Record Highs Back in Focus

The stock market regained momentum on Thursday with all of the major indexes closing higher and the broader market flirting with recent records. Much of the rally was attributed to Fed Chairman Powell after he said once again that the central bank has the tools to handle any temporary inflation pressures.
 
The Nasdaq traded to a late day high of 13,830 before settling at 13,829 (+1%). Prior and lower resistance from early February at 13,750-13,900 was recovered. A close above the latter would signal a retest towards 14,000-14,150 with the all-time peak at 14,175.
 
The Russell 2000 tapped a high of 2,243 while ending at 2,242 (+0.9%). Current and lower resistance at 2,225-2,250 and the 50-day moving average were cleared and held. A move above the latter would indicate additional upside towards 2,275-2,300. Below is a chart of the IWM.
 
The S&P 500 finished at 4,097 (+0.4%) with the all-time peak hitting 4,098 ahead of the closing bell. Key resistance at 4,100 was once again challenged but held for the fourth-straight session. A pop above this level would suggest ongoing strength towards 4,125-4,150.
 
The Dow closed at 33,503 (+0.2%) with the afternoon high tagging 33,506. Near-term and lower resistance at 33,500-33,750 was recovered. A move above the latter and the all-time high of 33,617 would signal a breakout towards the 34,000 area.

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ANALYST UPGRADES/DOWNGRADES

Bilibili (BILI) upgraded to Outperform from Neutral at Credit Suisse
MSC Industrial (MSM) upgraded to Overweight from Equal Weight at Wells Fargo
Textron (TXT) upgraded to Buy from Neutral at Goldman Sachs

Lamb Weston (LW) downgraded to Neutral from Buy at Goldman Sachs
NXP Semiconductors (NXPI) downgraded to Equal Weight from Overweight at Morgan Stanley
Sonoco Products (SON) downgraded to Equal Weight from Overweight at Wells Fargo

FRIDAY'S EARNINGS ANNOUNCEMENTS 
Before the open:  Jiayin Group (JFIN), JinkoSolar Holding (JKS), Vinco Ventures (BBIG)

After the close: None

FRIDAY’S ECONOMIC NEWS
Producer Price Index - 8:30am
Wholesale Trade - 10:00am
Baker-Hughes Rig Count -
1:00pm

METALS/ OIL
Gold closed at $1,758.20 an ounce,  up $16.60
Silver settled at $25.58 an ounce, up $0.33
Copper finished at $4.09 a pound, up $0.04
Crude Oil was at $59.79 a barrel, up $0.23
Bitcoin Investment Trust (GBTC) ended at $49.05 up $1.48

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

 Todd Mitchell

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