Dow Jones Leads Rebound; Amazon Up And Other Stock Market News April 19, 2018

The stock market rallied off its lows in the final hour of trading, but closed squarely lower Thursday. Leading growth stocks Atlassian (TEAM), E-Trade Financial (ETFC) and Skechers (SKX) were preparing to report their quarterly earnings releases after the closing bell in the stock market today.


The tech-heavy Nasdaq declined 0.8%, while the S&P 500 fell 0.6%. The Dow Jones industrial average gave up just 0.3% — buoyed by strong earnings results from American Express (AXP). Shares jumped nearly 8%, but the stock was just below a 102.49 flat-base entry.

All three major indexes are hovering just above their 50-day moving average lines, a key support level to watch. Volume was tracking modestly higher on the NYSE and Nasdaq compared to Wednesday, according to preliminary data.

Among companies reporting earnings, IBD 50 name Atlassian fell sharply after the close following its fiscal-Q3 earnings. The stock had mounted a furious rebound from its 50-day line after piercing that level in late March. It was quoted below the 50-day average in extended trading.

Skechers plunged about 20% in extended trading following its earnings report. E-Trade fell modestly following its quarterly report.

Big Cap 20 member E-Trade moved up 1.3%, as the company prepared to announce its earnings after the close. Shares are barely in buy range from a previous 56.10 entry after finding support at the 50-day line in late March. Rival Charles Schwab (SCHW) advanced almost 3%, as it attempted to regain its 50-day line. The company reported strong earnings results Monday.

Lastly, Skechers is just below a 42.83 flat-base entry ahead of its earnings release. Shares slipped 0.3% in regular trading.

Three of the four FANG stocks were higher Thursday, shrugging off the market sell-off. rose almost 2% after CEO Jeff Bezos said in his annual letter to shareholders that the company had exceeded 100 million paid Prime members globally. The Leaderboard name extended its win streak to four sessions, which has brought the stock back above its 50-day line. The e-commerce giant is shaping the right side of a potential base.

Alphabet (GOOGL) and Facebook (FB) rose 1.4% and 1%, respectively. Alphabet is forming a new double-bottom base with a 1,178.26 buy point, while Facebook continues to rebound from its late March lows.

Chip stocks were battered after Taiwan Semiconductor (TSM) lowered its full-year sales forecast. Taiwan Semi is a major chipmaker and partner of both Apple (AAPL) and Nvidia (NVDA). Morgan Stanley said that smartphone weakness is the main reason for the revenue shortfall.

Dow name Apple fell almost 3%, but it’s still holding above the 50-day line. The stock is drawing a flat base with a 183.60 potential buy point. Meanwhile, IBD 50 name and graphics-chip maker Nvidia declined 3.1%. Shares are being turned away from the 50-day moving average, which has become an apparent resistance level.

Top chip names Micron Technology (MU), Applied Materials (AMAT) and Lam Research (LRCX) all held losses exceeding 4%. Micron continues to shape the right side of a potential base, as it barely clings to its 50-day line.

Meanwhile, Applied Materials and Lam continued to break down after Tuesday’s sell-off and are well below their own 50-day lines. Lam reported weak guidance late Tuesday.

Lastly, MKS Instruments (MKSI) stumbled over 9%, as it broke down through its 50-day line in heavy volume. Its earnings are due out Tuesday after the close. It’s featured in today’s Sector Leaders column.

Inside The IBD 50

Among leading growth stocks, about half the IBD 50 stocks had losses of greater than 1%, despite the last-hour market rally. Align Technology (ALGN) triggered a sell signal from its 277.42 cup-with-handle entry with a nearly 9% fall. It was a late-stage base.

On the upside, retailer Canada Goose (GOOS) rose 4.5%, as it broke out past a 36.76 cup-with-handle entry. However, the stock closed below its buy point.


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Originally posted 2019-09-19 23:13:10.


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