Stock Market Today With IBD

Stocks traded near the flatline for most of Wednesday’s session, with advancers having a slight edge over decliners on both exchanges. With only two trading days left in 2023, the S&P 500 is closing in on an all-time high. Tesla gave an early buy signal ahead of Q4 delivery data; Vertex is holding gains well, and recent IPO Birkenstock isn’t far from an all-time high after an inauspicious debut in October. Learn more about your ad choices. Visit megaphone.fm/adchoices

Stocks continued to advance following the Christmas holiday weekend. The S&P 500 is near all-time highs, but there are reasons to be cautious about new buys before the new year. AppLovin and CBOE are consolidating, while Netflix is holding in a buy zone. Learn more about your ad choices. Visit megaphone.fm/adchoices

After Wednesday’s sell-off turned out to be a jump scare vs. a horror show, the major indexes rebounded for their eighth straight weekly gains. The Nasdaq is looking extended, along with many leaders. Nvidia has a new flat base, while Samsara is trading tightly and steel pipe play Tenaris flirts with buy signals. Learn more about your ad choices. Visit megaphone.fm/adchoices

Stocks rallied back after sell-off; Carnival reports strong earnings; Freeport-McMoRan near a buy point; Zillow stock under accumulation

The stock market reversed lower, with the Dow Jones and Nasdaq snapping nine-session win streaks. A pullback wasn’t a surprise. Google broke out Wednesday morning, while Old Dominion cleared a trendline entry, but both pared gains. MDB is trying to set up and tighten up, but MongoDB is only pawn in market game. Learn more about your ad choices. Visit megaphone.fm/adchoices

The stock market continued to move higher in a broad advance with the S&P 500 nearing all-time highs. Many leading stocks as well as the Nasdaq are increasingly extended. But oil machinery play Weatherford and trucking firm Saia flashed buy signals while AI server maker Super Micro paused after a five-day run. Learn more about your ad choices. Visit megaphone.fm/adchoices

Indexes started the week with the megacap companies back in favor. Call them the FANG stocks or Magnificent 7, but that’s where a lot of the strength came from for the day. Meta Platforms recently got support at its 50-day moving average and followed up with gains after a short digestion. Amazon.com had a longer digestion with a breakout today that provided another buy opportunity. Netflix previously found resistance at its July high but attacked that level again with renewed vigor and a cup-with-handle breakout. Learn more about your ad choices. Visit megaphone.fm/adchoices

The market capped a powerful, broad advance for the week as the Fed shifted toward rate cuts. Many leaders and perhaps the Nasdaq are getting extended. But Steel Dynamics, Tesla and Monday.com are in buy range. Learn more about your ad choices. Visit megaphone.fm/adchoices

Discussion on the notable strength of small cap stocks post-Fed, caution against chasing already-gaining stocks, analysis of the relationship between the dollar and equity prices, examination of the performance of American Express and FLS, and discussion on the strong performance of Data Dog in the enterprise software group.

The Dow Jones hit a record high with the S&P 500 and Nasdaq decisively cleared recent ranges and July peaks, fueled by the Fed signaling three rate cuts in 2024. Vertex surged on positive trial results for a new painkiller. Eli Lilly is setting up again. Samsara cleared a recent range after its earnings gap up. Learn more about your ad choices. Visit megaphone.fm/adchoices