Stocks On Pace For First Down Week Of 2018; Apple Triggers Sell | Stock News & Stock Market Analysis

The major market averages looked to close out the week on a down note in early trade Friday, though (AMZN) notched a new high in the stock market today. The tech-heavy Nasdaq fell 1.2%, while the S&P 500 and Dow Jones industrial average traded 1.2% and 1.3% lower. All three major indexes were on pace for their first weekly decline in 2018 after four straight weeks of solid gains.

X In economic news, the U.S. economy added 200,000 jobs in January, above the 175,000 consensus estimate. The unemployment rate held at 4.1%, according to the Labor Department.

Among the Dow Jones industrials, Apple (AAPL) dropped nearly 3% after providing weak guidance in the current quarter due to a slowdown in sales of the new iPhone X. The stock, which has been faltering in recent weeks, triggered the 7%-8% loss-cutting sell level from a 176.34 flat-base buy point. Bearishly, the stock’s relative strength line has been lagging for months and did not reach a new high on the stock’s most recent breakout attempt.

Elsewhere in the Dow, energy components Exxon Mobil (XOM) and Chevron (CVX) reported disappointing earnings results early Friday, as their shares sold off 5% and 3%, respectively. Exxon fell below its 84.34 flat-base buy point, while Chevron was testing a 120.99 flat-base entry.

Among companies reporting earnings, Amazon neared a new high after strong earnings results late Thursday. The e-commerce giant rose over 4% to recover from Thursday’s over-4% decline. Shares are well-extended from a 1,213.51 flat-base buy point.

Fellow FANG stock Alphabet (GOOGL) fell nearly 6% after reporting weak results due to increasing traffic costs. Shares are still extended above their 1,006.29 buy point and holding above the 50-day line.

Chip stocks AppliedMaterials (AMAT) and Lam Research (LRCX) headed further below their 50-day lines, falling 5% apiece. Both have been sketching cup-with-handle bases, but their relative strength lines have been lagging for months amid the industry’s sell-off.

Inside the IBD 50, PayPal (PYPL) fell 1.5% Friday, one day after plunging over 8%. Shares are trying to find support at their 50-day, but are just below their previous entry — a 79.49 flat-base buy point.

Elsewhere, Nvidia (NVDA) faltered over 3%. Shares are out of buy range from a 218.77 cup-shaped base entry ahead of its earnings release next week.


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Originally posted 2018-02-04 09:43:49.

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