Dow Jones Futures Set to Open Sunday Evening as Stock Market Rebounds
Dow Jones futures, along with S&P 500 futures and Nasdaq futures, are slated to open Sunday evening as the stock market looks to continue its rebound. The stock market rally had a strong week last week, with major indexes and leading stocks finding support at key levels after a shaky start to 2024. This led to a number of stocks flashing buy signals, including a breakout from AI leader Nvidia, which continues to lead the overall market.
Nvidia Leads Market as Stocks Flash Buy Signals
Nvidia stock has been on a tear recently, with the stock now extended after a powerful breakout. However, another AI leader, Microsoft, is just above a buy point following a solid weekly gain. Microsoft is on the cusp of surpassing the market cap of fellow Dow giant Apple. Aside from Nvidia and Microsoft, other stocks that have flashed buy signals include Novo Nordisk, MercadoLibre, and Tradeweb Markets.
Novo Nordisk and MercadoLibre Remain in Buy Zones
Novo Nordisk remains in a buy zone, while MercadoLibre and Tradeweb Markets flashed entries intraday. These stocks are showing strength and could be good candidates for investors looking to add exposure to their portfolios. Additionally, Nvidia and Novo Nordisk are on the IBD Leaderboard, while MercadoLibre, Nvidia, and Microsoft are on SwingTrader. Microsoft is also on IBD Long-Term Leaders, and Microsoft, Nvidia, MercadoLibre, and Novo Nordisk are on the IBD 50. Microsoft, Nvidia, and MercadoLibre are also on the IBD Big Cap 20.
Tesla Stock Extends Sell-Off, Breaking Key Support Levels
On the other hand, Tesla had a rough week, extending a recent sell-off and breaking key support levels. The stock is currently at its lowest levels since May and is not performing well compared to the overall market. The relative strength line, which tracks a stock’s performance vs. the S&P 500, is also at its lowest levels since May. This is a significant change from Tesla’s previous mammoth runs and indicates that the stock is not in a good position at the moment.
Market Rebound Offers Opportunities to Add Exposure
Despite the challenges faced by Tesla, the overall market rebound has provided many opportunities to add exposure. The stock market rally has been acting great, with stocks quickly finding support and forging bullish pullbacks and handles. Investors could have held through the early selling or taken some profits, and there were also chances to add exposure last week. Furthermore, many stocks are setting up new consolidations, often just above or at the top of deep bases, so it’s important to work on creating watchlists for potential investments.
Disclaimer:
The information provided here is for informational purposes only and should not be construed as financial or investment advice. Investing in the stock market involves a high degree of risk and you should do your own research and exercise caution before making any investment decisions.
Analyst comment
Positive news. The market is expected to continue its rebound as Dow Jones futures, along with S&P 500 futures and Nasdaq futures, are set to open. Stocks like Nvidia, Microsoft, Novo Nordisk, MercadoLibre, and Tradeweb Markets are flashing buy signals, offering opportunities to investors. However, Tesla is facing challenges, with a sell-off and breaking key support levels. It is important for investors to research and exercise caution before making any investment decisions.
