S&P 500 futures and Nasdaq futures tumbled lower in the Dow Jones futures early Wednesday. The stock market rally on Tuesday saw a small decline in key indices, although Treasury yields fell sharply in contrast to the epidemic. Leading stocks and small caps also performed well.
Dow Tech Titan Apple (AAPL) and Advanced micro devices (AMD) The downtrend continued on Tuesday. Apple Pal stock is living below its 21-day moving average and 50-day moving average, while AMD stock is also below its 200-day moving average.
On the bright side, the Dow Jones Giants Boeing (B.A.), Walt Disney (DIS) and Goldam Sachs (GS) has received support at all major levels in the last few days. Boeing stock and goldm stock are now actionable. Disney stock is technically in the buy range, but could use a little more power.
U.S. Steel (X) and DXC stocks broke previous buy points on Tuesday. Meanwhile, the auto giants General Motors (GM) and Ford (F) also flashes multiple buy signals after finding key support.
Stock of the day in the range when the new entry loom
Are Archegos Sold?
Meanwhile, Viacom stock, Discovery Communications (DASCA), Tencent Music Entertainment (TME) and Whipshop (VIP) All bounced on Tuesday. All crashed last week hitting a boat intraday last Friday. TME stock, Wycombes (VIAC) and everyone else needs a long time to improve their charts, and there is no guarantee that they will not continue to decline again. But the move is an indication that the mandatory sale at Archegos Capital Management has largely ended.
Boeing, DXC technology (DXC) and GM stock are on the IBD leaderboard. TME stock is technically on the leaderboard to play earning options, but that option is no longer likely to be used. Disney stock Tuesday’s IBD stock was The F The Day. Boeing stock Monday’s stock was The F The Day.
Lulemon Athletica (LULU) and Chevy.com (CHWY) reported earnings late Tuesday night. LULU stock went modestly down further sinking below its 50-day line. Chevy stock jumped, but it is also likely to stay below that key level.
Dow Jones futures today
Dow Jones futures low vs. fair price. S&P 500 futures and Nasdaq 100 futures lost fractions.
The Treasury’s 10-year yield was flat at about 1.73%.
China’s official manufacturing index rose 1.3 points to 51.9 in March, better than expected. Readings have been above the break-even 50 level for 13 months.
Remember that overnight action in Dow futures and elsewhere does not necessarily translate into real trading in the next regular stock market session.
Join IBD experts as they analyze the additional stocks in the stock market boom on IBD Live.
Corona virus news
Worldwide coronavirus cases have reached 128.82 million. Covid-19 death tops 2.81 million.
U.S. Coronavirus cases have surpassed 01.0.0 million, with more than 564,000 deaths.
Stock market rally on Tuesday
The rally in the stock market caused a fragile loss in Tuesday’s key index, while small-cap stocks rebounded. The Dow Jones Industrial Average lost 0.3% in stock market trading on Tuesday. The S&P 500 index also declined 0.3%. The Nasdaq Composite assumed 0.1% after falling 1% intraday. Small-cap Russell 2000 grew 1.7%.
The 10-year Treasury yield rose 1 basis point to 1.73%, rising 1.77% intraday, a 14-month high.
TME stocks rose 9.9% and VIPS stocks rose 6.6%. Viacom surpassed 5.55% and DASC shares surpassed .4..4%. The Chinese Internet and U.S. Media dramas were big winners until last week, when the Archegos margin call boosted massive liquidation sales in these stocks. Even after a near-ical dive, these charts look terrible. Could they come back? Sure, but investors don’t know that previous rates have been reflected in speculative bets by Archigos and others that don’t come back. VAAC stocks and especially Discovery Communications seemed to be at a peak, which is not common for slow growth companies.
However, if the compulsory sale ends for Archegos in large quantities, it is an uncertainty.
Growth, Sector ETF
Among the best ETFs, the Innovator IBD50 ETF (FFTY) increased by 2.4%, while the Innovator IBD Breakout Opportunities ETF (BOUT) increased by 2.1%. Eichers Extended Tech-Software Software Sector ETF (IGV) returned 0.6%. Vanek Vectors Semiconductor ETF (SMH) declined 0.4% with AMD stock with 0 HD%.
The SPDR S&P Metals and Mining ETF (XME) rose 1.05% and the Global X US Infrastructure Development ETF (PAVE) rose 1.3%. The US Global Jets ETF (JETS) popped up 2.5%.
The ARK Innovation ETF (ARKK) plunged higher by 7.9%, reflecting more speculative story stocks. ARK Genomics ETF (ARKG) is up 1.5%. Both are trying to get support above their 200-day lines but below their 21-day and 50-day lines, as are many of their holdings.
