Dow futures tilted higher overnight, along with S&P 500 futures and Nasdaq futures. The stock market rally eased on Wednesday, closing at session lows. Crude oil prices jumped, and Treasury yields tumbled from 34-month highs.
Apple stock and Tesla (TSLA) extended their winning streaks to seven sessions, although both came from intraday highs. an Apple (AAPL) is within the range of the entry in the trend line and not far from the charge buy point. Tesla’s stock is still far from the buying point. Both can use a pause, especially a Tesla, to make their chart patterns more tempting.
at the same time, GB Hunt Transportation Services (JBHT) And the Costco Wholesale (cost) retreat within their buying zones, while CVS Health (CVS) And the FirstSource Builders (BLDR) operate on potential handles.
Tesla stock and JBHT in operation IBD Leaderboard, while COST stock is on the leaderboard watchlist. JB Hunt, Costco, CVS Inventory In Stock SwingTrader. TSLA, JB Hunt and BLDR stock are in defect 50.
Dow jones futures contracts today
Dow futures rose against fair value. S&P 500 futures rose 0.1%. Nasdaq 100 futures rose 0.25%.
Crude oil prices rose 1%.
Remember to work overnight in Dow Jones futures contracts and elsewhere that does not necessarily translate into actual circulation in the next regular session Stock market session.
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stock market rise
The stock market rally suffered its biggest loss since March 14th. The Dow Jones Industrial Average fell 1.3% on Wednesday stock market trading. The S&P 500 lost 1.2%. The Nasdaq Composite was down 1.3%. Small cap Russell 2000 decreased by 1.8%.
US crude oil prices jumped 5.2% to $114.93 a barrel.
The 10-year Treasury yield slipped 5 basis points to 2.32%, after hitting its highest level since May 2019.
between the Best ETFsThe Innovator IBD 50 ETF (fifty) is down 1.3%, while the Innovator IBD Breakout Opportunities ETF is downfit) closed just above the break-even point. iShares Expanded Technology and Software Fund (ETF)IGV) and VanEck Vectors Semiconductor ETF)SMH) are both 2.5% sliders.
SPDR S&P Metals & Mining ETF (XME) rose 1.8%, while ETF Global X US Infrastructure Development (ETF Global X US Infrastructure Development) rosecradle) sank 0.9%. US Global Gates Foundation (ETF)Planes) down 1.4%. SPDR S&P Homebuilders ETF (XHB) decreased by 3.9%. SPDR Specific Energy Fund (SPDR ETF)XLE) up 1.7% and the Financial Select SPDR ETF)XLF) gave up 1.85%. SPDR Healthcare Sector Selection Fund (XLV) lost 1.8%.
Shares reflect more speculative stories, the ARK Innovation ETF (see you) is down 1.9% and the ARK Genomics ETF (ARKG) sank 2.4%, after both dealt with their 50’s streaks during the day. Tesla stock continues to rank number one among Ark Invest’s ETFs.
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Apple stock rose 0.8% to 170.21 on Wednesday, albeit far from an intraday high of 172.64. After Tuesday’s close right on the trend line, stocks are now above that early entry while still close to the 50 day line. It’s not far from 176.75 double bottom base Point purchase, according to MarketSmith Analysis.
The Relative force linethe blue line in the provided charts, is back near record levels, reflecting the strong performance of Apple stock against the S&P 500 index.
Investors can buy AAPL shares here. But after going up seven consecutive sessions, the iPhone giant can use a respite. Ideally, Apple’s stock will pause here, at least for a few days, and then rally. Of course, you don’t have to take a break anytime soon.
Samik Chatterjee, an analyst at JP Morgan, said: iPhone sales are ‘strong’ While Apple is preparing for a “huge growth cycle” over the next 18 months.
Tesla stock rose Wednesday morning to 1040.70. The shares slid, turning negative for a brief period, before posting a 0.5% gain at 999.11. After running six sessions, including a 7.9% rally on Tuesday, the EV giant extended well from its 50-day and 200-day streaks. But TSLA’s stock is still well below cup base A buy point at 1,208.10, as well as a trendline entry around 1,150.
Ideally, Tesla stock will pause around current levels, forming a handle and a new, lower official buy point.
JB Hunt stock fell 1.7% to 210.18, its fifth straight drop but still holding above 208.97. flat base Point purchase. JB Hunt volume surged 9.6% on March 16 at a massive volume as the trucking company forged an alliance with BNSF Railroad, which is owned by Warren Buffett’s Berkshire Hathaway (BRKB). An icy pullback towards the buy point provides an opportunity to initiate or add a position, either now or after JBHT stock has bounced somewhat.
Costco stock fell 1% to 554.02, still stable above 545.39 buying points from a cup with handle stationed. COST’s RS line is holding near record levels.
Builders FirstSource stock fell 3.7% to 73.49, still above the 50-day line. BLDR stock has a base cup buy of 86.58 points, but can act on a handle, resulting in lower entry.
One of Builders FirstSource’s concerns is that many housing-related plays, including home builders and retailers, are being sold out as interest rates rise and new home sales decline.
CVS . stock
CVS stock fell 1% to 106.20. This is still close to 111.35 flat base buy points. It’s also about the early entry from around the 50-day line and the short-term high on March 7. Monday’s high of 109.69 could also act as another early entry.
Market Rise Analysis
The stock market rally suffered heavy losses on Wednesday, even as Apple masked weakness in major corporate indexes. The S&P 500 has pulled back from the 200-day line. The Dow Jones index crossed the 50-day line.
The Nasdaq Composite and Russell 2000 remain above the 50-day lines.
While down days are not fun, a short pause in the market rally can be beneficial. That would allow stocks like Apple and Tesla to take a break, and perhaps form handles. Meanwhile, the stocks that continued to rise will see the RS lines rise significantly.
Energy stocks topped Wednesday, reflecting the strength of crude oil prices. Steel, mining and fertilizer also performed well.
And lost software and housing stocks. Medical stocks, from biotech companies to health insurance companies, had a tough session.
Time to Market with IBD’s ETF Market Strategy
What are you doing now
Wednesday’s decline was not a cause for concern given the recent strong gains from the market rally. But that’s why investors should increase exposure gradually, to avoid jumping right at the top, short-term or otherwise. This is also the reason why you should never want to buy an extended stock.
If the stock market rally is struggling significantly, with the Nasdaq and S&P 500 decisively breaking below the 50-day moving averages, investors will likely cut back or exit some recent positions.
This is a time to be flexible. Don’t get stuck in a bullish or bearish mindset. Listen to the market, and act accordingly.
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