Nasdaq Up 5-Straight Sessions in Lackluster Action

The market closed on both sides of the ledger on Thursday following another round of mixed economic news and ongoing worries over the rise in the number of corona virus cases. Volatility settled lower for the 5th-straight session after closing below a key level of support.

The Russell 2000 tested a morning high of 1,439 before settling at 1,427 (+0.04%). Key resistance at 1,435 was breached but held with a close above this level signaling additional upside towards the 1,450 level.

The Dow closed at 26,080 (-0.2%) with the intraday low tapping 25,848. Key support at 26,000 was breached but held with a close below this level keeping downside risk towards 25,500 in play.

The S&P 500 finished at 3,115 (+0.1%) following the intraday push to 3,120. Current resistance at 3,125 was challenged but held with a move above this level signaling additional strength towards the 3,150 area.

The Nasdaq traded to an intraday high of 9,959 before settling at 9,943 (+0.3%) to extend its winning streak to 5-straight sessions. Current resistance at 9,950 was challenged but held with continued closes above this level signaling strength towards 10,000-10,100 and fresh all-time highs.

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ANALYST UPGRADES/DOWNGRADES

Amedisys (AMED) upgraded to Buy from Hold at Benchmark
Church & Dwight (CHD) upgraded to Outperform from Neutral at Credit Suisse
Pinnacle West (PNW) upgraded to Overweight from Equal Weight at Barclays

Accenture (ACN) downgraded to Equal Weight from Overweight at Wells Fargo
Carnival (CCL) downgraded to Sell from Hold at Berenberg
DHT Holdings (DHT) downgraded to Hold from Buy at Stifel

FRIDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Alithya Group (ALYA), CarMax (KMX), Jabil (JBL), LightInTheBox Holding (LITB)

After the close: ​​None

FRIDAY'S ECONOMIC NEWS
Current Account - 8:30am
Baker-Hughes Rig Count - 1:00pm

METALS/ OIL
Gold closed at $1,731.10  an ounce, down 4.50
Silver settled at $17.51 an ounce,  down $0.26
Copper finished at $2.59  a pound,  unchanged
Crude Oil was at $38.87 a barrel, 
up $1.48
Bitcoin Investment Trust (GBTC) ended at $10.58 down $0.12


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


   Todd Mitchell


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