The Dow Jones futures traded lower on Tuesday, with S&P 500 futures and Nasdaq futures. The stock market rally tested some short-term support on Tuesday, recovering for moderate gains.
Tesla stock, Square (SQ) And Steel dynamics (STLD) Recovered from the tests of their latest buying points. In the meantime, ZoomInfo Technologies (Day) Exploded more in revenue, but then reduced profits.
Paycom software (PAYC) Announced better returns than expected after completion. PAYC stock is high, signaling a move to a key resistance area.
General Motors (GM) And Toyota Motor (D.M.) Must earn before opening. Many automakers, from Ford Motor (F) To Tesla (DSLA), Chip woes have announced strong profits as sales have slowed and price power has increased. GM stock is below the 50 day line in its consolidation. TM stock gained on Tuesday.
Video embedded in this article is ZoomInfo Stock, Steel Dynamics and SPDRS and P Home Builders EDF (XHB)
The future of Dow Jones is today
Dow Jones futures fell a fair value against 0.1%. The futures for the S&P 500 are down 0.1%. The Nasdaq 100 lost a portion of the future.
Stock market rally
The stock market rally started in the middle of Tuesday, but recovered for the first solid gain in moderation and the session was nearing a high.
The Dow Jones Industrial Average rose 0.8% on Tuesday Stock market trading. The S&P 500 code did the same. Nasdaq compound rose 0.55%. Small cap Russell 2000 increased 0.4%.
In the middle The best ETFsInnovation IBD 50 ETF (FFTYInnovative IBD Breakout Opportunities ETF (1.65%)But1.2% higher. IShares Extended Technology Software Industry ETF (IGV) Gathered to close above Break-Evan. WanEx Vectors Semiconductor EDF (SMH) 0.9% advanced.
SPDR S&P Metals & Mining ETF (XME) 1.6% and Global X US Infrastructure Development ETF (Pave) Took 1.7%. US Global Jets ETF (Jets) Increased by 0.2%. SPDR S&P Homebuilders ETF (XHB) 1.65% accumulated. Energy Select SPDR ETF (XLECrude oil prices rose 1.7% despite a slight decline following Monday’s sharp losses. Financial Examination SPDR ETF (XLF) Rose 1.1%.
Reflecting more speculative story stocks, ARK Innovation ETF (Arc) Fell 0.7% and ARK Genomics ETF (ARKG) Increased by 0.4%. Tesla holds the No. 1 position in ARK investment ETFs. SQ Stock is an excellent ARK holding, however Kathy Wood has recently been organizing square shares of funds.
Beamcom revenue up 56%, revenue up 33% The company also raised guidance. PAYC stock rose 6% overnight. This represents a gap above 404.87, which is an initial entry or a Double-bottom base Purchase point. PAYC stock closed 5 cents at 399.99.
Stock of Steel Dynamics
SDLT stock exploded last week, destroying the 63.28 buy point from the double base on Thursday. Shares fell below the buying point on Monday and stocks went down. On Tuesday, Steel Dynamics stock came close to its 50-day benchmark intraday test but then rose 2.8% to 64.65. This is usually a good day for steel stocks.
After an increase of almost 10% in three sessions in the above-average volume, it first clears a Trend line Entry and then 700.10 occupation Purchase point, Tesla stock retreated slightly on Tuesday. The stock was up 7 cents at 709.74 before recovering to a low of 701.01.
SQ stock fell 261.75 intraday, narrowing the 267.87 handle buying point to 1.1% at 269.49. The test was not surprising after Square shares acquired its $ 29 billion afterbay acquisition and a 10% increase in blow revenue.
ZI stock rose to 63.66 immediately after opening on Tuesday after ZOomInfo’s earnings and guidance. It wiped out a consolidation with an exchange buy point of at least 60.38, but the stock quickly retreated, closing 3.1% to 56.50. Technically, the ZI stock is in the 55.34 entry range, but the chart action is not good.
Following the closure, ZoomInfo proposed a 20 million share offer. ZI stock fell overnight.
Market Rally Analysis
The Dow Jones, S&P 500 and Nasdaq found moderate support in their 21-day highs moving average. All are close to the record peak. Technology titans and big hat software names take a breather, which is probably healthy.
On the other hand, the Russell 2000 is even lower in its 50-day lineup. Despite slim gains on Tuesday, the small-cap index closed for the third consecutive session in its 21-day series. This is a good proxy for the market width, which is slightly better than it was a few weeks ago but not much.
Leading stocks were mixed. But some “losers” like the SQ stock showed positive illustration. Meanwhile many growth and steel stocks like Steel Dynamics were doing well. Energy stocks bounced back despite falling crude prices, although many hot shale manufacturers are still below the 50-day line.
Of course, just because a market index or leading stock like Tesla finds one-day support does not mean it is sure to gain support tomorrow, next week or so. A test every day.
Buying new shares in this market rally is a challenge. While the overall breakouts and early recordings over the past few weeks have been excellent, the ZI stack is a strong reminder.
According to The big picture Every day to stay in tune with the market direction and leading stocks and sectors.
Please follow Ed Carson on Twitter @IBD_ECarson Stock market updates and more.
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