Dow Jones futures, as well as S&P 500 and Nasdaq 100 futures, were slightly higher on Monday night as the price of Bitcoin plunged before cutting losses. Apple stock is approaching a new buy point, while Nio has reached new highs. Tesla dived in the middle of a potential high.
The stock rally fell from record highs on Monday amid moderate declines in major stock indexes. The Dow Jones industrial average fell 0.3%, or 89 points, while the S&P 500 slipped 0.7%. The highly technological Nasdaq composite fell 1.25%.
Among the leaders of the Dow Jones, Apple (AAPL) lost 2.3%, while Microsoft (MSFT) lost 1%. Meanwhile, Amazon.com (AMZN), Facebook (FB) and Twitter (TWTR) all fell sharply. Amazon’s inventory was down 2.15%. Facebook fell 4% and Twitter fell 6.4%.
However, the chip giants Advanced micro-systems (AMD) et Nvidia (NVDA) gained 2.8% and 2.6% respectively. AMD hit a new high, as Nvidia nears a new buy point, according to graphical analysis from IBD MarketSmith.
Tesla (TSLA) plunged nearly 8% as it shows several signs of a potential top. Chinese rival Nio (NIO) jumped 6.4% to record highs after unveiling its new sedan on its annual Nio Day.
Stocks in or near buy zones in the current stock rally are Mexican Grill Chipotle (CMG), Lululemon (LULU) et Tractor supply (TSCO).
Apple, Chipotle, Microsoft and Tesla are stocks in the IBD rankings. Lululemon and Tractor Supply were featured this week in Stocks Near A Buy Zone.
Dow Jones Futures today
On Monday night, Dow Jones futures and S&P 500 futures traded 0.1% higher from fair value. Nasdaq 100 futures rose 0.2%. Remember that trading Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular trading session.
Among exchange-traded funds, the Innovator IBD 50 (FFTY) gained 1% on Monday. The Invesco QQQ Trust ETF (QQQ) linked to the Nasdaq 100 traded down 1.45%. Meanwhile, the SPDR S&P 500 ETF (SPY) fell 0.7%.
Snapshot of the US Stock Market Today
|Index||symbol||Price||Loss of profit||% Change|
|S&P 500||(0S and P5)||3799,61||-25.07||-0,66|
Last updated: 16:26 ET 11/01/2021
According to Worldometer data tracking, the cumulative number of confirmed coronavirus cases in the United States topped 22.9 million on Monday. The total number of deaths linked to the virus has exceeded 383,000.
The cumulative total of Covid-19 cases worldwide confirmed since the start of the epidemic has passed 90.9 million on Monday, with more than 1.9 million deaths linked to the virus.
Coronavirus stock rally
Looking back on the current uptrend, November was a key month for the stock market. IBD’s The Big Picture reported the new uptrend following the market’s bullish tracking day on November 4th. Meanwhile, 2021 sees stocks just above their record highs.
Friday’s Big Picture commented, “The Nasdaq led Friday’s action with a 1.1% lead. A gain of 2.4% for the week hammered home the point that big and tech mega-caps are not yet ready to roll. ”
Investors should continue to use the strength of the stock market to buy breakouts. Be patient and wait for powerful breakouts instead of chasing prolonged actions. If the new breakouts are working, add more exposure. But if the rashes start to fail, you can back off.
In particular, focus on actions with strong relative strength. Find them using the line of relative force. The RS line measures the price performance of a stock relative to the S&P 500. If the stock is outperforming the broad market, the RS line is oriented upward. If a stock is performing worse than the overall market, the line will point lower.
ETF stock market strategy and how to invest
The price of Bitcoin fell 23% on Monday to a low of $ 30,305 before cutting losses. Bitcoin traded around $ 34,900 late Monday, according to Coindesk. The Grayscale Bitcoin Trust (GBTC) has fallen 15.85% and is more than 20% off its 52 week high.
Bitcoin hit an all-time high of $ 41,962 on Friday. Since the start of the year, Bitcoin is up around 10%.
