Stock Market Today: Stocks Mixed As FANGs Advance; Is This IBD 50 Name The Next Breakout? | Stock News & Stock Market Analysis

The major market averages posted mixed action in the penultimate trading day of 2017. The Dow Jones industrial average moved up 0.1%, while the tech-heavy Nasdaq and the S&P 500 were trading at their break-even levels.

X Meanwhile, Bitcoin declined over 7% to 14,287 on CoinDesk after South Korea announced it would crackdown on exchanges.

Among the Dow Jones industrial components, American Express (AXP) advanced 0.5% and is near a new high. The credit card processor is at the 20% to 25% profit-taking range from an 82.10 flat-base entry.

FANG stocks were on the move higher in the stock market today. (AMZN) — which has already announced strong holiday results — rose 0.5% after a Reuters report said that it and Apple (AAPL) were in licensing discussions regarding investment in Saudi Arabia. Amazon’s talks are led by its cloud-computing division Amazon Web Services, while Apple is targeting a retail store for 2019.

Shares of Amazon moved further above its 1083.41 cup-shaped base entry, while Apple rose 0.7%, but remains below its 176.34 flat-base buy point.

Meanwhile, Facebook (FB) and Netflix (NFLX) advanced 0.6% and 2%, respectively. Facebook is trying to get back above its 50-day line and remains above a previous 175.59 flat-base buy point. A new base appears to be shaping up, which would offer a fresh entry on the social media giant.

The video streaming giant is still under its 50-day line after a breakout above a 190.05 cup-with-handle entry fizzled out in late November. Shares are now building a flat base with a 204.48 potential entry.

Inside the IBD 50, China-based New Oriental Education (EDU) moved closer to a potential breakout, rising 1%. Shares are about 1% away from a 94.73 flat-base buy point. Keep in mind that its current formation is a later-stage base, so upside potential is diminished compared to an earlier-stage base.

On the downside, Align Technology (ALGN) fell 1.6% and is on pace to snap a three-day win streak. The stock — a big winner in 2017 — has been trading below its 50-day line for the first time since a cup-with-handle breakout in February.

Meanwhile, Leaderboard member Floor & Decor (FND) followed up Wednesday’s powerful breakout with a 1% decline early Thursday. Shares slipped back into the 5% buy range from a 46.34 cup-with-handle entry.


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Originally posted 2017-12-31 06:44:38.


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