Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed late Monday. The tech-heavy Nasdaq reclaimed a key level in today’s stock market rally, as Bitcoin surged. Tesla stock regained a critical long-term level Monday.
The tech-heavy Nasdaq composite closed up 1.4%. The S&P 500 rallied 1%, while the Dow Jones Industrial Average climbed 0.5%.
Tesla (TSLA) rebounded 4.4% Monday, retaking its long-term 200-day moving average line.
Dow Jones Futures Today
After the stock market close Monday, Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed 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.
U.S. Stock Market Today Overview
Last Update: 4:44 PM ET 5/24/2021
Stock Market Rally
The Dow Jones Industrial Average and S&P 500 continue to rebound from their 50-day support levels, extending win streaks to three sessions Monday. Meanwhile, the tech-heavy Nasdaq regained its 50-day moving average for the first time since May 10.
Monday’s Big Picture column commented, “The Nasdaq fell nearly 0.5% on Friday. But volume fell, even as monthly and weekly options expired. This indicated a lack of heavy institutional selling pressure. Plus, the tech-fortified composite scraped up a 0.3% weekly gain. In recent weeks, the 8.5% drop from a February all-time high of 14,211 has helped serve to remove some speculative froth.”
For more stock market commentary, check out IBD’s The Big Picture.
The price of Bitcoin surged Monday — according to Coindesk — nearly trading back above $40,000 after tumbling as low as $31,179.69 Sunday. Bitcoin traded around $39,900 Monday evening.
The Grayscale Bitcoin Trust (GBTC) soared 10% Monday, but remains about 44% off its 52-week high.
Dow Jones Stocks: Goldman, JPMorgan
Dow Jones financial leader JPMorgan is in the 5% buy zone past a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares are about 1% above the entry amid a 0.5% rise in Monday’s action.
Goldman Sachs is in the 5% buy range past a 356.95 buy point that goes up to 374.80. Shares were up 0.55% Monday.
Stocks To Buy And Watch: Applied Materials, Commvault, Roblox, UiPath
Chip giant Applied Materials climbed 4.6% Monday, moving further above the 50-day line. Shares are building a consolidation with a 146.10 buy point. Meanwhile, an early entry at 138.77 is also in play.
Applied Materials is an IBD SwingTrader stock.
Commvault is breaking out past a 71.82 buy point in a cup with handle, advancing 5.8% Monday. The 5% buy area goes up to 75.41, so the stock is barely in buy range after closing at 74.70.
According to IBD Stock Checkup, CVLT stock boasts a strong 95 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.
Per Leaderboard commentary, “Roblox cleared a short consolidation, and has now pulled just out of buy zone. The RS line is hitting new highs.” A RS line at new highs confirms Roblox as a market leader.
Tesla stock advanced 4.4% Monday, closing at its highest level since May 11. Shares reclaimed their long-term 200-day moving average. A new base could be forming, but the stock is far away from any new buy point.
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.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple advanced 1.3% Monday, rebounding from Friday’s loss and moving back above the 50-day line. A decisive retake of the 50-day line would be bullish for the stock’s prospects; however, the stock’s lagging RS line indicates significant stock market underperformance.
Earlier this month, the stock triggered the 7%-8% loss-cutting sell rule from a 135.63 buy point.
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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