Apple Pal Stock, AMD
Shares of Apple Pal fell 1.2% to 119.90. Apple Paul iPhone component maker Foxconn on Tuesday hinted that chip shortages – affecting the consumer electronics as well as the auto industry – could be an issue. AAPL stock has lost sight of its 50-day line, hitting resistance at the 21-day exponential moving average for several weeks. The stock is close to its 200-day line. While Apple Pal stock did not cut to a low in early March, its relative strength line is at an eight-month low, reflecting a vague performance against the S&P 500 index.
AMD stock plunged 1.5% to 76%. Shares have been struggling since the breakout fizzled out in early January. AMD stock is right up from its 50-day line, while the 21-day line is bearish for weeks. The chip giant is now trading below its 200-day line. The RS line for AMD stock is at an eight-month low.
U.S. Steel more powers
U.S. Steel rallied 8.7% to 25.63, clearing 24.56 by points from the cup-with-handle base. The handle was deep instead of 24%. Shares of US Steel are now up 38% from Thursday’s intraday low, raising the likelihood of a pullback. Also, US steel stock is almost volatile in its group Newcore (NUE), ArcelorMittal (MT), Ternium (TX) and others are already expanded.
DXC stock broke down
DXC stock rose 9.1% to 31.14, exiting consolidation with 29.65 handle by point. The 5% chase zone lasts until 31.13, so DXC stock technically rises 1%. The RS line for DXC stock is also at a 52-week high. Earnings have fallen in seven quarters, but are expected to return 44% in FY2022, which begins soon. Fellow IT Services Firm Pronunciation (ACN) erupted on Monday.
Dow Jones Stocks By Zone
Boeing stock rose 0.6% to 252.01. On March 10, the Dow aerospace giant passed 244.18 cup-base by point, reaching 278.57 on March 15. B.A. The stock gained 14 percent, but found support on its 21-day line and soon moved. Still above valid admission. Boeing stock is still in the buy zone and the short downtrend has broken. Investors may see the March 15 peak as the start of the Orsa handle.
Goldm stock rose 1.9% to 332.01. On Monday, investment bank stocks tested support at its 10-week line, but the session closed lower. Goldham Sachs Archegos was involved in the mandatory sale but avoided significant losses in the report. As a second test from the 10-week line, investors are looking at G.S. Can buy as the stock surpasses again. Goldman Sachs broke a short downtrend on Tuesday and closed above the 21-day line.
Disney stock rose 0.4% to 185.53, a sliver below its 50-day and 10-week lines. DIS stock is technically still in the range of 183.50 flat-base by points, according to a Marketsmith analysis. But investors are likely to see a solid bounce from the 10-week line before starting the init position. A solid bounce would likely send DIS stock above D21 days and break the short downtrend. Disney Stock could launch a new base that could serve as a base-on-base creation.
GM Stock, Ford
GM stocks rose 6.6% to 58.51, up 57.15 by points. It also lags behind its 21-day line and breaks the short downtrend. GM stock is also up just 6.3% from its 10-week line.
Ford stock rose 2.55% above 12.14 and 12.25 above the buy point to 12.47. It is also above its 21-day and clears the downtrend. F-stock is up just 3.9% from its 10-week high.
Stock market rally analysis
The split stock market continues to rise. The Dow Jones and S&P 500 indexes are still near record highs, due to Tuesday’s thin losses due to a decline in Apple Pal stock. Micro .ft (MSFT) and other major technologies.
The Nasdaq bounced back from a fragile decline of 1% as 10-year Treasury yields supported fresh 14-month highs. But he still lives below his 21-day and 50-day lines, well below the rear.
Russell 2000 turned around again, but it is still below the 50-day line, cutting 21 days later.
Leading stocks had the best news. The real economy and re-opening plays performed well on Tuesday, with notable examples of shares of DXC Tech and US Steel. Travel stocks did well Marriott (MAR) too Ubiquity (UI) started an ugly counterattack after an impressive Monday breakout.
The more important question is whether the recent positive action in leading stocks to attract investors is the beginning of a stable uptrend or a fake second head?
The split market rally has lasted for several weeks, adding to the difficult environment of trade. In general, the main indicators and Russell 2000 all move in the same direction. Some may lead and others may fall behind, but the isolation is unusual. How will this divided personality resolve itself?
The stock market rally could be strengthened with the Dow leading but reasserting at key levels by the Nasdaq. Or the Nasdaq could cut the March lows, pulling everything else down. Or we can continue to the next place, with head smoke for the next few weeks, at the Chopai market.
What to do now
The stock market boom has given no reason to invest heavily. Breakouts have been a very difficult time with pullbacks and shakeouts almost impossible. A few small positions or major long-term holdings are good, but there’s no reason to step on the gas.
When facing intraday or daily swings, especially towards the negative, be sure to look at the weekly chart to put those moves in perspective.
And there is nothing wrong with being in cash. But keep an eye on the stock market. He can get out of the range of his book anywhere.
Continue to work on your watchlists, accumulating stocks from different groups and regions.
Read the big picture every day to stay in tune with the market direction and leading stocks and sectors.
Please follow Ed Carson on Twitter IBD_ECarson For stock market updates and more.
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