Dow Jones Stocks to Watch: Boeing Slides
Boeing was one of the worst performers on the Dow 30 on Monday. Shares fell 1.5% after a Boeing 737-500 flown by Indonesian carrier Sriwijaya Air crashed at sea shortly after takeoff from Jakarta with 62 people on board.
Boeing’s stock is testing its 50-day moving average line and sits around 40% of its 52-week high.
Stocks in or near purchasing areas: Chipotle, Lululemon, Tractor Supply
IBD’s ranking member Chipotle Mexican Grill regained its two-fund 1,366.76 buy point last week as it bounced off its 50-day line. Shares edged up 0.1% on Monday. The 5% buy zone rises to 1,435.10.
According to IBD Stock Checkup, Chipotle’s stock shows an 81 out of a perfect IBD composite rating of 99. Composite rating – an easy way to identify major growth stocks – is a mix of key fundamental and technical metrics to help investors. to assess the strengths of an action.
Lululemon was down 1% in a volatile session after the company improved its adjusted profit and revenue guidance for the fourth quarter. Lululemon expects fourth quarter earnings and sales to be “in the high end of past expectations.”
A real flaw is the low RS line in the stock. Its RS line is far from its old highs, indicating a clear underperformance. The relative strength line measures the performance of a stock’s price relative to the overall market.
Tractor Supply is near a purchase point of 150.79 in a cup with handle. Shares briefly passed the entry before closing below the buy point amid Monday’s slight gain.
Chip Giants AMD, Nvidia Lead
IBD 50 AMD and Nvidia shares rose sharply on Monday, ignoring the weakness in the stock market.
AMD is well extended from a buy point of 88.82 in a double bottom amid Monday’s 2.8% rise.
IBD Leaderboard stock Nvidia rose 2.6% after Chinese electric car maker Nio chose Nvidia automated driving technology for its new Nio ET7.
According to the rankings commentary, “Nvidia could finally form the right side of its base, after weeks of flat action. The stock always forms a flat base. The new point of purchase is 587.76.
IBD Live: a new tool for daily stock market analysis
Tesla’s Chinese rival Nio jumped 13% before slashing gains to 6.4% on Monday after the company unveiled its new Nio ET7.
Shares fell nearly 5% on Monday night before cutting losses after the company said it would sell $ 1.3 billion in senior convertible bonds. The Chinese automaker said it plans to use the net proceeds from the ticket offering primarily for general corporate purposes.
The Nio ET7 will launch in the first quarter of 2022. The ET7 will come with advanced driver assistance features, including Lidar functionality and an Nvidia-powered supercomputer. Nio claims it will have much higher computing power and camera resolution than Tesla Full Self Driving.
The shares followed Friday’s breakout move above a 57.30 buy point in a short cut base. The actions are already extended beyond the buy zone.
Tesla Stock en haut Climax?
The IBD Leaderboard Tesla title plunged on Monday after record highs, falling nearly 8%. The stocks broke an 11-day winning streak.
Check out Friday’s IBD Stock of the Day for a detailed analysis of Tesla’s potential top, indicating investors may want to take profit.
Tesla stock hit a record high at 884.49 on Friday. Shares climbed 88% from 466 buying points in a handle mug.
Dow Jones Executives: Apple, Microsoft
Among the main stocks in the Dow Jones, Apple fell 2.3% on Monday. The stocks are forming a base with a new buy point at 138.89, according to the graphical analysis of IBD MarketSmith.
Over the past few weeks, Apple shares have broken through aggressive entries at 125.49 and 122.09.
Software giant Microsoft fell 1% on Monday as it struggles to stay above its 50-day line. Stocks continue to chart new base with a buy point of 228.22.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and Dow Jones futures.
YOU MAY ALSO LIKE:
Top growth stocks to buy and watch
Learn how to synchronize the market with IBD’s ETF market strategy
View stocks on the list of market leaders with IBD ranking
Looking for the next big stock market winners? Start with these 3 steps
How to search for growth stocks: why this IBD tool makes it easier to find top stocks