Market Maintains Momentum

The stock market maintained its current momentum following Monday’s gains and ahead of the start of the 3Q earnings season. The major indexes continue to work their way towards fresh all-time highs with the Nasdaq and S&P 500 pushing September peaks and the Dow and the Russell 2000 pushing prior record highs from February.

The Nasdaq reached an afternoon peak of 11,965 before ending at 11,876 (+2.6%). Fresh and lower resistance at 11,900-12,000 was cleared but held. A close above the latter would indicate ongoing strength towards 12,100-12,200 with the early September all-time high at 12,074.

The S&P 500 settled at 3,534 (+1.6%) following the intraday run to 3,549. Prior and lower resistance at 3,525-3,550 was recovered. A move above the latter would suggest a retest towards 3,575-3,600 with the all-time high from September at 3,588.

The Dow tested a midday peak of 28,957 while closing at 28,837 (+0.9%). Current and lower resistance at 28,750-29,000 was reclaimed. A close above the latter would indicate additional strength towards 29,250-29,500 and levels from February.

The Russell 2000 finished at 1,649 (+0.7%) with the session high at 1,652. Prior and lower resistance from early February at 1,650-1,665 was breached but held by a smidge. A close above the latter would be an ongoing bullish signal for a run towards 1,675-1,690.

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Ford (F) upgraded to Buy from Hold at Benchmark
Ruth's Hospitality (RUTH) upgraded to Overweight from Equal Weight at Stephens
Twitter (TWTR) upgraded to Buy from Hold at Deutsche Bank

Arista Networks (ANET) downgraded to Neutral from Buy at Citi
Pfizer (PFE) downgraded to Neutral from Overweight at Atlantic Equities
United Airlines (UAL) downgraded to Equal Weight from Overweight at Barclays

Before the open: Azz (AZZ), BlackRock (BLK), Citigroup (C), Delta Airlines (DAL), Fastenal (FAST), JPMorgan Chase (JPM), Siyata Mobile (SYTA), Wipro (WIT)

After the close: Enzo Biochem (ENZ), VOXX International (VOXX)

NFIB Small Business Optimism Index - 6:00am
Consumer Price Index - 8:30am

Gold closed at $1,928.90 an ounce,  up $2.70
Silver settled at $25.27 an ounce,  up $0.16
Copper finished at $3.06 a pound, down $0.02
Crude Oil was at $39.55 a barrel,
down $0.97
Bitcoin Investment Trust (GBTC) ended at $12.66 up $0.89

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

   Todd Mitchell

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