Dow Jones Futures: Market Rally mixed as Apple Hits New High, Bitcoin Dives; Tesla leads five giants in buying range

Dow Jones futures tipped higher Tuesday night along with the S&P 500 futures and Nasdaq futures. The stock market meeting was mixed, although Apple shares, Tesla (TSLA) and some other big-cap leaders did well. Software and industrial names withdrew. Bitcoin and other cryptocurrencies tumbled, although they and Bitcoin-related stocks such as Coin base (COIN) parried losses somewhat.




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Coupa Software (COUP), Smartsheet (COOL) and UiPath (PATH) reported earnings reports after closing.

Coupa easily beat EPS views and guided higher. Smartsheet also topped while leading the 2022 fiscal year EPS. UiPath topped views and offered in-line for slightly higher guidance. The COUP stock initially rose more than 10% overnight, but parried gains to 6%. The SMAR stock, slightly expanded from a buy zone, fell 3% in expanded trading. The PATH stock fell 7.5%, near post-IPO lows.

In the meantime, Bumble (BMBL) fell 4% overnight. The dating app, where women choose the matches, will offer 15 million shares on behalf of existing holders. The BMBL share, which was announced in February, hit 60.87 intraday on Tuesday and briefly clears a bottom buy of 60.44 bottoms. But stocks turned to close 3.6% to 57.77.

Global-e Online (GLBE) will sell 12 million shares on behalf of existing holders. The GLBE stock, another IPO in 2021, fell 2% in extended action. Shares have been on a big run but have retreated over the last several sessions.

Apple Stock carries major technologies

Apple (AAPL) rose 1.55% to 156.69 and reached a new high. The Dow Jones tech titan said it will hold one product launch event on September 14, with new versions of the iPhone and Apple Watch expected to be unveiled. In the meantime, Ford (F) hired Doug Field, who had been in charge of the secret Apple Car project. Field was previously a top Tesla boss and decades ago he worked for Ford.

Apple’s stock is still above 150.10 buy point, within the 5% chase zone that goes to 157.61, but it’s starting to feel a bit extended. On the plus side is relative strength line for the AAPL share reached a high of seven months. The RS line, the blue line in the charts, tracks a stock’s performance relative to the S&P 500 index.

Netflix (NFLX) appeared 2.7% to 606.71 and broke beyond a buy point of 593.39 from a long consolidation, according to. MarketSmith analysis. NFLX shares have risen in 16 of the last 17 sessions.

Amazon.com (AMZN) rose 0.9% to 3,509.29, rebounding from its 50-day high and breaking one trend line, both of which offer early buy signals. The official buy point is 3,773.18 in an eight-week consolidation, but the AMZN stock has been moving sideways for at least a year.

PayPal (PYPL) rose 1.4% to 293.26. The PYPL stock rose from its 50-day line, clearing a downward trend line and offering early access. PayPal Warehouse has an official flat-rate purchase point of 310.26.

Facebook (FB) increased 1.6% to 382.18. The FB stock required a 377.65 buy point from one flat bottom.

Tesla shares rose 2.6% to 752.92, still within reach of a 730 aggressive entry. The RS line for TSLA shares, although still well placed at all-time levels, is best at four months.

Bitcoin tumbles

Bitcoin fell 11% against 24 hours earlier to $ 47,000. After nearly hitting $ 53,000 on Monday, the highest in months, the price of Bitcoin fell as low as $ 42,921.27 before re-emerging somewhat. El Salvador, as promised months ago, now considers Bitcoin a legal tender. The Latin American country also bought some Bitcoin. This could have been a case of “selling the news”.

Ethereum, Dogecoin and other all-coins also sold hard.

Digital Marathon (MARA) lost 9.3%, Riot Blockchain (RIOT) gave up 6.7%. Bitcoin Trust in grayscale (GBTC) 7.2% and Grayscale Ethereum Trust (fever) fell 13.5%. The currency fell 4.2%. Coinbase reported some trading delays during Tuesday morning’s fall.

Apple Store, PayPal and Tesla are on IBD Leaderboard. Tesla warehouse and PayPal are also on SwingTrader. PYPL stock is on IBD Long-Term Leaders.

