Stock Market Today With IBD

The major indexes rallied above their 50-day moving averages in higher volume as Treasury yields and Fed rate-hike odds fell on weak jobs data. EV startup Li Auto blasted above its 21-day line, helped by some China optimism. Oracle is right around early entries while e-commerce giant MercadoLibre made a bullish bounce. Learn more about your ad choices. Visit megaphone.fm/adchoices

Stocks burst higher at the open but quickly went back and forth the rest of the day. It’s not a market that’s proving itself ready to resume its uptrend yet. Outside of tech, some names setting up include oil machinery stock Cactus tightening up in a handle after a nice run up the right side of its base. Hubbell is on the verge of a flat base entry and Ollie’s Bargain Outlet showed a nice bounce ahead of its earnings report later this week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Despite Thursday’s ugly reversals, the Nasdaq and S&P 500 had solid weekly gains. Nvidia remains key to the market’s health. Outside of tech, Dow giant Caterpillar is holding up well while insurance broker Marsh & McLennan flashes a buy signal. Learn more about your ad choices. Visit megaphone.fm/adchoices

The 10-year Treasury yield and the U.S. dollar rallied ahead of Fed Chairman Jerome Powell’s speech in Jackson Hole Friday morning. Breadth was negative by more than 2 to 1 on both exchanges. Uber has managed to sidestep the selling, while oil and gas stocks like SLB and Weatherford are holding gains well after bullish moves. Learn more about your ad choices. Visit megaphone.fm/adchoices

Investors finally bought bonds, sending the 10-year Treasury yield lower by 14 bps to around 4.19%. Winners beat losers on the Nasdaq by just over 2 to 1. But the ratio was better on the NYSE at more than 3 to 1 positive. In the oil and gas sector, Tidewater and Oceaneering are finding support, along with Intuit in the technology sector. Learn more about your ad choices. Visit megaphone.fm/adchoices

The major indexes gave up Tuesday morning gains while market breadth remained weak. It’s still a rally attempt within a correction, with all eyes turning to Nvidia earnings Wednesday night. Broadcom and ServiceNow are two AI plays that could be possible buys or sells after earnings. Oil services Baker Hughes is trading tightly. Learn more about your ad choices. Visit megaphone.fm/adchoices

Stocks looked like they were getting a nice follow-up to Friday’s bounce. But a lack of volume and breadth shows not all is right with the market yet. Still we are on the lookout for stocks setting up and Adobe seems to be finding support at its 10-week line, ADP is trading tight in its handle, and Arista Networks remains tight after its earnings gap. Learn more about your ad choices. Visit megaphone.fm/adchoices

The major indexes closed well off Friday lows, but the market is in a correction. Diamond Offshore flashed an early entry as energy plays hold up well. Boeing and Google parent Alphabet are trying to hold above buy points. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Nasdaq composite gave back early gains and closed near its session low for the third straight session. But the index avoided its fourth distribution day in eight sessions as volume fell from Wednesday. More leaders like Meritage Homes and Meta Platforms lost their 50-day lines, but Li Auto is still holding above the support level. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Nasdaq fell below Monday’s low in higher volume, marking the 5th distribution day in 11 trading sessions. Losers beat winners on both exchanges by nearly 3 to 1. Insurers outperformed, helped by rising interest rates. Stocks to watch include XP, ATI and Chart Industries, which are all holding support at their 10-week lines. Learn more about your ad choices. Visit megaphone.fm/adchoices