Dow Jones futures soared overnight with S&P 500 futures and Nasdaq futures. The stock market rebounded on Wednesday and the session ended lower. Crude oil prices soared and Treasury revenues plummeted to a 34-month high.
Apple stock and Tesla (DSLA) Extended their winning streak to seven sessions, although both have come in intraday highs. Apple (APL) Trendline entry is within range and not too far from the officer Buy point. Tesla stock is far from its place of purchase. Both can use a pause to make their chart shapes more appealing, especially Tesla.
Shares of Tesla and JPHT are in motion IBD Leaderboard, When the COST stock is on the leaderboard watch list. Shares of JB Hunt, Costco and CVS are active Swing Trader. There are shares of TSLA, JB Hunt and BLDR IBD 50.
Dow Jones Futures Today
Dow Jones Futures, rose against fair value. The S&P 500 futures are up 0.1%. The Nasdaq 100 futures are up 0.25%.
Crude oil prices rose 1%.
Stock market rally
The stock market rally has suffered its biggest loss since March 14th. The Dow Jones Industrial Average fell 1.3% on Wednesday Stock market trading. The S&P 500 index lost 1.2%. The Nasdaq compound fell 1.3%. Small Cap Russell 2000 fell 1.8%.
US crude rose 5.2% to $ 114.93 a barrel.
The 10-year Treasury yield fell 5 basis points to 2.32% after reaching its highest level since May 2019.
In the middle The best ETFsInnovator IBD 50 ETF (FFTY) Fell 1.3%, while Innovator IBD Breakout Opportunities ETF (Boat) Closed just above the break. iShares Extended Technology-Software Industry ETF (IGV) And VanEck Vectors Semiconductor ETF (SMH) Both slipped 2.5%.
SPDR S&P Metals & Mining ETF (XME) Global X US Infrastructure Development ETF (up 1.8%)PavementWithout 0.9%. US Global Jets ETF (JETS) Decreased by 1.4%. SPDR S&P Homebuilders ETF (XHB) Fell 3.9%. Energy Selection SPDR ETF (XLE1.7% rise and financial choice SPDR ETF (XLFGave up to 1.85%. Health Care Selected Sector SPDR Funding (XLVLost 1.8%.
Represents more speculative story stocks, ARK Innovation ETF (ARKK) Fell 1.9% and ARK Genomics ETF (ARKG) Fell 2.4% after the two flirted their 50-day taxes intraday. Tesla Shares is the No. 1 holding of Arc Investment ETFs.
Apple shares rose 0.8% to 170.21 on Wednesday, although the intraday high was 172.64. After close on Tuesday on the trendline, the stock is now closer to the 50-day line while still higher than the initial entry. It is not far from 176.75 Double base Buy point, step MarketSmith analysis.
The Relative strength lineThe blue line in the charts provided has reached record highs, reflecting the strong performance of Apple stocks. S&P 500 code number
Investors can buy AAPL shares here. But after raising seven consecutive sessions, the iPhone company can use a break. Ideally, Apple stock will be suspended here for at least a few days and then move up. Of course, it does not have to retire at any time.
JPMorgan analyst Samik Chatterjee said IPhone sales “strong” Apple is set for a “monster growth cycle” over the next 18 months.
Tesla stock rose to 1,040.70 on Wednesday morning. Before gaining 0.5% at 999.11, the stock retreated and briefly turned negative. After six sessions, including a 7.9% spike on Tuesday, EV is now well on its way from its 50-day and 200-day lines. But TSLA stock is still down File Basic Buy point 1,208.10, as well as trendline entry around 1,150.
Ideally, Tesla stock will be suspended at current levels, creating a handle and a new, less authorized purchase point.
JP Hunt shares fell 1.7% to 210.18, its fifth decline but still above 208.97 Flat base Buy point. JB Hunt rose 9.6% on March 16 as trucking company formed an alliance with Warren Buffett-owned BNSF Railways. Berkshire Hathaway (BRKB) Now or after JBHT shares have partially recovered, it offers an opportunity to start or add a position to the iceberg pull towards the buying point.
Costco shares were down 1% at 554.02, still above the 545.39 buying point Handle with cup Foundation. The RS line-up for the cast stock is at record highs.
Builders First Source stock fell 3.7% to 73.49, still above its 50-day mark. The BLDR stock has a buying point of 86.58 cup-base, but can work on a handle, which will create less entry.
One concern of Builders First Source is that many home-based plays, including home builders and retailers, are being sold as interest rates rise and new home sales slow down.
CVS stock was down 1% at 106.20. It is still close to the 111.35 flat-base buying point. This is an early entry from the approximately 50-day line and the March 7 short-term hike. The intraday high of 109.69 on Monday could also serve as another entry.
Market Rally Analysis
The stock market rally suffered solid losses on Wednesday, with Apple covering weakness in big cap indices. The S&P 500 has slipped below its 200-day mark. Dow Jones lowered its 50-day lineup.
The Nasdaq Composite and the Russell 2000 are above their 50-day line.
While short days are not fun, a brief market rally pause can be beneficial. This will allow stocks like Apple and Tesla to breathe, and possibly create handles. Meanwhile, continuing climbing stocks will see their RS taxes rise significantly.
Energy stocks were in the lead on Wednesday, reflecting strong crude oil prices. Steel, mining and fertilizer plays also went well.
Software and housing stocks lost ground. Medical stocks from Biotex to Health Insurance were in sharp session.
What to do now
It is not dangerous to retreat on Wednesday in view of the strong recent gains in the market rally. But this is why investors need to gradually build exposure and avoid jumping up, short-term or otherwise. That’s why you never want to buy extended shares.
If the stock market rally struggles significantly and the Nasdaq and S&P 500 break decisively above their 50-day moving average, investors may need to adjust to some recent levels or exit.
It’s time to be flexible. Do not be locked into a rude or rude mood. Listen to the market and act accordingly.
According to The big picture Every day the direction of the market and the leading stocks and sectors must be consistent.
Follow Ed Carson on Twitter @IBD_ECarson For stock market updates and more.
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