Along with S&P 500 futures and Nasdaq futures, there was little change in Dow Jones futures on Sunday evening.
The stock market rally halted in the holiday-shortened week. Major indices retreated marginally last week, but remained at key levels, while Federal Reserve policymakers indicated the prospect of many more sittings on major rate hikes. But it is not clear whether the recent market action was bullish or bearish.
Investors may have less-than-minor exposure, but they need to be prepared to back out.
Apple holds its annual Worldwide Developers Conference This coming week. Apple ,AAPL) will show your latest operating system changes. There is talk that Apple will unveil an NFL streaming package at WWDC. Still, Apple stock fell strongly on Friday after closing in on the week’s low.
Tesla shares fell on Friday and for the week Tesla CEO Elon Musk is reportedly looking to cut 10% of salaried jobs amid “super bad feeling” about the economy.
Northrop Grumman ,no objection certificate, dollar Tree ,DLTR, Flex LNG ,FLNG, Albemarle ,album) And ZIM Integrated Resources ,gym) there are five stocks trading nearby buy points, all have relative power lines A bullish signal, at or near a high. The RS line, the blue line in the chart provided, tracks the performance of the stock versus the S&P 500 Index.
NOC Stock and Albemarle are operational IBD Leaderboard, ZIM is on stock IBD 50, This week’s market rally action is discussed in a video embedded in this article and analysis of Northrop, DLTR stock and ALB stock.
dow jones futures today
Dow Jones futures rose higher versus fair value. S&P 500 futures were lower and Nasdaq 100 futures fell 0.1%.
stock market rally
The stock market’s rally for the week retreated marginally, although there were some big daily moves in the major indices.
The Dow Jones Industrial Average fell nearly 1% over the past week stock market trading, The S&P 500 index lost 1.2%. The Nasdaq Composite fell 1%. The small-cap Russell 2000 was down 0.2%.
The 10-year Treasury yield rose 21 basis points to 2.96%, reversing towards 3% amid generally strong economic data and Fed comments. It follows a significant three-week drop in 10-year yields.
US crude futures rose 3.3% to $118.17 a barrel last week. Petrol futures rose 8.7%.
in the middle Best ETFsThe Innovator IBD 50 ETF (ffty) rose 1.2% last week, while the Innovator IBD Breakout Opportunities ETF (boxing) left about 1%. iShares Extended Tech-Software Sector ETF (IGV) climbed 0.7%. VanEck Vectors Semiconductor ETF (smh) sank 1.5%.
SPDR S&P Metals & Mining ETF (XME) retreated 2.2% last week. Global X US Infrastructure Development ETF (expansive) dropped 0.2%. US Global Jets ETF (jet) landed 4.6%. SPDR S&P Homebuilders ETF (XHB) withdrew 1%. The Energy Select SPDR ETF (XLE) 1.1% and the Financial Select SPDR ETF (xlf) dropped 2%. Health Care Select Sector SPDR Fund (xlv) 3.1% skid
Reflecting the more speculative story stocks, the ARK Innovation ETF (arkk) retreated nearly 5% last week and the ARK Genomics ETF (ARKG) 3.7%. Tesla stock remains the No. 1 holding in Arc Invest’s ETF.
At the Apple WWDC event from June 6-10, the Dow Jones tech titan will show off changes to the operating systems of its various devices: iOS, iPadOS, macOS, watchOS and tvOS. Media reports have speculated that Apple may unveil a deal to carry NFL Sunday Ticket packages like NFL football games. Apple TV+ announced a deal on March 8 to carry Major League Baseball games. Growing sports content is one way to attract and retain customers, but it won’t be cheap.
Apple stock fell 2.85% for the week to 145.38, with Friday’s 3.9% falling below the 21-day line. AAPL stock is away from any buy points and is well below the 50-day and 200-day lines.
Tesla ‘Super Bad’ sell-off
Tesla stock fell 7.4% last week to 703.55, falling 9.2% on Friday to bounce back below its 21-day line. CEO Elon Musk reportedly announced a hiring freeze and Tesla wants to cut salaried jobs by 10% in what he called a “super bad feeling” about the economy. Those comments were in an email to Tesla executives on Thursday, Reuters reported on Friday.
