Dow Jones futures open Sunday night, along with S&P 500 futures and Nasdaq futures. Stock market gains had an overall positive week, led by the Nasdaq and small caps.
However, the market rally has shown resilience amidst some mixed headlines, with major indices at resistance levels following recent strong gains.
Berkshire Hathaway (BRKB) Earnings are paid out on Saturday morning. Investors are watching whether Warren Buffett has increased Apple stock and other core holdings, and whether Berkshire has increased its net equity exposure near the bottom of the market.
BRKB’s share price fell 2.8% last week to 292.07, trading between the 200- and 50-day lines. Berkshire’s stock has rebounded from his June low, but he’s still a long way from his peak of 362.10 in late March.
Chip stocks are rebounding, a positive sign for the market’s rally. monolithic power system (MPWR), KLA (KLAC), Analog Devices (ADI), Axcelis Technologies (ACLS) and sound cicada (ON) is rising, but now in no man’s land, extending from the early entry but below the traditional buy point.
apple (AAPL) may still be in the early entrant range, but investors may want to wait to see if AAPL shares can take the wheel.
Tesla shares sold off on Friday, but the EV giant needs a break. Meanwhile, the California DMV Tesla (TSLA) False advertising promoting autopilot and fully autonomous driving.
finally, Celsius (CELH) has undergone a heat check after rising significantly in recent days and weeks. What Should Investors Do with CELH Shares Earnings on Tuesday?
MPWR’s shares belong to the IBD long-term leader. KLAC shares are included on the Long-Term Leaders Watchlist. CELH strains, Axcelis Technologies, Onsemi, KLA and Monolithic Power are all in IBD 50. ADI stocks, Onsemi and Monolithic Power are in IBD Big Cap 20. ACLS Stocks Friday He Was IBD Stock Of The Day. Monolith Power and ON stocks were Stock Of The Day earlier in the week.
The video embedded in this article discussed and analyzed market behavior Vertex Pharmaceuticals (VRTX), EQT (EQT) and ACLS stock.
dow jones futures today
Dow Jones futures open Sunday at 6:00 pm ET, along with S&P 500 and Nasdaq 100 futures.
Note that overnight trading on Dow futures or elsewhere does not necessarily lead to actual trading on the next regular stock market session.
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stock market rally
The Dow Jones Industrial Average fell 0.1% in last week’s stock market trading. The S&P 500 index rose his 0.4%. The Nasdaq Composite rose 2.15% on him. Small-cap Russell 2000 is up 1.9% on him.
The 10-year US Treasury yield surged 20 basis points to 2.84%, including 16 basis points on Friday following the hot jobs report. The odds of a 75-basis-point Federal Reserve rate hike on Sept. 21 have risen from about 40% above the jobs report to two-thirds.
US crude futures fell 9.7% in a week to $89.01 a barrel, the lowest level since before Russia invaded Ukraine in late February.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rose 2.9% last week, while the Innovator IBD Breakout Opportunity ETF (BOUT) fell 0.7%. The iShares Expanded Tech-Software Sector ETF (IGV) rose 3.7%. Van Eck Vector’s Semiconductor ETF (SMH) rose 2.7%.
The SPDR S&P Metal Mining ETF (XME) gained 0.5% last week. The Global X US Infrastructure Development ETF (PAVE) rose 0.15%. The US Global Jets ETF (JETS) rose 3.2%. The SPDR S&P Homebuilders ETF (XHB) rose 0.2%, marking its seventh straight week of gains. The Energy Select SPDR ETF (XLE) was down 6.8% and the Financial Select SPDR ETF (XLF) was down 0.1%. The Healthcare Select Sector SPDR Fund (XLV) fell 0.7% despite strength in biotech.
Reflecting more speculative story stocks, the ARK Innovations ETF (ARKK) was up nearly 11% last week, while the ARK Genomics ETF (ARKG) was up 10.5%. Tesla stock remains a major holding across Ark Invest ETFs.
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Shares of Monolithic Power surged nearly 15% to 532.33 last week on strong results. Perhaps investors could have bought his MPWR stock at the earnings gap on Aug. 2. But as of Friday’s closing, Monolith’s stock was 17% above his 200-day line and 24% above his 50-day line. The line of relative strength is already high, indicating MPWR shares are outperforming the S&P 500 Index. The stock has a buy point of 580.10 from consolidations dating back to late November. But ideally the sharing pauses to form a handle. That not only lowers the entry but also allows the moving averages to catch up to some ground.
