Overnight, Dow futures rose slightly, along with S&P 500 and Nasdaq futures. The stock market rally rebounded on Wednesday, but it was an uneven advance that only regained a small piece of heavy selling on Tuesday.
Investors should keep exposure light until the major indicators regain their 50-day moving averages.
DVN Inventory is running IBD Leaderboard and SwingTrader. Devon Energy was also on Wednesday IBD stock today. Stocks of Tesla, Devon, Arista Networks, and Pure Storage are all available at defect 50. Arista Networks and XOM shares are on file IBD Big Cap 20.
Dow jones futures contracts today
Dow futures rose 0.2% against fair value. S&P 500 futures rose 0.25% and Nasdaq 100 futures rose 0.3%.
Investors will get a slew of economic data before the stock market opens on Thursday. August retail sales as well as the Philadelphia Fed Manufacturing Index for September and the New York Fed Empire State Index are due at 8:30 AM ET, along with weekly jobless claims data. Industrial production for August is set at 9:15 a.m. ET.
stock market rise
The stock market rebound modestly on Wednesday morning, then faded to turn negative before rebounding late to close higher.
The Dow Jones Industrial Average rose 0.1% on Wednesday stock market trading. The S&P 500 rose 0.3%. The Nasdaq Composite advanced 0.7%. Small cap Russell 2000 rose 0.4%.
US crude oil prices rose 1.3% to $88.48 a barrel, although that was far from session highs. Natgas prices are up 9.2% to $9,114 BTUs
The 10-year Treasury yield fell one basis point to 3.41%. But it is just below the 11-year high of 3.48% set on June 14.
between the Best ETFsThe Innovator IBD 50 ETF (fifty) was up 2.35% at the close on Wednesday, buoyed by energy stocks on the list. The Innovator IBD Breakout Opportunities ETF (fit) rose by 0.65%. iShares Expanded Technology and Software Fund (ETF)IGV) rose 0.1%. VanEck Vectors Semiconductor Corporation (SMH) by 1.1%.
SPDR S&P Metals & Mining ETF (XME) down 3.1% and the US Global Infrastructure Development Fund X (ETF) )cradle) slipped 1.7%. SPDR Specific Energy Fund (SPDR ETF)XLE), with a massive XOM stock holding, and Devon Energy’s XLE ETF also up 2.8%. SPDR Healthcare Sector Selection Fund (XLV) rose by less than 0.1%.
DVN stock rose 4.5% to 72.17, rebounding from its 21-day moving average, recording 73.29 on the day. The oil and natural gas producer broke Monday’s high of 71.57, providing an early entry into the Cobb base with a handle. the official buy point It is 75.37.
XOM stock rose 2.45% to 97.67. The integrated oil giant’s shares are running at 101.66 cups with a point-of-purchase handle, according to MarketSmith Analysis. Investors can use the movement above Monday’s high of 99.19 as an early entry.
Tesla stock rose 3.6% to 302.61, bouncing back above its 200-day moving average after undermining that key level in Tuesday’s market defeat. On the day, TSLA stock hit 306, breaking Monday’s high of 305.49. That would have made a solid entry, focus on aggressiveness. Investors may want to use 306.10 now as a starting point.
The line relative force As for Tesla stock, it has improved significantly over the past week, reaching its best level since late April.
Arista Networks stock rose nearly 2% to 122.26, rebounding slightly from its 200-day streak after falling 3.9% on Tuesday. ANET stock has a buy point of 132.97 from double bottom base with handle. But investors can use 126.80, above Monday’s high, as an early entry.
PSTG stock rose 0.1% to 29.67 on Wednesday, trading around its 21-day moving average after sliding 3.8% on Tuesday. Pure Storage stock contains 31.62 cup with handle point purchase. Investors can use 30.98, Monday’s high, as a slightly lower entry.
Market Rise Analysis
The stock market rally saw a rebound on Wednesday, but it’s hardly a snapshot after the Nasdaq fell more than 5% on Tuesday.
Wednesday’s relatively flat PPI reading is likely to give the Fed reason to commit to a third consecutive rate hike of 75 basis points on September 21, even though markets are pricing in a quarter chance of 100 basis points. Perhaps most importantly, that CME FedWatch Tool It now appears that markets are expecting the year-end Fed funds rate range of 4.25%-4.50%. That’s 50 basis points higher than it was before Tuesday Hot CPI.
Prospect Railway workers strike As early as Friday, there will be a potential negative for a large number of sectors of the “real economy”. Meanwhile, Wednesday Nokor (NEW) Earnings Warning It is a reminder that negative pre-advertisements will likely start heating up.
It only took a few minutes for the major indicators to break below the 50-day moving averages on Tuesday, but it could take a long time to get back above this key level. The stock market rally may hit resistance there, or at the nearby 21-day lines. Meanwhile, the S&P 500 and Nasdaq are approaching last week’s lows, with Dow Jones already making cuts to those levels.
Energy stocks were the gainers on Wednesday, but closed well off intraday highs. While oil and gas names move with commodity prices, they are also subject to stock market trends.
ANET Stock and Pure Storage aren’t even close to being actionable, but there is a positive side. They can flash buy signals as the major indicators bounce back above their 50 day moving averages.
What are you doing now
But until the major indexes return above the 50-day lines, investors should be careful about adding exposure. This is a rally in the market under great pressure, not a strong uptrend.
If you take new positions, consider taking partial profits at a special speed.
That being said, the leading stocks in general look better than the market indices. Investors should build their watch lists, looking for high-quality names to set up or flash buy signals.
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