Dow and S&P 500 Touch Another Round of Record Highs

The stock market had a strong showing on Monday following a blowout employment report on Friday, which revealed the economy added a stunning 916,000 jobs last month with the unemployment rate falling to 6%. Better-than-expected economic news also fueled bullish sentiment and comes ahead of a busy week for Fed speak.
 
The Nasdaq tested an intraday peak of 13,720 before ending at 13,705 (+1.7%). Prior and lower resistance from early February at 13,600-13,750 was recovered. A move above the latter would indicate additional strength towards 13,850-14,000.
 
The S&P 500 tapped another all-time and midday high of 4,083 before settling at 4,077 (+1.4%). New and lower resistance at 4,075-4,100 was cleared and held. A close the latter would suggest ongoing momentum towards 4,125-4,150.
The Dow traded to a fresh all-time high of 33,617 before finishing at 33,527 (+1.1%). Unchartered territory and lower resistance at 33,500-33,750 was tripped and held. A pop above the latter would signal additional upside towards 34,000-34,250.
 
The Russell 2000 tagged an opening high of 2,280 before going out at 2,264 (+0.5%). Near-term and lower resistance at 2,275-2,300 was breached but held. A close above the latter would indicate ongoing strength towards 2,325-2,350 with the mid-March record peak at 2,360. Below is a chart of the IWM.

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ANALYST UPGRADES/DOWNGRADES

Caesars (CZR) upgraded to Overweight from Equal Weight at Morgan Stanley
JetBlue (JBLU) upgraded to Outperform from Market Perform at Raymond James
Tesla (TSLA) upgraded to Outperform from Neutral at Wedbush

A.O. Smith (AOS) downgraded to Hold from Buy at Stifel
Pioneer Natural (PXD) downgraded to Sector Weight at KeyBanc
Takeda Pharmaceutical (TAK) downgraded to Hold from Buy at Jefferies

TUESDAY'S EARNINGS ANNOUNCEMENTS 
Before the open:  American Shared Hospital Services (AMS), Evaxion Biotech (EVAX), Greenbrier Companies (GBX), Lindsay Manufacturing (LNN), Magal Security Systems (MAGS), Paychex (PAYX), Stealth BioTherapeutics (MITO)

After the close: Maxeon Solar Technologies (MAXN), Natuzzi (NTZ), SMART Global Holdings (SGH)

TUESDAY’S ECONOMIC NEWS

Redbook - 8:55am
Jolts - 10:00am
IBD/ TIPP Economic Optimism -
10:00am

METALS/ OIL
Gold closed at $1,728.80 an ounce,  up $0.40
Silver settled at $24.78 an ounce, down $0.17
Copper finished at $4.14 a pound, up $0.15
Crude Oil was at $58.78 a barrel, down $2.50
Bitcoin Investment Trust (GBTC) ended at $52.95 up $2.08

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

 Todd Mitchell

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