Same story for Axcelis, Onsemi and KLAC stocks, all of which have reported gains over the past two weeks and are now up from their moving averages but below their traditional breakouts. ADI’s stock price is about the same, but Analog Devices’ earnings came out on August 17th.
Apple’s stock rose 1.75% to 165.35, marking its fifth straight week of gains. He broke through the 200-day line following earnings results on July 29, so investors could have bought his AAPL shares. He’s 3.7% above the 200-day line, so it’s still viable as an early entry. Apple’s RS line is already high. The official buy point is 13.04, but it would be attractive if the handle stayed at the current level or slightly higher.
Tesla’s shares fell 3% this week as it fell 6.6% on Friday to 864.51, wiping out much of its seven-day winning streak. This sent the stock below his 200-day line. However, if TSLA stock can pause around current levels for a few days, it could rise above Thursday’s high of 940.82 and offer a positive entry. Too low for traditional handles.
At Tesla’s annual meeting on Thursday night, shareholders approved a 1-for-3 stock split that had been expected for months. CEO Elon Musk has spoken at length about Tesla’s prospects, but nothing dramatic. Elon Musk’s ongoing Twitter buzz may be weighing on TSLA’s stock.
legal experts say twitter (TWTR) has a strong case that Musk should go ahead with the $54.20 a share takeover deal. Musk and Twitter trials will take place in his October. In the latest filing, TWTR’s share price climbed 3.6% to 42.52 on Friday, regaining its 200-day line and hitting a near three-month high.
Meanwhile, on July 28, the California Department of Motor Vehicles accused the EV giant of misleading customers about how Autopilot and FSD work, according to documents first reported by the Los Angeles Time. But if his DMV in the state wins the lawsuit, Tesla will likely only have to change its advertising and marketing.
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Celsius shares have fallen significantly since breaking the 200-day line on July 5. pepsico (PEP) had acquired a large stake in CELH and was to become the energy drink manufacturer’s lead distributor.
CELH shares fell 9% to 98.62 on Friday, but bounced back from the 10-day chart to gain nearly 11% in a week. Celsius rises from small-cap S&P 600 to S&P mid-cap 400. But there are fewer mutual funds tracking mid-cap funds and his ETFs than the S&P 600, so fewer index funds own CELH stocks.Also a leader in energy drinks monster beverage (MNST) fell 5% on Friday after weak earnings.
Celsius earnings are due on Tuesday, so investors have to make a decision. If he buys CELH stock near the 200-day timeframe or resistance 72, there is still plenty of room to spare. You can choose to lock in a partial profit. For long-term buyers, there may be little cushion or sitting at a loss heading into the outcome, as Pepsi news says on Monday. I have.
Market rally analysis
The stock market rally had a mixed week. The Dow Jones and his S&P 500 were little changed, but growth and small caps led the way.
But given the deluge of earnings and the red-hot jobs report suggesting that the Fed’s big rate hikes are likely to continue for a long time, it’s possible the market rebounded sharply late last week after stocks hit resistance levels. I have. But a pause at best. Friday’s action was especially encouraging.
The Nasdaq is above its early June high, but has been close to the trendline since the beginning of the year. The Russell 2000 is at his early June highs, with the S&P 500 and Dow Jones still grappling with that critical level.
A longer pause or moderate pullback is healthy. The market has come a long way and most of the gains have come at relatively light volumes.
Meanwhile, many key stocks or potential leaders can take a breather. A pause or pullback in a major index offers an opportunity for stocks like Monolithic Power and Onsemi to take the wheel, create lower entries and allow the moving averages to catch up.
The same goes for Apple stock, Tesla, and many other stocks.
Market leadership is expanding. Biotech, chips, aerospace/defense, solar, steel and energy are showing strength, just to name a few.
These are encouraging signs. However, this is still a bear market rally that may eventually lose momentum.
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what to do now
Investors should play in this market, but not all the marbles. There are still reasons to be cautious about the current market. While not many stocks are flashing buy signals all the time, a shakeout or sector rotation can make it difficult to hold a position.
So add exposure carefully. There is still some debate about taking partial profits.
Create a watchlist. Cast a wide net to find potential leaders in various fields.
Read The Big Picture daily to understand the market direction and key stocks and sectors.
Follow Ed Carson on Twitter. @IBD_E Carson Stock market updates and more.
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