Dow Jones futures, along with S & P 500 futures and NASDAQ futures, remained largely unchanged at the beginning of Friday. Tesla ((((TSLA) On Thursday night, we held the “Cyber Rodeo” Grand Opening Event at the Austin Factory.
X
Stock market backlash tested key support levels as Treasury yields continued to rise as hawkish Federal Reserve statements continued Thursday morning. However, the major indexes rebounded to close slightly higher.
Investors need to pay attention to the functioning sector, but overall new purchases need to be careful. Exxon Mobil ((((XOM), Lockheed Martin ((((LMT), Horizon Therapeutics ((((HZNP), Dollar General ((((DG) When O’Reilly Auto ((((ORLY) Are five stocks in major sectors within or near the buypoint.
Tesla is in stock IBD leaderboard..Inventories of Tesla and HZNP IBD 50.. XOM inventory Big cap 20, Currently replays a list where energy and commodities dominate. ORLY’s inventory was on Thursday IBD stock today..
Dow Jones Futures Today
Dow Jones futures were flat against fair value. S & P 500 futures and Nasdaq 100 futures have not changed.
Remember what you did overnight Dow Futures And other places are not necessarily converted into the next regular real transaction Stock market session.
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Stock market rally
The stock market rebound sold out in the morning, but then rebounded with a slight rise.
The Dow Jones Industrial Average rose 0.25% on Thursday Stock market trading.. The S & P 500 index rose 0.4%. The Nasdaq Composite was up less than 0.1%. The small Russell 2000 fell 0.4%.
US crude oil prices fell 0.2% to $ 96.03 a barrel. Natural gas prices have skyrocketed to their highest level since December 2008.
Yields on 10-year government bonds rose 4 basis points to 2.65%, the highest in three years, and the yield curve widened slightly.
St. Louis Fed Governor James Bullard, one of the more hawkish policy makers, said the federal funds rate, currently 0.25% to 0.5%, needs to be 3.5% to combat high inflation. I did. The Federal Reserve could raise interest rates by 50 basis points at each of the next three policy meetings, and balance sheet cuts will begin after the event in early May.
ETF
In between Best ETFInnovator IBD 50 ETF (FFTY) Innovator IBD Breakout Opportunity ETF (game) 0.9% advanced. iShares Extended Technology-Software Sector ETF (IGV) It increased by 0.45%. VanEck Vectors Semiconductor ETF (SMH) Closed just above the break-even point.
SPDR S & P Metals & Mining ETF (XME) Up 2.2%, Global X US Infrastructure Development ETF (pavement) Leaned high. US Global Jet ETF (Jets) It fell 1.4%. SPDR S & P Homebuilders ETF (XHB) I slipped 0.5%. Energy Select SPDRETF (XLE) XOM stocks are a major component, up 1.1%. Financial Select SPDRETF (XLF) 0.1% immersion. Healthcare Select Sector SPDR Fund (XLV) 1.9% increase
ARK Innovation ETF (Reflecting a More Speculative Storystock)ARKK) Down 1.2%, ARK Genomics ETF (ARKG) It sank 0.7%. Tesla is the number one stock in all Ark Invest ETFs.
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Tesla Austin “Cyber Rodeo”
Thursday night, CEO Elon Musk Tesla Austin Factory Event, Called a cyber rodeo. Tesla will officially begin shipping Model Y from the factory on Friday. This follows the first delivery from a factory in the Berlin region last month. The two new plants will significantly expand Tesla’s capacity, but production is expected to grow slowly.
Cybertruck made another cameo appearance. Tesla Austin will eventually build two vehicles, the Cybertruck and Semi, which have been pushed back several times. Musk reiterated that it expects Cybertruck production to begin next year.
Musk made other comments about future robotaxi services as rivals launched self-driving services in San Francisco. However, he did not provide much detail about future products and services.
Meanwhile, the Tesla Shanghai plant has been closed since March 28, and the city has been closed due to the surge in Covid. Tesla has the potential for workers to stay on-site and resume production in Shanghai soon. But that hasn’t happened yet.
Tesla stock
Tesla Austin’s “Cyber Rodeo” was too late for after-hours trading, so investors will weigh on Friday morning.
On Thursday, Tesla shares rose 1.1% to 1,057.26, rising with the market.After competing up to, the stock is still in the withdrawal Trend line entry Earlier this week. EV giant may have formed a handle in the depths Cup base.. Retreating to levels just below the 21-day line and 1,000 levels can help shake off some vulnerable holders. If you lengthen the handle, the 50-day moving average may catch up somewhat.
Tesla stocks stand out as an exception, as high-value growth stocks are less favored as interest rates rise. Can you hold up or move up in this environment?
Tesla’s earnings will be paid on April 20th.
