Dow Jones futures were little changed late Monday, along with S&P 500 futures and Nasdaq futures. Growth stocks continue to send the Nasdaq composite lower in Monday’s stock market trading, while the S&P 500 index tested its 50-day line for a second straight session. The Dow Jones industrial average edged higher. Dow stocks Apple (AAPL), Boeing (BA) and UnitedHealth (UNH) rallied to close near session highs and near record levels. But can they continue to stay strong as more and more growth stocks crumble?
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All three Dow Jones components are highly rated. Apple stock has a best-possible IBD Composite Rating of 99. Boeing stock, which is in buy range, has a 97 Composite Rating. UnitedHealth also has a 97 CR. The Composite Rating combines several key IBD criteria into a single score. All-time stock winners often have a Composite Rating of 95 or above near the start of their runs.
But investors should never buy or hold a stock simply on ratings. Visa (V), another Dow stock with a 99 Composite Rating, sank below its 50-day line on Monday. Other payment stocks were big losers Monday, while investors continued to dump software names.
The stock market uptrend is under pressure, so it’s not a correction. But the action of the major market averages, especially in the Nasdaq, has been shaky at best. Meanwhile, leading stocks have fared even worse. Investors should consider taking profits in winning stocks and being quick to cut losses short.
Dow Jones Futures Today
Dow Jones futures were flat vs. fair value. S&P 500 futures advanced a fraction. Nasdaq 100 futures climbed slightly. Remember that overnight action in Dow futures and other stocks don’t necessarily translate into actual trading in the next regular session.
Apple Stock
Apple shares fell as low as 220.20 intraday, but closed down just 0.2% to 223.77. Apple stock has been finding support at its 10-week line off and on for a few weeks, but it has yet to test its 50-day moving average. Apple is the top-performing Dow stock in 2018, up 32.2%.
Boeing Stock
Boeing fell as low as 377.35 intraday, but also finished just 0.2% lower, at 385.77.
Boeing stock is still in buy range after breaking out of a cup-with-handle base with a 374.32 entry point. Boeing stock is extended from a 364.64 flat-base entry on a daily chart.
UnitedHealth Stock
Health insurers have been among the top-performing groups in 2018. They’ve been among the only top-rated groups to fare reasonably well in October, as other medical groups have sold off, such as software and chip names. UnitedHealth stock tested its 50-day line intraday, but settled with a 0.1% loss at 269.01. UnitedHealth is just below a 271.16 peak set on Sept. 7.
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Originally posted 2019-09-19 23:22:22.
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