Dow Jones Futures Rally As Bitcoin Surges; Tesla Stock Retakes Key Level – Investor's Business Daily

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Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher early Tuesday. The tech-heavy Nasdaq reclaimed a key level in the current stock market rally, as Bitcoin surged. Tesla stock regained a critical long-term level Monday. Hot IPO stocks Roblox and UiPath surged past new buy points.

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The tech-heavy Nasdaq composite closed up 1.4%. The S&P 500 rallied 1%, while the Dow Jones Industrial Average climbed 0.5%.

Among the Dow Jones leaders, Apple (AAPL) advanced 1.3% Monday, while Microsoft (MSFT) moved up 2.3% in today’s stock market. Goldman Sachs (GS) and JPMorgan (JPM) are in buy zones.

Tesla (TSLA) rebounded 4.4% Monday, retaking its long-term 200-day moving average line.

Among the top stocks to buy and watch, Applied Materials (AMAT), Commvault (CVLT), Roblox (RBLX) and UiPath (PATH) are in or near buy zones.

Microsoft and Roblox are IBD Leaderboard stocks. Applied Materials is an IBD SwingTrader stock. UiPath was featured in this week’s Stocks Near A Buy Zone column.

Dow Jones Futures Today

Ahead of the stock market open Tuesday, Dow Jones futures rallied 0.3% vs. fair value, while S&P 500 futures gained 0.35%. Nasdaq 100 futures rose 0.6% vs. fair value. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34393.78 +185.94 +0.54
S&P 500 (0S&P5) 4197.16 +41.30 +0.99
Nasdaq (0NDQC ) 13661.17 +190.18 +1.41
Russell 2000 (IWM) 221.41 +1.44 +0.65
IBD 50 (FFTY) 43.75 +0.34 +0.78
Last Update: 4:44 PM ET 5/24/2021

Among exchange traded funds, the Innovator IBD 50 (FFTY) traded up 0.8% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) gained 1.7%. Meanwhile, the SPDR S&P 500 ETF (SPY) moved up 1%.

Stock Market Rally

The Dow Jones Industrial Average and S&P 500 continue to rebound from their 50-day support levels, extending win streaks to three sessions Monday. Meanwhile, the tech-heavy Nasdaq regained its 50-day moving average for the first time since May 10.

Monday’s Big Picture column commented, “The Nasdaq fell nearly 0.5% on Friday. But volume fell, even as monthly and weekly options expired. This indicated a lack of heavy institutional selling pressure. Plus, the tech-fortified composite scraped up a 0.3% weekly gain. In recent weeks, the 8.5% drop from a February all-time high of 14,211 has helped serve to remove some speculative froth.”

For more stock market commentary, check out IBD’s The Big Picture.

Bitcoin Price

The price of Bitcoin traded around $37,000 Tuesday morning after topping out at $39,966 Monday, according to Coindesk. Bitcoin remains far from Sunday’s lows at $31,179.69.

The Grayscale Bitcoin Trust (GBTC) soared 10% Monday, but remains about 44% off its 52-week high.


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Dow Jones Stocks: Goldman, JPMorgan

Dow Jones financial leader JPMorgan is in the 5% buy zone past a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares are about 1% above the entry amid a 0.5% rise in Monday’s action.

Goldman Sachs is in the 5% buy range past a 356.95 buy point that goes up to 374.80. Shares were up 0.55% Monday.

Stocks To Buy And Watch: Applied Materials, Commvault, Roblox, UiPath

Chip giant Applied Materials climbed 4.6% Monday, moving further above the 50-day line. Shares are building a consolidation with a 146.10 buy point. Meanwhile, an early entry at 138.77 is also in play.

Applied Materials is an IBD SwingTrader stock.

Commvault is breaking out past a 71.82 buy point in a cup with handle, advancing 5.8% Monday. The 5% buy area goes up to 75.41, so the stock is barely in buy range after closing at 74.70.

According to IBD Stock Checkup, CVLT stock boasts a strong 95 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.

IBD Leaderboard stock Roblox advanced further above an 83.51 buy point in a short consolidation, surging more than 8%. The buy area runs up to 87.69, so the stock is slightly extended.

Per Leaderboard commentary, “Roblox cleared a short consolidation, and has now pulled just out of buy zone. The RS line is hitting new highs.” A RS line at new highs confirms Roblox as a market leader.

IPO Leader UiPath raced over 8% higher Monday, breaking out past an 83.50 buy point in an IPO base. The 5% buy zone tops out at 87.68. The stock is squarely in buy range.


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Tesla Stock

Tesla stock advanced 4.4% Monday, closing at its highest level since May 11. Shares reclaimed their long-term 200-day moving average. A new base could be forming, but the stock is far away from any new buy point.

On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple advanced 1.3% Monday, rebounding from Friday’s loss and moving back above the 50-day line. A decisive retake of the 50-day line would be bullish for the stock’s prospects; however, the stock’s lagging RS line indicates significant stock market underperformance.

Earlier this month, the stock triggered the 7%-8% loss-cutting sell rule from a 135.63 buy point.

Software giant Microsoft jumped 2.3%, again closing above a flat base’s 246.23 buy point and in buy range, according to IBD MarketSmith chart analysis. The buy zone goes up to 258.54.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

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