Dow Jones futures rose alongside S&P 500 futures and Nasdaq futures late Tuesday. After the strong gains in the past few trading days, the stock market rebounded on Tuesday to take a breather.
Royal Caribbean (RCL), carnival (CCL) and Norwegian Cruise Line Bloomberg reports that the Centers for Disease Control and Prevention (Centers for Disease Control and Prevention) recommends that the cruise can be resumed this summer under certain restrictions. Earlier reports pointed out that cruise operators do not need to vaccinate passengers.
During the carnival, NCLH and RCL stocks rose 2% overnight, both on Tuesday and in the past few trading days. All three stocks are close to possible buying points.
Breakthrough hold, new buy signal
Microsoft (MSFT), Facebook (FB) and Google parents letter (GOOGL) After the breakout on Monday, it continued to stay within the buying range on Tuesday.
Micron Technology (mu), square (SQ), Sea co., ltd. (I know), Chipotle (CMG) and Snowman Holding (YETI) At least during the trading day, all trading signals flash.
Tesla (TSLA) encountered resistance after the recent operation. However, Tesla stock and other high-value growth companies are showing signs of life.
Both Microsoft and Google stocks are on the IBD rankings. GOOGL stock is on SwingTrader. Microsoft stock is the long-term leader of IBD. Yeti stock is on the IBD 50 list. The stocks of Google and Micron ranked twentieth.
Dow Jones Futures Today
Dow Jones futures rose by a small percentage relative to fair value. S&P 500 futures edged higher. Nasdaq 100 futures rose 0.1%.
Keep in mind that overnight trading in Dow Jones Index futures and elsewhere will not necessarily translate into actual trading in the next regular stock market session.
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Global coronavirus cases reached 139.5 million. The death toll from Covid-19 is as high as 2.88 million.
In the United States, the number of coronavirus cases has reached 31.55 million and the death toll has exceeded 570,000.
California plans to remove most coronavirus restrictions by June 15, but still retains its mask regulations.
Stock market rebound
The stock market’s rally has declined, but it has not changed the bullish trend.
The Dow Jones Industrial Average fell 0.3% in Tuesday’s stock market trading. The S&P 500 Index fell 0.1%. The Nasdaq Composite Index fell slightly by less than 0.1%.
The 10-year U.S. Treasury bond yield fell by 6 basis points to 1.66%.
Read The Big Picture every day to keep up with the market direction and leading stocks and industries.
Tech Titans lifted
Microsoft shares fell 0.5% to 247.86. MarketSmith’s analysis showed that on Monday, MSFT shares rose 2.8% to 249.07 points, clearing the basic buying point of 246.23 points.
Google shares fell 0.4% to 2,209.26. On Monday, GOOGL shares rose 4.2% to 2218.96, which also cleared the flat base and entered 2145.24. Both Microsoft and Google stocks flashed past early trading last week.
Facebook shares fell 0.9% to 306.26. On Monday, FB shares climbed 3.4% to 308.91, higher than the 299.81 buying point since the six-month consolidation.
Tesla shares rose slightly by 0.1% to 691.92. On Monday, TSLA stock rose 4.4% to 691.05, a record high. However, this approached the intraday low after reaching 708.16 in the intraday session and met resistance at its 10-week moving average. Tesla stock still needs to break through the short-term high in March and the 50-day line to allow investors to pay close attention to this 2020 winner.
Among the best ETFs, the innovative IBD 50 ETF (FFTY) rose slightly by 0.2%, while the innovative IBD breakthrough opportunity ETF (BOUT) fell by 0.5%. iShares expanded technology software industry ETF (IGV) rose 0.6%, of which MSFT stock was the largest holding. The VanEck Vectors Semiconductor ETF (SMH) fell 1.4% after several strong gains.
The SPDR Standard & Poor’s Metals and Mining ETF (XME) fell 1%, and the Global X US Infrastructure Development ETF (PAVE) fell 0.8%. The US Global Jet ETF (JETS) rose 0.8%.
Reflecting more speculative story stocks, ARK Innovation ETF (ARKK) rose 1.8%, while ARK Genomics ETF (ARKG) was flat. Tesla stock is the largest stock in the ARK Investments ETF.Although TSLA’s stock performance was calm on Tuesday, it has rebounded in the past few days, while many other Ark Airlines stocks are also rising, including year (year), Baidu (BIDU) and square inventory.
Some of the gains in ARK stocks on Tuesday may reflect the decline in U.S. Treasury yields. In the past few months, rising yields on 10-year U.S. Treasury bonds have been suppressing high-value growth stocks.
Stocks in the purchase range
Snowman’s share price rose 3% to 75.06, reaching 78.40 during the session. This briefly cleared the 76.87 buy point. YETI closed at the downward sloping trend line and entered the market more aggressively. Manufacturers of high-end refrigerators, beverage utensils and now luggage boxes withdrew their 50-day production line last week. Snowman stock is the IBD daily stock for Tuesday.
Square stock rose 2.85% to 236.50, regaining its 50-day antenna and breaking the downtrend. This can provide early entry opportunities for SQ stocks. The official purchase point is 283.29.
Micron’s stock price fell 0.3% to 93.49 after hitting 96.10 in the intraday market. A short-term short order cleared the entry point of 95.85. After the memory chip giant released its financial report and guidance last week, MU stocks have started to act from the 10-week line. Micron’s stock price is only 4.7% above its 10-week line.
Southeast Asian stocks plunged 5.2% to 247.03, returning to the 50-day level. Sea Ltd. stock also clears the downward sloping trend line, depending on where you draw it. This may be the early entry of SE stock, and its official buying point is 285.10.
Chipotle stock rebounded from its 50-day antenna and broke the downtrend, rising 2.4% to 1,487.48. This provides an earlier way to enter, and the official purchase price is 1,565.01. CMG stock closed its highest since February 12, but it needs to go higher to break the peak in March. Investors should note that Chipotle’s earnings are within two weeks.
Market rebound analysis
After trading within a narrow range, the stock market rose on Tuesday and closed almost unchanged. The S&P 500 index rose back-to-back by more than 1%, setting a record high. The Nasdaq index rose by more than 1.5% for three consecutive trading days to break through key levels and broke through some strong breakthroughs. Quiet trading days are fine.
A pause in the stock market rebound for a few days will allow more patterns to form the basis, and recent breakthroughs may consolidate the gains. As long as the Nasdaq stays above the recent highs, especially above the 50-day line, the bullish trend will remain unchanged.
The leading position of the stock market rise is still quite extensive, with some technology giants, chips, commodities, industrial travel and some retail stocks performing well.
Some very valuable growth names, such as 10X Genomics (TXG), Sea Ltd. or Square inventory is forming. More like Tesla’s stock, which is still below the 50-day line, but at least it is undergoing early maintenance. Of course, just as some home decoration projects have not yet been completed, we cannot guarantee that the next chapter of the story stock will be a happy chapter.
Investors should participate in this market rebound. Don’t expect the April-September game to be repeated, but now there are reasons to believe it. As you expand your holdings and revise the watch list, try to stay diversified among leading stocks. This will help you avoid massive portfolio changes due to group sell-offs, while keeping you in line with the market and leading stocks.
Please follow Ed Carson on Twitter via @IBD_ECarson on Twitter for stock market updates and other information.
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