The stock market showed signs of recovery on Tuesday, particularly led by the Nasdaq, as the 10-year Treasury yield retreated from its 16-year high. Tesla (TSLA) displayed bullish momentum on Wednesday, defying negative news.
However, it’s important to note that the market rally attempt has not yet confirmed a follow-through day. Apart from the Nasdaq, Wednesday marked only the first day of a rally attempt for the S&P 500 and Dow Jones. The stock market’s performance currently heavily influenced by fluctuations in Treasury yields.
In addition to Tesla, other prominent stocks like Meta Platforms (META) and Google’s parent company, Alphabet (GOOGLE), are showing strong performance, hovering around potential buy points. Stocks such as ANET and Synopsys (SNPS) have also risen to significant levels, close to potential buy points.
Tesla stock has joined IBD Leaderboard and SwingTrader, while Arista Networks (ANET) and Meta Platforms are already part of Leaderboard. SNPS stock included in IBD Long-Term Leaders. META stock, Arista Networks, Tesla, and Synopsys are all listed on the IBD 50. Arista Networks was the designated IBD Stock Of The Day on Wednesday.
As for Dow Jones futures today, slightly lower compared to fair value, with S&P 500 futures showing a small decline and Nasdaq 100 futures indicating a slight uptick.
The 10-year Treasury bond yield has eased to 4.71%.
It’s important to remember that overnight movements in Dow futures and other indices do not necessarily predict. Actual trading during the upcoming regular stock market session. Tesla (TSLA) stock displayed a strong buy signal on Wednesday, with shares surging by 5.9% to reach 261.16. This move decisively took the stock above its 50-day moving average, accompanied by higher trading volume. If Tesla’s stock continues to rise above the high seen on Wednesday, it could present another opportunity. And early entry point, particularly as it breaks free from the downtrend within the cup-with-handle base. The official buy point for TSLA stock from the cup-with-handle base is 278.98.
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