Fed Minutes Not Much Impact

The stock market traded in a narrow range ahead of and after the latest meeting minutes from the Federal Reserve before closing mixed on Wednesday. The Fed noted the economy was far from achieving their broad-based goal of maximum employment, suggesting a sharper and more sustained rebound would be needed before policymakers begin to think about tightening. 
 
The S&P 500 made a morning run to 4,083 while settling at a record close of 4,079 (+0.2%). Key resistance at 4,100 was challenged but held for the third-straight session. A move above this level would signal momentum towards 4,125-4,150.
 
The Dow tested an intraday low of 33,347 before finishing slightly higher at 33,446 (+0.1%). Near-term and upper support at 33,250-33,000 was challenged but easily held. A drop below the the latter would suggest a further pullback towards 32,750-32,500.
 
The Nasdaq ended at 13,688 (-0.1%) with the opening low reaching 13,653. Current and upper support at 13,600-13,450 was challenged but held. A close below the latter and the 50-day moving average would indicate a further fade towards 13,400-13,250.
 
The Russell 2000 closed at 2,223 (-1.6%) after tapping a late day low of 2,217. Near-term and upper support at 2,225-2,200 and the 50-day moving average were breached and failed to hold. A move below the latter would signal additional weakness towards 2,175-2,150. Below is a chart of the IWM.

 

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ANALYST UPGRADES/DOWNGRADES

Abercrombie & Fitch (ANF) upgraded to Buy from Neutral at UBS
Fox Corp. (FOXA) upgraded to Equal Weight from Underweight at Wells Fargo
Lazard (LAZ) upgraded to Overweight from Equal Weight at Morgan Stanley

Casey's General Stores (CASY) downgraded to Market Perform from Outperform at Raymond James
FibroGen (FGEN) downgraded to Neutral from Buy at H.C. Wainwright
Sempra Energy (SRE) downgraded to Neutral from Buy at Seaport Global

THURSDAY'S EARNINGS ANNOUNCEMENTS 
Before the open:  Apogee Enterprises (APOG), Conagra Brands (CAG), Constellation Brands (STZ), New Frontier Health (NFH), Northern Technologies International (NTIC)

After the close: Aehr Test Systems (AEHR), Afya Limited (AFYA), Levi Strauss & Co. (LEVI), PriceSmart (PSMT), WD-40 (WDFC)

THURSDAY’S ECONOMIC NEWS
Jobless Claims - 8:30am

METALS/ OIL
Gold closed at $1,741.60 an ounce,  down $1.40
Silver settled at $25.25 an ounce, up $0.06
Copper finished at $4.05 a pound, down $0.06
Crude Oil was at $59.56 a barrel, up $0.16
Bitcoin Investment Trust (GBTC) ended at $47.57 down $3.05

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

 Todd Mitchell

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