The market traded on both sides of the ledger on Thursday following mixed economic news on the open and positive developments shortly afterwards. Negotiations to restart on another fiscal relief bill sent the market to midday peaks after the major indexes set fresh monthly lows, excluding the Nasdaq, shortly after the opening bell.
The Nasdaq traded to a midday peak of 10,799 before closing at 10,672 (+0.4%). Near-term and lower resistance at 10,700-10,800 was breached but held. A move above the latter would indicate further strength towards 10,900-11,000 and the 50-day moving average.
The S&P 500 ended at 3,246 (+0.3%) after topping out at 3,278. Resistance at 3,250-3,275 was breached but levels that held. A close above the latter would suggest another push towards 3,300-3,325.
The Dow traded to an afternoon peak of 27,094 before settling at 26,815 (+0.2%). Prior and lower resistance at 27,000-27,250 was tripped but held. A close above the latter would indicate additional upside towards 27,500-27,750.
The Russell 2000 tapped an intraday high of 1,474 while settling at 1,451 (+0.02%). Current and lower resistance at 1,460-1,475 was breached but held. Continued closes above the latter would be a bullish signal for a retest towards 1,485-1,500.
FedEx (FDX) upgraded to Buy from Hold at Stifel
Square (SQ) upgraded to Outperform from Perform at Oppenheimer
ZoomInfo (ZI) upgraded to Buy from Hold at Canaccord
Penn National (PENN) downgraded to Neutral from Outperform at Macquarie
Range Resources (RRC) downgraded to Sell from Neutral at Goldman Sachs
Stratasys (SSYS) downgraded to Neutral from Overweight at JPMorgan
FRIDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Aesthetic Medical International Holdings Group (AIH)
After the close: Natuzzi (NTZ)
FRIDAY'S ECONOMIC NEWS
Durable Goods Orders - 8:30am
Baker-Hughes Rig Count - 1:00pm
Gold closed at $1876.90 an ounce, up $8.50
Silver settled at $23.20 an ounce, up $0.10
Copper finished at $2.97 a pound, down $0.02
Crude Oil was at $40.27 a barrel, up $1.18
Bitcoin Investment Trust (GBTC) ended at $11.17, up $0.56
I hope this helps you prepare for the trading day. Make it a great one!
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