S&P / Tech Trigger Another Round of Record Highs

The stock market opened higher across the board on Monday following the news Fed Chair Powell was nominated for a second term leading the central bank. However, selling pressured ensued in the afternoon with the blue-chips the only major index eking out a slight gain.

The Dow traded to a high of 35,929 while settling at at 35,619 (+0.1%). Current and lower resistance at 35,750-36,000 was cleared but failed to hold. A pop above the latter would indicate a retest towards 36,250-36,500.

The S&P 500 finished at 4,682 (-0.3%) despite tagging an all-time peak of 4,743. Current and lower resistance at 4,725-4,750 was cleared but failed to hold. A close above the latter would likely signal momentum towards 4,775-4,800.

The Russell 2000 closed on the session low of 2,331 (-0.5%). Upper support 2,325-2,300 was challenged but held. A drop below the latter would likely lead to weakness towards 2,275-2,250 and the 50-day moving average. 

The Nasdaq reached a record peak of 16,212 (-1.3%) before ending at 15,854. Lower resistance at 16,100-16,250 was cleared but held for the second-straight session. A move above the latter would suggest strength towards 16,350-16,500.

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Adobe (ADBE) upgraded to Overweight from Neutral at Atlantic Equities
Duck Creek Technologies (DCT) upgraded to Overweight from Equal Weight U.S. Physical Therapy (USPH) upgraded to Buy from Neutral at Sidoti

Activision Blizzard (ATVI) downgraded to Sell from Neutral at MKM Partners Blink Charging (BLNK) downgraded to Market Perform from Outperform at Cowen
Oatly Group (OTLY) downgraded to Neutral from Overweight at Atlantic Equities

Before the open: ​​​​​​Abercrombie & Fitch (ANF), Best Buy (BBY), Cracker Barrel (CBRL), Dollar Tree Stores (DLTR), Elbit Systems (ESLT), J.M. Smucker (SJM), Jack in the Box (JACK), Medtronic (MDT), OrganiGram (OGI), Titan Machinery (TITN)

After the close: Autodesk (ADSK), Dell Technologies (DELL), Engine Gaming and Media (GAME), Gap (GAP), HP (HPQ), Nordstrom (JWN), Pure Storage (PSTG), VMware (VMW)

PMI Composite Flash - 9:45am

Gold closed at $1,806.30 ounce, down $45.30
Silver settled at $24.30 an ounce, down $0.48
Copper finished at $4.40 a pound, down $0.01
Crude Oil was at $76.35 a barrel, up $0.24
Bitcoin Investment Trust (GBTC) ended at $45.15, down $1.99

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

 Todd Mitchell

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