Stock Market Today With IBD

The stock market reversed lower, with the Dow Jones and Nasdaq snapping nine-session win streaks. A pullback wasn’t a surprise. Google broke out Wednesday morning, while Old Dominion cleared a trendline entry, but both pared gains. MDB is trying to set up and tighten up, but MongoDB is only pawn in market game. Learn more about your ad choices. Visit megaphone.fm/adchoices

The stock market continued to move higher in a broad advance with the S&P 500 nearing all-time highs. Many leading stocks as well as the Nasdaq are increasingly extended. But oil machinery play Weatherford and trucking firm Saia flashed buy signals while AI server maker Super Micro paused after a five-day run. Learn more about your ad choices. Visit megaphone.fm/adchoices

Indexes started the week with the megacap companies back in favor. Call them the FANG stocks or Magnificent 7, but that’s where a lot of the strength came from for the day. Meta Platforms recently got support at its 50-day moving average and followed up with gains after a short digestion. Amazon.com had a longer digestion with a breakout today that provided another buy opportunity. Netflix previously found resistance at its July high but attacked that level again with renewed vigor and a cup-with-handle breakout. Learn more about your ad choices. Visit megaphone.fm/adchoices

The market capped a powerful, broad advance for the week as the Fed shifted toward rate cuts. Many leaders and perhaps the Nasdaq are getting extended. But Steel Dynamics, Tesla and Monday.com are in buy range. Learn more about your ad choices. Visit megaphone.fm/adchoices

Discussion on the notable strength of small cap stocks post-Fed, caution against chasing already-gaining stocks, analysis of the relationship between the dollar and equity prices, examination of the performance of American Express and FLS, and discussion on the strong performance of Data Dog in the enterprise software group.

The Dow Jones hit a record high with the S&P 500 and Nasdaq decisively cleared recent ranges and July peaks, fueled by the Fed signaling three rate cuts in 2024. Vertex surged on positive trial results for a new painkiller. Eli Lilly is setting up again. Samsara cleared a recent range after its earnings gap up. Learn more about your ad choices. Visit megaphone.fm/adchoices

Discussion on the recent stock market rally and the performance of major indexes. Analysis of specific stocks like Amazon, Netflix, and Freshworks. Implications of a market tumble and the technical analysis of Amazon stock. Analyzing stock pullbacks and entry points for buying opportunities.

The megacaps were down but strength was found elsewhere including chips and industrials. Copart broke a downtrend getting support at the top of a flat base. Applied Materials got support at its double bottom entry and broke above a downtrend in a handle. Finally, Snowflake is on the verge of breaking out of cup with handle. Learn more about your ad choices. Visit megaphone.fm/adchoices

Friday’s jobs report and tumbling inflation expectations helped push the S&P 500 to a 2023 high, with the Nasdaq almost there, suggesting the market rally may be on the cusp of another leg higher. Arm Holdings blasted out of an IPO base as chip stocks heat up. Microsoft has held a buy point and a key level. Crispr Therapeutics won a historic FDA approval, but CRSP suffered a classic “sell the news” reversal. Learn more about your ad choices. Visit megaphone.fm/adchoices

Weekly jobless claims came in as expected as the market fought to win back its gains lost from Wednesday. AMD was featured on the show yesterday and in what looked like a delayed reaction powered higher and broke above 120. Google had AI news of its own that pushed it back above its 50-day moving average line. Over in travel, Booking.com cleared a tight area around 3,200. Learn more about your ad choices. Visit megaphone.fm/adchoices