S&P 500/ Nasdaq Tag Record Highs

The stock market hit record levels on Thursday’s open but was somewhat choppy afterwards as Wall Street weighed a batch of better-than-expected Tech earnings and proposals from President Biden in his State of the Union address.

A rise in treasury yields slowed momentum before a recovery afterwards with more key earnings updates, including Amazon.com (AMZN) and Twitter (TWTR), after the closing bell.

The Dow rebounded after trading to an afternoon high of 34,087 while ending at 34,060 (+0.7%). Current and lower resistance at 34,000-34,250 was recovered. A move above the latter and the mid-month all-time peak at 34,256 would indicate additional upside towards 34,500-34,750

The S&P 500 closed at 4,211 (+0.7%) with the record high hitting 4,218. Key resistance at 4,200 was breached and held. Continued closes above this level keeps additional upside towards 4,225-4,250 in play.

The Nasdaq finished at 14,082 (+0.2%) after trading to an intraday all-time high of 14,211. Unchartered territory and lower resistance at 14,200-14,350 was cleared but held. A pop above the latter would suggest ongoing strength towards 14,500-14,650.

The Russell 2000 settled at 2,295 (-0.4%) after having its four-session winning streak snapped on the midday pullback to 2,278. Near-term and upper support at 2,300-2,275 failed to hold. A drop below the latter would signal a retest towards 2.250-2,225 and the 50-day moving average. 

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Apple (AAPL) upgraded to Neutral from Sell at Goldman Sachs
Discovery (DISCA) upgraded to Overweight from Equal Weight at Wells Fargo
Shopify (SHOP) upgraded to Buy from Neutral at Roth Capital

Avery Dennison (AVY) downgraded to Neutral from Buy at UBS
Cree (CREE) downgraded to Underweight from Neutral at JPMorgan
eBay (EBAY) downgraded to Neutral from Positive at Susquehanna

Before the open: AstraZeneca (AZN), Barnes Group (B), Chevron (CVX), Exxon Mobil (XOM), Goodyear Tire & Rubber (GT), Huntsman (HUN), Illinois Tool Works (ITW), Johnson Controls (JCI), L3Harris Technologies (LHX), Newell Brands (NWL), Phillips 66 (PSX), Restaurant Brands International (QSR), Weyerhaeuser (WY)

After the close: SB Financial Group (SBFG), Western Midstream Partners (WES)

Jobless Claims - 8:30am
GDP - 8:30am
Pending Home Sales - 10:00am

Gold closed at $1,768.30 an ounce, down $5.60
Silver settled at $26.08 an ounce, unchanged
Copper finished at $4.49 a pound, down $0.01
Crude Oil was at $64.87 a barrel, up $1.12
Bitcoin Investment Trust (GBTC) ended at $43.00 down $3.20

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

 Todd Mitchell

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