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S&P Shoots for All-Time Highs Again

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Ahead of today’s trading session, futures are trading slightly lower after the S&P closed above the previous all-time high printed back in February. Tuesday’s late day sell off sucked in shorts and shook out weak hands, which created fuel for Wednesday’s big rally.

Jobless claims came in below the expected number this morning, printing 963k v the 1.1M expected. Traders will now eye a 3400 print into the weekend, despite Washington's continued struggle on stimulus and COVID-19 refusal to fade.

S&P Futures Trading Levels

The S&P futures currently sit at 3273, which is 10 handles from yesterday’s high.     

Support levels for the day will be 3360 and 3336.

Upside resistance is 3380 and 3392.

The current S&P trading environment is trending upwards and accelerating higher.  

Three Stocks to Watch

MMM- The company gave an update this morning, reporting that July revenue up 6% year over year. Total sales were driven by the Health Care segment, which saw a sales increase by 29%.The stock is up 1.3% in pre-market trading.

TSLA- The 5-1 split fueled buyers into the stock yesterday, helping Tesla higher by 200 points. The buying continues this morning as the stock is up another 4% after it has broken above is 21-day moving average and the 61.8% Fibonacci resistance from all-time highs.

AZPN– Aspen technology is surging in premarket trading, up 28% after a big beat and FY21 guide higher. The stock will gap above its 200-day moving average, which will help the bulls shoot for all-time highs in coming weeks at $142.89.

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