Futures for the S&P 500 index, Nasdaq 100 and Dow Jones industrial average rose slightly early Tuesday morning after the Nasdaq composite rose to a fresh high while the S&P 500 index dipped and the Dow Jones fell back below its 50-day moving average.
With techs and financials, Google parent Alphabet (GOOGL), Baidu (BIDU), Visa (V), PayPal (PYPL) and Electronic Arts (EA) are all within 3% of buy points. In particular, Alphabet is flashing bullish relative strength.
X Alphabet, Baidu and PayPal all have Composite Ratings above 95. The Composite Rating combines several proprietary ratings, including earnings and other key metrics. All-time winners often have a Composite Rating of at least 95 near the start of their big runs.
Visa, for its part, has a 94 Composite Rating. EA has an 89 CR.
S&P 500 index futures were slightly above fair value. Nasdaq 100 futures rose a fraction. Dow Jones futures climbed 0.2% vs. fair value.
Alphabet relies primarily on Google search advertising for revenue but also is the creator of Android mobile software. It also operates YouTube and has other projects such as its autonomous-driving unit, Waymo.
Alphabet rose 0.4% to 1165.93, less than 3% below a 1198.10 buy point in a short consolidation. It was the seventh straight advance for the Google parent.
The relative strength line, which tracks a stock’s performance vs. the S&P 500 index, is already at a record high, a bullish sign. The RS line is the blue line in the chart below.
Baidu is the leading Chinese search giant. Like Google it has autonomous-driving ambitions as well as heavy investments in artificial intelligence.
Baidu moved above a 265.87 double-bottom buy point intraday, but pared its gain to up 0.8% at 265.67. Baidu’s RS line is not at new highs, but is above where it was at the middle of the stock chart’s W-shaped pattern.
Visa dipped 0.2% to 124.24, just below a 126.98 buy point in a flat base. Aggressive investors could treat 125.40 as an early entry point. (Even if you considered the consolidation a shallow cup base, it would have a proper handle because a cup-with-handle base must be at least seven weeks long, and Visa’s pattern is just six weeks.)
PayPal, another payment stock like Visa, slipped 0.1% to 80.60, near an 82.27 cup-with-handle buy point.
Electronic Arts retreated 0.3% to 128.12. The stock is about 2% off a 131.11 buy point in a flat base. The RS line is holding near the highs of the consolidation, but is still well off its late-August peak.
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