Continued closes above this level would indicate ongoing strength towards 35,250-35,500.
 
The Nasdaq closed at 14,840 (+0.03) with the fresh lifetime and intraday high reaching 14,863. Key resistance at 14,850 was cleared but held. A close above this level would suggest momentum towards 15,000-15,150.

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ANALYST UPGRADES/DOWNGRADES

Casey's General (CASY) upgraded to Outperform from Market Perform at BMO Capital
D.R. Horton (DHI) upgraded to Outperform at Wedbush
Pacira (PCRX) upgraded to Overweight from Neutral at JPMorgan

Lowe's (LOW) downgraded to Neutral from Outperform at Wedbush
Palo Alto Networks (PANW) downgraded to Hold from Buy at Loop Capital Zscaler (ZS) downgraded to Hold from Buy at Loop Capital

TUESDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: 3M Company (MMM), Aaron's (AAN), Boston Scientific (BSX), Corning (GLW), Ecolab (ECL), First Foundation (FFWM), General Electric (GE), Hubbell (HUBB), Invesco (IVZ), JetBlue Airways (JBLU), Lamb Weston Holdings (LW), Melco Resorts & Entertainment (MLCO), Navios Maritime Partners (NMM), Polaris Industries (PII), Raytheon Technologies (RTX), Rockwell Automation (ROK), Sherwin-Williams (SHW), Stanley Black & Decker (SWK), Teck Resources (TECK), United Parcel Service (UPS), Waste Management (WM), Xerox (XRX)

After the close: Alphabet (GOOGL), Apple (AAPL), Boston Properties (BXP), C.H. Robinson Worldwide (CHRW), Cheesecake Factory (CAKE), Extra Space Storage (EXR), First Commonwealth Financial (FCF), Hanover Insurance Group (THG), Imax (IMAX), Juniper Networks (JNPR), Mattel (MAT), Microsoft (MSFT), NortonLifeLock (NLOK), Olin (OLN), Paramount Group (PGRE), Renasant (RNST), Starbucks (SBUX), Teradyne (TER), UMB Financial (UMBF), Visa (V), WesBanco (WSBC)

TUESDAY'S ECONOMIC NEWS
Durable Goods Orders - 8:30am
S&P Corelogic Case-Shiller - 9:00am
Consumer Sentiment - 10:00am

METALS/ OIL
Gold closed at $1,799.20 an ounce, down $2.60
Silver settled at $25.32 an ounce, up $0.09
Copper finished at $4.59 a pound, up $0.19
Crude Oil was at $72.19 a barrel, up $0.02
Bitcoin Investment Trust (GBTC) ended at $33.79 up $6.60

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

 Todd Mitchell

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