Dow Jones futures will open on Sunday night along with S & P 500 futures and Nasdaq futures. Major indices and major stocks were negative weeks at the expense of the hawkish Federal Reserve and the soaring Treasury yields. The stock market backlash is “under pressure.”
Tesla shares had an external negative reversal week. But after soaring, there is now a handle on the weekly chart. in the meantime, Apple ((((AAPL) Drift lower and offer a slightly heavier handle while trading tight.in the meantime Tesla ((((TSLA) And Apple stocks are relatively strong, but most growth stocks aren’t.
In the healthier part of the market Karon Petroleum ((((CPE) Despite the reputation of “porcupine”, it is trading tightly on the weekly chart. General Dynamics ((((GD) Also, it is tightly traded to create new things Flat base.. Molina Health ((((MOH) Last week as well, trading was strong in the buy zone, finding significant support.
Investors should be aware that they will make new purchases during the current market week.
The video embedded in this article described mixed market movements and analyzed Callon Petroleum, General Dynamics, and MOH stocks.
Dow Jones Futures Today
Dow Jones Futures will open at 6 pm ET on Sunday, along with S & P 500 Futures and Nasdaq 100 Futures.
Stock market rally
Last week’s stock market rise receded as Nasdaq and small cap Russell 2000 fell below the 50-day moving average.
The Dow Jones Industrial Average fell 0.3% last week Stock market tradingDespite a modest rise in the second half of the week. The S & P 500 Index fell 1.3%. The Nasdaq Composite Index fell 3.9%. Russell 2000 fell 4.6%.
The 10-year Treasury yield rose 34 basis points last week to 2.71% as the Federal Reserve suggested that it would soon begin cutting its large balance sheet in addition to a sharp rate hike, three years. I made the highest price for the first time. The Treasury yield curve no longer reverses, as it rose only to 2.52% in two years.
US crude oil futures fell 1.2% last week to $ 98.26 a barrel.
In between Best ETFInnovator IBD 50 ETF (FFTY) Although it fell 6.15% last week, the Innovator IBD Breakout Opportunity ETF (game) I gave up almost 2%. iShares Extended Technology-Software Sector ETF (IGV) It has retreated 4.3%. VanEck Vectors Semiconductor ETF (SMH) It plummeted by 7%.
SPDR S & P Metals & Mining ETF (XME) 1.7% last week. Global X US Infrastructure Development ETF (pavement) It has retreated 3.8%. US Global Jet ETF (Jets) It fell by 7.3%. SPDR S & P Homebuilders ETF (XHB) Decreased by 3.5% and extended the losing streak. Energy Select SPDRETF (XLE) Increased by 3.2%, Financial Select SPDR ETF (XLF) 0.9% dip. Healthcare Select Sector SPDR Fund (XLV) 3.7% popped.
Apple’s share price fell 2.5% last week to 169.98, slightly below the 21st line and slightly above the 50-day and 10-week averages. It provides a little more depth to the handle purchase points of 179.71. The Relative intensity line It has fallen slightly, but is still approaching record highs. Reports of sluggish demand for household appliances have hit chip makers, including iPhone suppliers, but Apple’s inventories themselves are much better. Revenue from the App Store and other services helps isolate technicians from changing demand for hardware.
Tesla shares surged on Monday with record first-quarter deliveries, reaching a three-month high of 1,152.87 on Tuesday, essentially resisting trendline entries. Then Tuesday’s TSLA share fell, with weekly highs and lows well above last week’s lows, down 5.4% to 1,025.82. External negative reversals are bearish behavior, but can be positive for Tesla’s stock charts by providing a real pullback following a large run in just a few weeks. On the weekly chart, Tesla shares are currently Cup with handle According to 1,152.97 purchase points Market Smith analysis.. The handle needs another day to appear on the daily chart.
Undoubtedly, Tesla stocks can use a slightly deeper, longer handle. Below the 21-day moving average and 1,000 levels, it is possible to shake off some more vulnerable holders. More time will also allow the 10-week line to catch up with TSLA’s inventory somewhat.
Note that Tesla stocks are outliers. Few stocks have a three-digit price-earnings ratio. Can Tesla keep up against the trend, or was last week’s reversal the beginning of a bigger sale? Given the latter scenario as a possibility, we see that less than 1,000 moves can shake many investors.
