Today’s Stock Market Action: Square Stock Tests Support

The major stock indexes were sharply mixed Tuesday in today’s stock market. The 10-year Treasury benchmark yield rose to its highest level since 2011. Hot IPO stock Square (SQ) tested a key support level early Tuesday. Meanwhile, IBD 50 stock ServiceNow (NOW) rallied after triggering a sell signal. (For updates on this story and other market coverage, visit the Stock Market Today.)


The tech-heavy Nasdaq composite reversed from early losses to move up 0.2%. The S&P 500 edged lower, while the Dow Jones industrial average declined about 0.2%.

Dow Stocks: Boeing Extends Losing Streak

Among the Dow stocks, Leaderboard stock Boeing (BA) inched lower and is still extended from a lower 364.64 flat-base entry. The airplane maker is in buy range from a 374.58 standard buy point.

FANG stock (AMZN) was on pace to snap a five-day losing streak with a 0.3% gain in morning trade. Shares are in the midst of forming a new flat base with a 2,050.60 buy point, but are below their 50-day line.

Square, Autodesk Look For Support

Hot IPO stock Square (SQ) continued lower Tuesday after dropping 8.5% Monday. One analyst debated Square’s revenue growth. The stock declined 1% and is testing its 50-day moving average line after a big move from a double bottom’s 52.60 buy point. The stock broke out past that entry on May 8.

Autodesk (ADSK) is trying to rebound from the 50-day line with a slight gain Tuesday. The stock faltered nearly 4% Monday amid the stock market’s drop. Shares are holding above a previous 143.04 flat-base entry, while building an entirely new flat base that exhibits a 160.04 buy point.

Tesla (TSLA) looked to snap a five-day losing streak that saw the stock fall over 19%. Shares moved up 3% Wednesday after Macquarie started coverage with an outperform rating and a 430 price target. Macquarie views Tesla as a disruptive company with differentiated products and strong brand presence. The electric automaker was on the verge of hitting a fresh 52-week low before today’s rally.

IBD 50 Stocks: ServiceNow Rallies After Sell Signal

Among the top growth stocks, ServiceNow advanced nearly 2% after triggering a sell signal from a flat base’s 194.91 buy point Monday. Shares remain below their 50-day line.

On the downside, World Wresting Entertainment (WWE) fell more than 1%, but is clinging to a 86.03 flat-base entry. After a breakout Aug. 29, the stock rose as much as 13% from the buy point. That gain has been trimmed to about 4%.


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Originally posted 2019-09-19 23:22:24.


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