Dow futures were little changed Friday morning, along with S&P 500 futures and Nasdaq futures. The Nasdaq composite soared 1.4% to a new high Thursday, while the Dow Jones and S&P 500 index climbed 0.9%. Software groups dominated the top-performing industries Thursday. Several software leaders hit new highs, while Proofpoint (PFPT), Atlassian (TEAM), RingCentral (RNG) and Workday (WDAY) closed on buy zones. FANG stock Alphabet (GOOGL) just topped a buy point intraday, closing pennies below that entry.
Alphabet stock boasts a 98 Composite Rating out of a best-possible 99. Atlassian, RingCentral, Proofpoint and Workday stock all have Composite Ratings above 90.
Alphabet’s relative strength line, which tracks a stock’s performance vs. the S&P 500 index, hit a new high in Thursday’s stock market trading. That despite Alphabet stock closing just below a buy point. That’s a bullish sign, though it also reflects how Alphabet stock didn’t make much headway vs. the broader stock market over the past year. Meanwhile, the RS lines for Atlassian, RingCentral, Workday and Proofpoint are still off their best levels.
Dow Futures Today
Dow futures were essentially flat vs. fair value. S&P 500 futures were slightly lower. Nasdaq 100 futures climbed a fraction vs. fair value. Dow Jones stock JPMorgan Chase (JPM), along with Citigroup (C) and Wells Fargo (WFC), report earnings Friday morning.
Software groups were the four best performers Thursday out of the 197 industries tracked by IBD. They accounted for seven of the top eight groups. Microsoft (MSFT) hit a new high, clearing a consolidation that was a few days short of a proper flat base. Salesforce.com (CRM) hit yet another all-time best.
Even top stocks tend to follow the broader stock market, and the Nasdaq composite fueling a renewed confirmed uptrend is a positive sign. But industry and sector performance also is important.
Proofpoint stock jumped 3.5% to 126.27 Thursday, just below a 128.39 double-bottom buy point. Proofpoint is part of the security software group, which was the biggest gainer Thursday.
Workday stock vaulted 4.3% to 137.31 on Thursday, closing on a 138.75 double-bottom entry. Workday cleared an aggressive buy point of 129.65 on Wednesday from a rare Shakeout+3 pattern. The human resources and financial software maker has joined IBD Leaderboard.
Atlassian stock leapt 4.5% to 68.26 on Thursday, a record close and just below the 68.75 intraday peak set on June 6. If the collaboration software maker can hold in its current range for one more day, it will have a flat base with a 68.85 buy point. Atlassian stock has had a history of short consolidations and shaky breakouts, but has tracked its rising 50-day line for several months.
RingCentral surged 5.85% to 78.75, approaching an 80.80 buy point from a shallow double bottom.
The Internet-Content group was the ninth best performer Thursday, close behind the software surge. Alphabet stock rallied 2.5% to 1,201.26, just below the 1,201.59 high-handle entry. Shares rose as high as 1,201.99 intraday.
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