Exon stock
Exxon’s share price rose 1.7% to 85.05, slightly above the 10-week line, centered on the 21st line. Investors can buy XOM shares here or if they exceed the March 25 high of 85.49. Oil majors should have a good foundation after the end of next week.
Several other energy stocks, including Exxon’s peers, are holding up Chevron ((((CVX) When shell ((((shell) And coal producers Arch resource ((((arch) And Nose Shore Global Uranium ETFs (URNM).
Lockheed Stock
Lockheed’s share price rose 2.4% to 465.51, clearing short-term highs as it works with short-term integrations. However, LMT stocks are 4.9% above the 21st line and 10.1% above the 50th. Stocks may form a new foundation by the end of next week. Longer pauses can catch up with the key averages.
Lockheed shares occurred in late February, when Russia’s invasion of Ukraine began. Equities rose for several days as investors bet on increased defense spending in the short and long term, especially in Europe, especially on weapons.
Northrop Grumman ((((NOC), General Dynamics ((((GD) When Raytheon Technologies ((((RTX) Is also integrated, and the RTX stock is already Flat base..
Horizon stock
Horizon shares rose 3.2% to 112.39, surpassing the 110.13 handle. Purchase points With integration dating back to late October. That 110 area was a short-term resistance at the end of last year.
Several biotechnology and pharmaceutical stocks are showing power. Vertex Pharmaceuticals ((((VRTX), Regeneron ((((REGN) When Eli Lilly ((((LLY) Has been expanded, Pfizer ((((PFE) Is blinking a possible trend line entry. In a broader sense, medical care is progressing steadily, with medical insurance companies setting new highs and device makers building the right side of the base.
Dollar General Stock
Dollar General stocks rose 1.1% to 241.69, a record high, rising within the buy zone. According to the report, DG shares rose 4.2% to 239 on Wednesday, clearing the buypoint of the cup with handles at 232.87. Market Smith analysis.. The Relative intensity lineThe blue line on the chart provided is the highest for 52 weeks.
Some discounters are doing well as investors are betting on penny pinch consumers who focus their spending on low-cost staples. Dollar tree ((((DLTR) When Costco Wholesale ((((cost) Occurred a few weeks ago, but is now slightly expanded. Walmart ((((WMT) Technically it’s in the buying zone, but it looks like it’s safer and extended from early entry. Goal ((((target) Is starting to bounce.
O’Reilly Stock
O’Reilly’s share price rose 3.7% to 726.83, a new high. Previously 687.33, investors could use 705.10 as an alternative entry or handle. Cup with handle The purchase points were still technically valid.
The relative strength line is close to the new high on the daily chart and at a record level on the weekly chart.
New cars are few and expensive, and consumers are trying to curb spending in the face of high inflation, so many drivers keep their used cars longer and do more car work at home.O’Reilly’s rival AutoZone ((((AZO) Double bottom base On thursday.
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Market rally analysis
The stock market backlash found support at key levels on Thursday and staged the long-awaited upside-down reversal.
The rise in the market on Wednesday turned into a “upward trend under pressure” as the key indices fell below the 21-day moving average. Thursday morning, the Nasdaq Composite and the Dow Jones fell below the 50-day line, further weakening them.
However, the Bulls counterattacked in the afternoon. Nasdaq and Dow Jones broke the 50-day line. However, while the Dow regained 21 days, Nasdaq resisted at that level. The S & P 500 has regained its 200th and 21st lines.
The Nasdaq’s break above the 21st line is a good sign of a market recovery.
So it would be a better width. Losers outnumbered winners in NYSE and Nasdaq. Thursday’s new lows were well above the new highs. Small cap Russell 2000 and S & P mid-cap 400 rebounded at lows on Thursday, but fell slightly. Both fell below their 50-day line on Wednesday.
Growth stocks are still damaged. Meanwhile, there is growing concern that inflation, and the Fed’s rate hikes to combat inflation, will put significant pressure on consumer discretionary spending.
Some sectors are still on track. In addition to commodities, medical and defense industry contractors and discounters, investors will find REITs and insurance companies doing well.
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What to do now
The key indexes for which support was found on Thursday do not mean that support will continue. Market recovery is under pressure. Investors need to wait for stronger power before adding exposure widely. Currently, there are few setups, but the growth sector is facing many headwinds.
If you have new purchases, you should reduce them and limit them to strong sector stocks. Even if it works, don’t expose yourself too much to a particular sector.
I will continue to engage. If the market recovery drops significantly from here, investors will want to close more positions, even if they move completely to cash. On the other hand, a few days are good days and the market recovery will look much better, but many stocks have the potential to flash buy signals.
In the latter scenario, the investor wants to be ready to act. So cast a wide net and keep working on your watchlist.
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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