Nasdaq Taps Fresh All-Time High

The market showed continued strength on Tuesday after White House trade adviser Peter Navarro told Fox News "it's over" in an interview when asked about the China trade agreement. However, following the interview, Navarro said his comments were taken "wildly out of context" while President Donald Trump tweeted that the "China Trade Deal is fully intact."

Those reassurances, along with encouraging economic news pushed the major indexes near the top of the current ranges with the Nasdaq remaining white-hot following its 8th-straight session of gains and a fresh all-time high.

The Nasdaq closed at 10,131 (+0.7%), its 21st record high for 2020, after trading to an afternoon high of 10,221. Fresh resistance at 10,200 was cleared but held with continued closes above this level signaling momentum towards 10,250-10,350.

The Dow tested a midday high of 26,315 before closing at 26,156 (+0.5%). Key resistance at 26,250 was tripped but held with a close above this level keeping a retest towards 26,500-26,750 in play.

The Russell 2000 tagged a morning high of 1,454 while settling at 1,439 (+0.4%). Key resistance at the 1,450 level was breached but held with a move above this level signaling momentum towards 1,475.

The S&P 500 reached an intraday peak of 3,154 before going out at 3,131 (+0.4%). Near-term resistance at 3,150 was breached but held with continued closes above this level signaling upside towards the 3,200 area.

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ANALYST UPGRADES/DOWNGRADES

AbbVie (ABBV) upgraded to Overweight from Neutral at Atlantic Equities
NuVasive (NUVA) upgraded to Buy from Hold at Needham
Fastenal (FAST) upgraded to Neutral from Underweight at JPMorgan

CBOE Global Markets (CBOE) downgraded to Sell from Neutral at Goldman Sachs
MasterCard (MA) downgraded to Perform from Outperform at Oppenheimer
Spirit AeroSystems (SPR) downgraded to Hold from Buy at Berenberg.

WEDNESDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Brainsway (BWAY), Patterson Companies (PDCO), Sotherly Hotels (SOHO), Winnebago Industries (WGO)
After the close: BlackBerry (BB), H.B. Fuller Company (FUL), KB Home (KBH), NovaGold Resources (NG), Quantum (QMCO), USA Technologies (USAT)

WEDNESDAY'S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
FHFA House Price Index - 9:00am

METALS/ OIL
Gold closed at $1,782.00  an ounce, up $15.60
Silver settled at $18.06 an ounce, up $0.16
Copper finished at $2.66  a pound, up $0.01
Crude Oil was at $40.15 a barrel,
 down $0.45
Bitcoin Investment Trust (GBTC) ended at $10.94 up $0.38


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


   Todd Mitchell


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