Nasdaq Recovers 10,000 Level

The market closed out a solid second quarter, the strongest quarter in over 20 years following better-than-expected housing numbers. Specifically, the S&P Corelogic Case-Shiller 20-City home price index rose 0.9% to 224.1 in April, after jumping 1.1% to 222.2 in March.

Comments from Fed Chair Powell gave the major indexes a lift into the closing bell after he stated the Fed is committed to using its full range of tools to support the economy.

The Nasdaq settled at 10,058 (+1.9%) with the late session high reaching 10,085. Fresh resistance at 10,000 was reclaimed with continued closes above this level signaling a retest towards 10,200 and fresh all-time highs.

The S&P 500 made a run to 3,111 while finishing at 3,100 (+1.5%). Near-term resistance at 3,050 was recovered with continued closes above this level signaling upside towards the 3,100 area.

The Russell 2000 closed at 1,441 (1.4%) after trading to an intraday high of 1,444. Key resistance at 1,450 was challenged but held with a close above this level setting up a retest towards the 1,475 level.

The Dow tapped an afternoon high of 25,905 before going out at 25,812 (+0.9%). Key resistance at 25,500 was breached and held with continued closes above this level keeping a retest towards 26,000 in focus.

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ANALYST UPGRADES/DOWNGRADES

Armstrong World (AWI) upgraded to Outperform from Neutral at Exane BNP Paribas
Crocs (CROX) upgraded to Buy from Hold at Loop Capital
Toll Brothers (TOL) upgraded to Outperform from Market Perform at Keefe Bruyette

Apollo Global (APO) downgraded to Buy from Conviction Buy at Goldman Sachs
Forum Energy (FET) downgraded to Neutral from Overweight at Piper Sandler
Landec (LNDC) downgraded to Market Perform from Outperform at Barrington

WEDNESDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Capri Holdings (CPRI), Constellation Brands (STZ), General Mills (GIS), Schnitzer Steel Industries (SCHN), UniFirst (UNF)
After the close: Culp (CULP)

TUESDAY'S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
Challenger Job-Cut Report - 7:30am
ADP Employment Report - 8:15am
PMI Manufacturing Index - 9:45am
Construction Spending - 10:00am
ISM Non-Manufacturing Index - 10:00am

METALS/ OIL
Gold closed at $1,800.50  an ounce, up $19.30
Silver settled at $18.64 an ounce, up $0.57
Copper finished at $2.73  a pound, up $0.06
Crude Oil was at $39.91  a barrel, 
up $0.29
Bitcoin Investment Trust (GBTC) ended at $9.60 up $0.11


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


   Todd Mitchell


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