Musk’s email comments raised questions. Major job cuts would suggest weak demand, although Musk bluntly said hourly production workers would increase. But current Tesla demand seems strong, especially with the auto industry still constrained by production. The EV giant has just added two new factories and forecasts 50% growth in the coming years.
Musk tweeted on Saturday that overall employment would increase over the next 12 months, but that salaried positions would be “flattening”.
Meanwhile, the National Highway Transportation Safety Administration said on Friday it had received 758 reports of “phantom braking” – some in 2021 and 2022 Model 3 and Y vehicles. NHTSA asked Tesla on May 4 for information by June 20.
Separately, NHTSA will release automatic-driving crash data this month, wall street journal Reported on Friday. NHTSA is investigating several Tesla accidents involving Autopilot.
Stocks Near Buy Points
Northrop stock rose 3.35% to 478.37 on Friday, up just 477.36. was cleaning cup with handle purchase point. NOC stock tested its 50-day line on Thursday and had essentially formed a handle within a larger handle. Northrop stock is still up only 4.8% from its 50-day line.
Dollar Tree stock fell 3.1% last week to 159.88, but remained above its 50-day moving average. Shares tumbled after a steep decline and revival. DLTR stock first fell on weak earnings and guidance walmart ,wmt) And target ,TGT), but then a week later Dollar Tree bounced again on its earnings. On the weekly chart, Dollar Tree stock has formed a handle, giving it a 166.45 cup-with-handle buy point. On the daily chart, the handle needs one more day to form, so Dollar Tree’s 177.29 by that measure is . Is cup-base purchase point.
FLNG stock rose 7.6% to 29.74 last week, rebounding sharply from the 50-day line, offering an early entry. The official consolidation buying point is 32.88, according to Marketsmith Analysis, Ideally, the LNG game pauses for a few days to even become a handle, allowing the 50-day line to gain some more ground.
ALB stock had a wild week. After rising nearly 15% over the past week, the lithium giant fell to a low of 232.75 on June 1 after exploding above the initial entry around 248, although it found support at the 21-day line. Albemarle’s stock ended the week down 7.4% at 250.76, above that opening entry. On the weekly chart, ALB stock now has a handle buy point of 273.78. It will appear on the daily chart after Monday. But a longer break will allow the 50-day line – still below the 200-day – to hold. Albemarle stock skyrocketed 35% in May thanks to two big upward revisions to full-year earnings targets amid rising lithium prices.
ZIM stock fell 6.4% on May 31, but closed only 0.5% to 67.70 to close the week. Technically, ZIM stock now has a handle on the weekly chart, which gives it 68.63 buy points. This handle may develop after Monday’s close, but there was no significant movement apart from the May 31 fall. Plus, ZIM stock is up 11.9% from its 50-day line.
market rally analysis
The stock market’s rally halted last week, with major indices retreating marginally, mostly on Friday’s losses. Major indices held their 21-day moving averages and the bulk of their gains from the previous week.
Was this last week positive or inauspicious for the market rally? It depends on what comes next. The pullback after the strong gains was no big surprise. It is allowed to make some handles. But was this a temporary pause before the start of a major index rally or retrace? A move above this week’s high would also be just a move. The 50-day moving average looms above the major indices, followed by several other major hurdles.
Last week, Fed officials made it clear they would not stop aggressively tightening until they sharply reduce inflation and adequately relax labor markets. But this process will be painful for the economy. The fact that the stock market sold out Friday on Musk reportedly wanted Tesla’s big job cuts And May’s jobs report shows strong hiring shows how investors aren’t sure what’s “good news” right now.
Energy remains strong, FLNG stocks such as shale play, refiners, integrated giants, coal producers and LNG plays are all still thriving. Solar stocks are also on the rise again. Shippers like ZIM stock, Lithium Play like Albemarle, some retailers like Dollar Tree and various building-related companies also look interesting.
What should we do now
Investors may have added or subtracted investments over the past week depending on the movement of the major indices and their own positions. In any case, the exposure should still be modest.
There will be huge opportunities for investors in the long term. Perhaps we are at the beginning of a big bull run. Or it could be a short-term bounce within an extended bear market. Keep most of your powder dry so you can take advantage when the tides visibly turn.
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