The video embedded in this article reviewed Tuesday’s market action and analyzed Apple shares, PayPal and DocuSign (DOCU).

Dow Jones Futures today

Dow Jones futures rose 0.1% from fair value. The S&P 500 futures rose 0.1% and the Nasdaq 100 futures rose higher.

Remember that overnight action in Dow futures and elsewhere does not necessarily translate into actual trade in the next ordinary stock market session.


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Stock market meeting

The stock market meeting had a mixed session but weighed down.

The Dow Jones Industrial Average fell 0.8% on Tuesday stock market trading. The S&P 500 index fell 0.3%. Nasdaq composition rose 0.1%. Small-cap Russell 2000 fell 0.7%.

The 10-year government bond yield jumped 5 basis points to 1.37%. Crude oil and copper prices fell modestly.

While Apple, Tesla, Amazon, Netflix and Facebook stocks provided some support, most stocks gave up terrain.

At the back are software executives like DocuSign and CrowdStrike (CRWD) retired. DOCU shares fell 6%, more than wiping out Friday’s bullish 5.3% pull after earnings. The CRWD stock fell 2.9% after retiring from record highs after its earnings.

Meanwhile, the Dow Jones is struggling Boeing (BA) and 3M (MMM) weighed on the Dow Jones industrial average. Deere (FROM), which closed just above a buy point on Friday, fell 4.5%.


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Top exchange traded funds

Among best ETFs, Innovator IBD 50 ETF (FFTY) decreased by 0.1% following an increase of 11.7% over the previous two weeks. Innovator IBD Breakout Opportunities ETF (BOUT) fell 1%. IShares Expanded Tech-Software Sector ETF (IGV) withdrew 1.1%. VanEck Vectors Semiconductor ETF (SMH) fell 0.2%.

SPDR S&P Metals & Mining ETF (XME) increased 0.2% and the Global X US Infrastructure Development ETF (LANE) sank 1.3%. US Global Jets ETF (JETS) rose 0.3%. SPDR S&P Homebuilders ETF (XHB) fell 1.6%. Energy Select SPDR ETF (XLE) withdrew 0.6%. Financial Select SPDR ETF (XLF) also fell 0.6%, even as government bond yields rise.

Reflects more-speculative history stocks, ARK Innovation ETF (ARKK) decreased 0.3% and the ARK Genomics ETF (ARKG) fell 1.6%. The Tesla stock is No. 1 across ARK Invest ETFs. Coins and PATH stocks have also become notable ARK stocks.


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Market Rally analysis

The stock market meeting had a mixed session. Nasdaq hit a fresh high, while the S&P 500 is just below all-time levels. The Dow Jones fell to just above its 50-day line, but is also not far from new heights.

Small-cap Russell 2000 dipped but stops after comfortably clearing its 50-day line in recent days. The overall breadth is still improving in the market meeting over the last few weeks.

Great technicians are doing well. Tesla stock headlines an uptrend in EV games, which also includes China WORLD (I WILL) and Xpeng (XPEV), as well as various battery and lithium playbacks. The shipping stocks are doing well. Some hot IPOs have continued to run.

But market leadership is still relatively narrow. Some software names provide headfakes and have been so for the past few months. Industries are falling. Retail and clothing names look weaker. Housing stocks are not broken, but they do not work either. The finances hold their own, but do not move much in the last several sessions. Energy stocks are retreating after some bullish movements.


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What should I do now

The stock market rally remains healthy. Some early buying opportunities, such as BYD, PayPal and Amazon shares, emerged on Tuesday.

If you have some big recent winners, especially from the coupling of stock exchanges jumping higher, you may want to consider taking partial profits if they are significantly expanded from short-term moving averages.

But selling winning stocks, especially on the rise, is certainly an art. Taking partial profits can be smart portfolio management, locking in some gains and freeing up capital for new purchases. But if you have true conviction in a company or stock, you can search for ways you can carefully add a position along the way. It can deliver knockout winners that make a year.

Ultimately, you need to adopt sales rules that work for you.

Read The big picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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