The market showed strong gains on Monday following ongoing developments for a corona virus vaccine along with a slew of high profile merger & acquisitions news. Specially, AstraZeneca (AZN) announced clinical trials of its corona virus vaccine has resumed in the United Kingdom. The study was paused last week after one person in the trial became ill.
Meanwhile, Oracle (ORCL) has emerged as the winner in the takeover for TikTok after the company announced it will serve as the trusted technology provider.
The Russell 2000 settled at 1,536 (+2.7%) after zooming to an intraday high of 1,538. Current and lower resistance at 1,535-1,550 was cleared and held on the close back above the 50-day moving average. Continued closes above the latter would be a bullish signal for a run towards 1,560-1,575.
The Nasdaq traded to a midday peak of 11,118 before closing at 11,056 (+1.9%). Near-term and lower resistance at 11,100-11,200 was breached but held with the 50-day moving average also being reclaimed. A move above the latter would indicate further strength towards 11,300-11,400.
The S&P 500 ended at 3,383 (+1.3%) after topping out at 3,402. Lower resistance at 3,400-3,425 was tripped but held with a pop above the latter suggesting another push towards 3,450-3,475.
The Dow tested an afternoon high of 28,086 while finishing at 27,993 (+1.2%). Prior and lower resistance at 28,000-28,250 was cleared but held. A close above the latter would be a bullish signal for a retest towards 28,500-28,750.
Exploit a Step-by-Step BLUEPRINT in 1 Hour or LESS a Day & EARN Consistent Daily Income from the Most Predictable & Profitable Market on the Planet.
GOAL: $250 to $500 + Every SingleDay the Market is Open…Like Clockwork!
Discover this Simple, 4-Step Process, Fully Disclosed BLUEPRINT for yourself.
Cirrus Logic (CRUS) upgraded to Equal Weight from Underweight at Barclays
GameStop (GME) was upgraded to Outperform from Market Perform at Telsey Advisory
Micron (MU) upgraded to Buy from Neutral at Goldman Sachs
Jazz Pharmaceuticals (JAZZ) downgraded to Sell from Neutral at Goldman Sachs
Kroger (KR) downgraded to Neutral from Buy at BofA
MGM Resorts (MGM) downgraded to Sell from Neutral at Goldman Sachs
TUESDAY'S EARNINGS ANNOUNCEMENTSBefore the open: Cracker Barrel Old Country Store (CBRL), Endava (DAVA), Francesca's Holdings (FRAN), Harmony Gold Mining (HMY)
After the close: Adobe (ADBE), ClearSign Combustion (CLIR), FedEx (FDX)
TUESDAY'S ECONOMIC NEWS
Import and Export Prices - 8:30am
NY Empire State Manufacturing Survey - 8:30am
Redbook - 8:55am
Industrial Production - 9:15am
Gold closed at $1,963.70 an ounce, up $15.80
Silver settled at $27.35 an ounce, up $0.49
Copper finished at $3.07 a pound,