Dow Jones futures were higher, while S&P 500 futures and Nasdaq 100 futures turned lower ahead of the stock market open Monday, as Bitcoin briefly jumped above $61,000 to hit all-time highs. Tesla stock was set to open lower Monday.
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Among the Dow Jones leaders, Apple (AAPL) rallied 0.5% premarket Monday, while Microsoft (MSFT) moved up about 0.3% in today’s stock market. Nike (NKE) is again approaching a new buy point after bullishly regaining its 10-week line last week.
Tesla (TSLA) moved down 0.6% premarket Monday, looking to add to Friday’s 0.8% loss.
Among the top stocks to watch, Arcelor Mittal (MT), Hain Celestial (HAIN) and Regal Beloit (RBC) are in buy range in the new stock market rally.
Arcelor Mittal, Microsoft and Tesla are IBD Leaderboard stocks. Hain Celestial and Regal Beloit were recent IBD Stocks Of The Day.
Dow Jones Futures
Ahead of the stock market open Monday, Dow Jones futures rallied 0.2%, while S&P 500 futures fell less than 0.1% vs. fair value. Nasdaq 100 futures were down 0.1% vs. fair value. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
The 10-year Treasury yield inched lower to 1.63%, following Friday’s spike.
Among exchange traded funds, the Innovator IBD 50 (FFTY) traded down 0.25% Friday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) fell 0.8%. Meanwhile, the SPDR S&P 500 ETF (SPY) moved up 0.1% Friday.
Stock Market Rally
Amid a new stock market rally, the Dow Jones Industrial Average and S&P 500 made record highs last week. Meanwhile, the tech-heavy Nasdaq remains below its 50-day moving average line and about 6% off its all-time highs.
IBD’s market outlook was upgraded to “confirmed uptrend” on March 10, as the Dow Jones Industrial Average set new highs.
Friday’s Big Picture commented, “Avoid the pitfall of staying married to the big leaders of 2020. While growth stocks will have their day in the sun again, many former leaders won’t necessarily be leaders when growth stocks start rallying again. New leadership has emerged across of a variety of subgroups and sectors, including financial, oil and gas, construction, mining, steel, chemical, fertilizer and travel stocks.”
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Bitcoin Price
Bitcoin briefly topped $61,000 over the weekend to hit an all-time high before reversing lower. The price of Bitcoin traded around $55,300 in early morning, according to CoinDesk.
The price of Bitcoin hit an all-time high on March 13, topping out at $61,556.
The Grayscale Bitcoin Trust (GBTC) ETF advanced over 14% last week, continuing to climb from its 10-week line.
Dow Jones Stocks: Nike
Inside the Dow Jones Industrial Average, Nike stock is approaching a 148.05 buy point in a flat base, according to IBD MarketSmith chart analysis.
Shares are about 5% away from their buy point amid last week’s 5.3% advance.
Stocks To Watch: Arcelor, Hain, Regal
IBD Leaderboard stock Arcelor Mittal ended Friday in the 5% buy zone past a 25.86 buy point in a cup base. Shares broke out on Thursday.
According to Leaderboard commentary, “The stock also moved past a handle entry, but that 25.19 entry point is visible only on a weekly chart. The RS line is striking new highs since the cup began to form, a good sign.”
Hain Celestial is within striking distance of a 45.52 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares ended Friday about 3% away from the entry.
According to IBD Stock Checkup, HAIN stock shows a mild 73 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
Thursday’s IBD Stock Of The Day, Regal Beloit, closed Friday in buy range past a 147.07 buy point in a cup base.
The relative strength line, which tracks performance vs. the S&P 500 index, is at a 52-week high. The RS line hitting a new high before or as a stock breaks out is especially bullish. IBD MarketSmith marks such stocks with a blue dot at the end of the RS line on either a daily or weekly chart.
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Tesla Stock
Tesla stock looked to add to Friday’s nearly 1% loss, falling about 0.6% premarket Monday. Shares could be forming a new base, but it’s too early to identify a new entry.
On Feb. 22, the electric-auto leader broke down through its key 10-week moving average line, a critical support level.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle. Shares are about 23% off that all-time high and still below their 10-week line.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple rallied 0.5% premarket Monday following Friday’s 0.8% fall. Apple stock remains below its 10-week line, but a strong rebound back above the level would be bullish for the stock’s prospects. For now, the stock is finding support around its long-term 40-week line.
On Feb. 18, Apple stock triggered the 7%-8% loss-cutting sell rule when it fell more than 7% below its 138.89 buy point in a cup with handle.
Meanwhile, Microsoft rose about 0.3% premarket Monday, on pace to rebound from Friday’s 0.6% drop. The stock is above its 232.96 buy point and in buy range.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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