Dow Jones Futures: Stock Market Rally Still Needs To Do This

Dow Jones futures edged higher early Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market rebounded on Tuesday, with the S&P 500 retrieving the 4,000 level.




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Deere (DE) reported better-than-expected earnings early Wednesday morning. DE stock rose sharply in early trade, indicating an exit from a buy zone.

Obtaining a discount and guidance is essential for a variety of agricultural assets, including CF Company (CF) and Archer-Daniels-Midland (ADM), and machine manufacturers such as Caterpillar (CAT).

Energy resources continue to thrive. The leader of the sun Apply force (ENPH), a coal producer Peabody Energy (BTU), manufacturer CVR Energy (CVI), a gas producer EQT CORP. (EQT) and LNG products The power is awesome (EE) near the point of purchase.

EE stock fell on Wednesday, with Enphase moving back into buy territory. BTU, CVR Energy and EQT products can do it.

DE stocks and Enphase Energy are on the IBD Leaderboard. EQT products are available on SwingTrader. Deere stock is in the IBD 50. ENPH stock is in the IBD Big Cap 20. Peabody Energy is Tuesday’s IBD Stock Of The Day.

Apple iPhone Factory Crisis

Riots broke out overnight at Apple’s biggest iPhone manufacturing plant in China, as hundreds of workers fought for safety. More than 100,000 workers were forced to stay at the Foxconn campus in Zhengzhou for weeks due to Covid concerns, with many reportedly unpaid at the time.

Protests are picking up again despite new lockdowns and stricter restrictions across China as Covid cases rise.

Apple recently warned that the Apple iPhone 14 Pro model will be short because of the Foxconn factory in Zhengzhou.

Apple stock fell slightly early Wednesday morning. AAPL rose 1.5% to 150.18 on Tuesday, finding support near its 50-day line but still below its 200-day moving average.

Dow Jones Futures Today

Dow Jones futures rose above fair value. S&P 500 futures rose about 0.1%. Nasdaq 100 futures rose 0.2%, helped by support from Citigroup Tesla (TSLA).

The 10-year Treasury note rose 2 points to 3.78%.

Crude oil futures fell 3%. US natural gas prices rose 7%. On Tuesday, Europe released details on the natural price cap, starting one year as of Jan. 1, that’s more than double the current level.

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New Zealand’s central bank raised rates by 75 basis points as expected.

Meals will be released from the November meeting on Wednesday. Prior to the opening, investors will receive weekly unemployment reports, October’s durable goods orders and more.

Remember that overnight events in the Dow Futures and elsewhere do not necessarily translate to the actual market in the next stock market session.


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Market Rally

Stocks opened mixed Tuesday but gained momentum for broad-based gains, closing near the big session.

The Dow Jones Industrial Average was up 1.2% in Tuesday’s trading. The S&P 500 and Nasdaq composite both rose nearly 1.4%. The small-cap Russell 2000 was up 1.1%.

The 10-year yield fell 7 points to 3.76%. But the two-year yield, which is tied to Fed policy, was flat at 4.53%.

The dollar, after rising for the past three sessions, fell on Wednesday. The greenback has fallen significantly since late September, especially since early November.

US crude oil prices rose 1.1% to $80.95 a barrel, continuing a rebound from Monday’s short-term dip. Gasoline futures rose 4.3%, good news for refiners. Natural gas futures edged higher to fall more than 2% intraday.

ETFs

Among the best-performing ETFs, the Innovator IBD 50 ETF (FFTY) jumped 3.4%, helped by more strength in metal stocks. The highest rate of return for the iShares Expanded Tech-Software Sector ETF is 1.8%. The highest price of the VanEck Vectors Semiconductor ETF is 2.9%.

The SPDR S&P Metals & Mining ETF (XME) gained 3.2%, and the Global X US Infrastructure Development ETF (PAVE) gained 1.3%. SPDR S&P Homebuilders ETF (XHB) changed 1.9%. Shares of the Energy Select SPDR ETF (XLE) changed +3.1%. The Health Care Select Sector SPDR Fund (XLV) rose 0.9% to a seven-month high.

In showing stocks on other scary news, ARK Innovation ( ARKK ) gained 0.3% and ARK Genomics ( ARKG ) was down 0.4%.

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The fireplace is near the shopping area

Enphase’s stock rose 4% to 320.44, closing above 316.97 with early buying. However, the last three times ENPH stock rose in these areas, it went back down. Enphase products tend to have a large daily turnover. So investors can watch to see if ENPH stock pulls back from its rapidly rising 21-day moving average.

Other LNG products are showing strength, as well Flex LNG (FLNG) appears in the The cost of Cheniere Energy (LNG) retraces its 50-day line.

BTU stock jumped 6.7% to 29.62, just below the 30.15 hand buy point at seven-month support. Tuesday’s move broke the control system, providing initial input. However, BTU stock is 9.3% above its 21-day line and 17% above its 50-day. The skin formed after showing strong Peabody Energy.

CVR Energy stock rose 4.85% to 40.85, back above the old 39.81 buy point that could be viewed as valid. Also, CVI stock has a strong three-week pattern with a 42.31 entry. A move above 41.31 could provide an initial entry into the strong trend.

EQT stock jumped nearly 6% to 43.79, breaking back above the 50-day line after recovering from the 200-day on Monday. The share price breaks the downward trend. The official trading point is 52.07.

EE products rose 9.6% to 30, clearing 28.49 cup-to-hand purchases in average volume, according to MarketSmith research. The move to a near record wiped out a lot of trading that goes back to the April IPO of Excelerate Energy. EE’s stock has rallied to record highs on Friday and Monday, although trading was poor on those days. Excelerate extends slightly from the buy zone and extends well from the 21-day line.

Market Rally Analysis

The stock market continues to show a bullish trend, trading in a narrow range after a small pullback and support last week. On Tuesday, the leaderboard bounced back from Monday’s losses.

The S&P 500 bounced back from its 10-day line, right at the 4,000 level, while moving toward its 200-day line. Although not on Nov. 15 intraday high, it is the best participation in more than two months.

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The 50 day line is just start turning higher in the S&P 500.

The Russell 2000 is approaching its 200 day high. The S&P MidCap 400, which held its 200-day line last week, made other gains.

The Dow Jones Industrial Average topped the 34,000 level for the first time in three months, below the Aug. 16. Laggard Nasdaq found support at its 21-day line, higher than its 50-day, but did not recover all of Monday’s losses.

All these indexes are working hand in hand, with the Dow sneaking up. Most stocks track major indexes, so many hands are formed in stocks close to the buying position. A longer pause, perhaps until key economic reports later this week, will allow moving numbers to begin to take hold.


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What You Should Do Now

Until the S&P 500 moves well above the 200-day line, investors may not want to add exposure right now. With Thanksgiving holiday shopping and critical economic data next week, stock prices could be high in the short term.

That can help stocks from different sectors to establish and have a moving number that gains ground. Investors should be building their checklist. It’s definitely time to look beyond traditional tech growth stocks, which are generally underperforming right now.

Given that many leaders are extended by moving numbers, such as Excelerate Energy or BTU products, it is important that you look for the first entry and act quickly.

Read The Big Picture every day to stay in touch with the market leading stocks and sectors.

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

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