Stock Market Today: More Record Highs For Indexes; This Top Stock Surges Past Buy Point | Stock News & Stock Market Analysis

The major market indexes notched new record highs in early trade Tuesday before quickly turning mixed. The Dow Jones industrial average advanced 0.2%. The S&P 500 edged barely above its break-even mark, while the Nasdaq Composite reversed out of a 0.1% gain and into a fractional loss.

XAutoplay: On | Off Among the Dow Jones Industrial components, Apple (AAPL) continued its recent recovery, rising 0.2% in early trade. The stock is still under its 156.75 flat-base buy point and its key 50-day line.

Meanwhile, Wal-Mart Stores (WMT) rose over 1%. The discount retailer is building a flat base with a 82.09 entry, but must reclaim its 50-day line first.

Auto stocks were mostly higher in the stock market today after monthly car sales came in stronger than expected. General Motors (GM) jumped almost 3% is now up nearly 20% from a 36.73 cup-with-handle entry. Meanwhile, Ford Motor (F) advanced 2%, and is forming the right side of a potential base.

Electric automaker Tesla (TSLA) skidded 2% early, falling to a six-week low, after the company announced its Model 3 production in the third quarter was less than anticipated due to production bottlenecks.

Homebuilders were also higher early Tuesday with Lennar (LEN) providing the spark. The homebuilder reported better-than-expected fiscal-Q3 results, sending its shares up over 4%. The stock is forming a flat base with a 55.85 conventional buy point, but there is a slightly lower resistance area that could provide an alternate entry — at 54.96. Fellow homebuilder KB Home (KBH) rose 1.2% and is still in buy range after reclaiming its 24.47 cup-base entry Monday.

China-based leading stocks were some of the day’s strongest performers. Alibaba (BABA) advanced a 1.5% as shares attempted to regain their 177.10 ascending-base. Rival (JD) moved up 2%, but continues to trade under its 50-day line.

FANG stock Netflix (NFLX) looked to recover a portion of Monday’s decline that saw the video streamer fall over 2% to close under its 50-day line. Shares traded 0.6% higher and are back above that key support level.

Within the IBD 50, (STMP) surged past a 212.75 cup-with-handle buy point, rising 3%. The electronic-postage provider has been quietly building a base since a powerful gap up on Aug. 3.


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Originally posted 2017-10-03 15:40:57.


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