Dow Jones futures fell slightly early Wednesday, while S&P 500 futures edged higher and Nasdaq futures rose modestly as the stock market rally awaits President Biden’s big infrastructure spending bill and tax hikes.
The major indexes indexes fell slightly on Tuesday, though the Nasdaq slashed intraday declines as Treasury yields reversed from pandemic highs. Leading stocks and small caps also did well.
Dow tech titan Apple (AAPL) and Advanced Micro Devices (AMD) continued to slump Tuesday. Apple stock is living below its 21-day and 50-day moving averages, while AMD stock is also under its 200-day average.
On the bright side, Dow Jones giants Boeing (BA), Walt Disney (DIS) and Goldman Sachs (GS) have all found support at key levels in the past couple of days. Boeing stock and Goldman stock are actionable now. Disney stock technically is in buy range, but could use a bit more strength.
U.S. Steel (X) and DXC stock broke out Tuesday past buy points. Meanwhile, auto giants General Motors (GM) and Ford (F) also are flashing multiple buy signals after finding key support.
Stock Of The Day In Buy Range While New Entries Loom
Archegos Selling Over?
Meanwhile, Viacom stock, Discovery Communications (DISCA), Tencent Music Entertainment (TME) and Vipshop (VIPS) all bounced Tuesday. All had crashed last week, bottoming intraday Friday. TME stock, ViacomCBS (VIAC) and the others all need a long time to repair their charts, and there’s no guarantee that they won’t resume falling. But the moves are a sign that the forced selling in Archegos Capital Management is largely over. All four stocks rose slightly to modestly before Wednesday’s open.
Boeing, DXC Technology (DXC) and GM stock are on IBD Leaderboard. TME stock is technically on Leaderboard as an earnings options play, but that option is unlikely to be exercised now. Disney stock was Tuesday’s IBD Stock Of The Day. Boeing stock was Monday’s …….