With Boeing Boost, Dow Jones Index Leads Stock Indexes

The major stock indexes bounced from a midday dip as the Dow Jones Industrial Average led the stock market.  The Dow Jones index was up 0.6% and remained above the psychologically important 25,000 level.


Boeing (BA) led the Dow Jones index with a 2.5% gain to a new high. Shares are extended from the 373.80 buy point of a double-bottom base. Boeing plans to boost the production rate on its 737 jetliner to 57 a month by June from the current pace of 52 a month. Also, the company said it is partnering with start-up Aerion to develop a supersonic passenger jet.

The S&P 500 added 0.4% and at one point had erased all morning gains. The index is nearing its 200-day moving average, where some resistance is possible.

The Nasdaq held a 0.7% gain as it, too, shook off a midday slump. The Nasdaq also is approaching the 200-day average and prior resistance levels around 7485 and 7570.

Small caps lagged, with the Russell 2000 up 0.1%. It had been lower earlier.

Volume was higher compared with the same time on Monday. Breadth remained positive, with advancing stocks over decliners by a 5-4 ratio across the board.

Tech, Consumer Sectors Lead

Technology and consumer discretionary were today’s strongest sectors, while financials and real estate lagged the most. The energy sector also was weak as the price of U.S. crude fell 1.5% to $53.76 a barrel.

Innovator IBD 50 (FFTY), the ETF that tracks IBD’s signature index, was up 0.9% and on track for a fifth consecutive gain.

On the list, Horizon Pharma (HZNP) jumped past the 22.76 buy point of a cup with handle base and is in buy range. The stock, now in the IBD Leaderboard, shows a relative strength line at new highs, a good sign.

Horizon Pharma was one of a handful of top-rated stocks that topped buy points, adding to a list of breakouts since the market began to rebound in late December.

Alternative energy company Covanta (CVA) broke out of a double-bottom base with a 16.79 buy point. Medical equipment maker Masimo (MASI) broke out of a cup without handle, rising past the 126.99 entry. But volume was low.


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Originally posted 2019-09-19 23:32:49.


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