These 3 Dow Jones Stocks Are Near Buy Points As 2 FANGs Make Bullish Move; S&P 500 Futures | Stock News & Stock Market Analysis

Futures for the S&P 500 index, Dow Jones industrial average and Nasdaq 100 fell slightly late Wednesday after the Nasdaq composite rallied on tariff headlines while the S&P 500 index and Dow Jones slashed losses. Three Dow Jones stocks are near buy points in bullish bases: Apple (AAPL), Microsoft (MSFT), and Visa (V). Separately, FANG stocks Facebook (FB) and Google parent Alphabet (GOOGL) reclaimed a key support level as they work on bases. (Apple, Microsoft, Facebook and Alphabet are all huge weights in the tech-heavy Nasdaq.)


The major averages improved into the close after the White House said Trump tariffs on steel and aluminum may offer “carveouts” for Canada and Mexico. Trump is expected to hold a tariff signing ceremony at 3:30 p.m. ET Thursday.

S&P 500 index futures fell 0.1% vs. fair value. Dow Jones futures and Nasdaq 100 futures also edged lower.

Dow Jones components Apple, Microsoft and Visa have formed short new bases since the brief market correction in early February. All three are above their 50-day moving averages. Their relative strength lines, which track the stocks’ performance vs. the S&P 500 index, have shown strength in recent weeks.

Apple shares fell 0.9% to 175.03 in Wednesday’s stock market trading. The stock has a messy, V-shaped cup-with-handle base with a 180.71 buy point. Microsoft climbed 0.6% to 93.86, approaching a 96.17 flat-base entry. Visa advanced 0.65% to 121.85, advancing toward a 126.98 buy point from a flat base.

Alphabet and Facebook managed to retake their 50-day moving averages on Wednesday, but in below-average volume. Both need a few days to finish cup bases. Both Facebook and Alphabet have RS lines that are flat to lagging in recent months.

Several other Dow Jones stocks are in bases, including Goldman Sachs (GS). But its RS line has been sideways to lagging, and Goldman no longer seems best-in-class among its Wall Street peers. American Express (AXP), Caterpillar (CAT) and DowDuPont (DWDP) are among several blue-chip stocks in consolidations but stuck below their 50-day lines.


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Originally posted 2019-09-19 23:10:35.


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