On the news side, Tesla Austin hosted a “Cyber Rodeo” Thursday night, with Model Y delivery began. Tesla Berlin began limited delivery in March. The factory should eventually significantly increase Tesla’s capacity, but production can grow slowly.
Meanwhile, the Tesla Shanghai factory has been closed since March 28 due to the blockade of the city amid a surge in Covid incidents. It is unknown when the factory can be reopened. Even if the site is allowed to reopen, Covid outbreaks and restrictions can affect suppliers.
On Monday, the China Automakers Association will release industry data for March EV and overall vehicle sales. This includes wholesale sales of Tesla. It will show little effect from the blockade of Shanghai.
The CPE stock chart has a natural reputation as a “porcupine”, with many morning surges that can decline or turn negative. Karon stocks aren’t as successful as many other energy plays. But there are some positive signals. Stocks have moved from searching for support on the 200-day line to the 50-day line and now on the 21-day line.
Meanwhile, CPE stocks fell 0.8% last week to 61.94, despite significant fluctuations during the day.It was formed now 3 weeks tight, Provides 66.48 entries. Investors can still use 65.55 as an operative, as its tight pattern is almost completely integrated within 5 months. Purchase points..
General Dynamics Stock
General Dynamics shares have been reintegrated after negotiations with other defense contractors as Russia’s invasion of Ukraine began in late February. Stocks are currently Flat base 255.09 Buy-point weekly chart. The GD strain is also tightly forged in its flat base for 3 weeks. Investors can use the tight entry of 246.23, just above Friday’s highs, as an early buy point over most of the recent trading of General Dynamics stocks.
Molina stocks tested the 10-week line last week and then rebounded to a 0.6% drop to 337.82. The MOH stock is currently tight for 4 weeks and offers 347.72 buypoints. Its tight pattern is almost completely formed within the previous cup-based purchase zone with handles. Investors can use tight entries as add-on purchases or to open new positions.
Market rally analysis
The stock market rebound turned negative overall last week with growth, small caps and midcaps for sale. Since Wednesday, the uptrend has been “under pressure.”
The Dow Jones fell slightly for a week and maintained support on the 50-day line, just below the 200-day line. The S & P 500 Index was slightly below the 200-day line, but above the 50-day line. The Nasdaq Composite Index plummeted below the 50-day line and joined the Russell 2000 and S & P Medium Caps 400.
Just two weeks ago, the market rebound was widespread, with power in many sectors, and the starters could easily beat the decline. However, the rally is narrow and bifurcated and is beginning to appear, returning to the difficult environment of 2021.
Energy and other commodity stocks continue to lead alongside healthcare, discounters and defense companies, while REITs and insurance companies remain strong. But growth, retail, housing, travel, and traditional banks are struggling.
That’s not surprising. While growth is focusing on growth stocks and housing play, hot inflation is starting to focus on discretionary spending.
Next week, the Ministry of Labor will release the Consumer Price Index and the Producer Price Index. Inflation is likely to heat up, but markets could support signs that price increases have leveled off. The latest retail sales report shows whether shoppers are pinching penny in high inflation.
Later next week, China will release first-quarter GDP data and March reports on retail sales and industrial production. But that doesn’t give us much insight into the impact of Shanghai’s massive Covid blockade, which began on March 28.
With UnitedHealth on April 14th and Tesla on April 20th, the earnings season will begin to gain momentum. This can trigger ups and downs in individual stocks and sectors, or in a wide range of markets.
So while market recovery is at a turning point, it may not be decisively high or low for some time.
What to do now
The split rally is tricky. Even if you are only playing strong sectors, the market can quickly move away from them. Or the weaknesses will be widespread. Therefore, try not to focus too much on a particular sector while keeping your overall exposure modest.
Investors need to remain involved and ready to act due to market volatility and fluid outlook. Resist the temptation to make lots of new purchases. Focus on building a watchlist to find leaders in the next sustainable uptrend.
read Big picture Every day to keep market direction in sync with major stocks and sectors.
Follow Ed Carson on Twitter. @IBD_ECarson The latest information on the stock market.
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