Stock Market Today With IBD

Stock market indexes faded after initial gains, bonds were bought as oil prices slumped. Ollie’s Bargain Outlet and AMD couldn’t sustain their gains, while Trex is near the top of a cup base. Analysis includes resistance levels of the S&P 500 and concerns over potential economic slowdown. Performance of Russell 2000 and implications for small caps discussed. Ollie's Bargain Outlet's lack of sustained growth and its impact on the market highlighted. Insights and suggestions for investing in Ollie’s Bargain Outlet, AMD, and TREX provided.

The major indexes were narrowly mixed Tuesday even with Treasury yields tumbling on weak job openings data. Apple broke out while Amazon bounced back to a buy point. Nvidia rose slightly off a key level, but volume is lacking while archrival AMD is expected to unveil an AI chip. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Nasdaq finished off its lows as 14,000 remains a level to watch as well as the 21-day line. But small caps were unfazed by the Nasdaq’s woes. A number of stocks still had good days including Uber which is getting added to the S&P 500. But don’t go chasing extended stocks in an extended market. Booz Allen Hamilton broke out of a fresh cup-with-handle and defense and intelligence are areas of interest right now. Finally, construction and real estate continued to show power with TopBuild extending its gains above a breakout around 300. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Dow Jones hit a fresh 52-week high Friday with the S&P 500 and Nasdaq close behind. But Friday’s big winner was the Russell 2000, blasting above its 200-day line. Other measures showed improving breadth. Recent IPO Arm Holdings, construction play United Rentals and D.R. Horton flashed buy signals. Learn more about your ad choices. Visit megaphone.fm/adchoices

Bond yields rose as health care, industrial and financial stocks outperformed. Among the Magnificent 7 stocks. Nvidia, Alphabet and Tesla lagged. Ingersoll Rand is near the top of a cup base; Snowflake soared on earnings and Curtiss-Wright is still in a buy zone. Learn more about your ad choices. Visit megaphone.fm/adchoices

Software stocks outperformed, helped by strong earnings reports from Workday and CrowdStrike. Breadth was about 2-to-1 positive on the NYSE and slightly less than 2-to-1 positive on the Nasdaq. Workday gapped up on earnings, while group peers Dynatrace and Cloudflare topped buy points. Learn more about your ad choices. Visit megaphone.fm/adchoices

The major indexes continued to move sideways, with Treasury yields continuing to slide. Tesla reclaimed a key level, nearing a buy point ahead of the Cybertruck delivery event. Palantir bounced from its 21-day after a sharp recent pullback. Marriott is pausing just below highs, working on a handle. Learn more about your ad choices. Visit megaphone.fm/adchoices

The pause in the general market indexes continued but that wasn’t true of these stocks. Carpenter Technology flew past a cup-with-handle buy point at 71.30. Amazon.com is still buyable past a 145.86 consolidation and Elf Beauty popped out of a short pause after retaking its 50-day moving average line. Learn more about your ad choices. Visit megaphone.fm/adchoices

The major indexes had a quiet, half-day session after Thanksgiving, but finished with modest weekly gains, extending the strong gains this month. Novo Nordisk broke out of a new base on plans to bring weight-loss Wegovy to Japan and other new markets early next year. Taiwan Semiconductor is setting up with First Citizens Bancshares also just below a buy point. Learn more about your ad choices. Visit megaphone.fm/adchoices

Stock indexes closed moderately higher. Nvidia ‘sold the news’ after earnings, but the stock held up relatively well after another bullish quarter. Oil fell 4% to $74.45 a barrel after OPEC delayed a meeting set for Sunday. That fueled rumors of disagreement over production cuts. Stocks to watch include Advanced Micro Devices, ARM Holdings and Comfort Systems. Learn more about your ad choices. Visit megaphone.fm/adchoices