The stock market rallied early Monday, as it looked to snap back from Friday’s heavy losses. Tech stocks were leading the way in the stock market today.
The Nasdaq composite advanced 1.2%, while the S&P 500 and Dow Jones industrial average moved up 0.7% apiece. All three indexes are seeing support around their long-term 200-day moving average lines.
Among the Dow Jones industrials, Nike (NKE) moved up 0.2%, as the stock moved closer to a potential buy point — a flat-base’s 70.35 entry. Bullishly, the stock’s relative strength line hit a new high last week. Retailers have been a source of strength amid the current stock market correction.
Meanwhile, Apple (AAPL) jumped 1.7% and is trying to get back above its 50-day line.
The FANG stocks were mostly higher early Monday with gains ranging from 0.6% to 2.5%. Alphabet (GOOGL) and Netflix (NFLX) set the pace with rises of about 2.5% apiece. Alphabet shares are battling for support at their 200-day line — about 15% off its recent 52-week high.
Amazon.com (AMZN) followed up with a 2% advance. Shares continue to languish under the 50-day line. During the stock’s current pullback, it has fallen as much as 16% off its all-time high
But Facebook (FB) lagged with a 0.6% gain. The stock is well-below its 50- and 200-day moving average lines.
Oil and gas refiner HollyFrontier (HFC) is breaking out above a 53.31 cup-shaped base’s entry early Monday with a 2% advance. Shares were right below that level through morning trade. Volume was tracking just below average.
Inside The IBD 50 Stocks
Among leading growth stocks, most top names were headed north through morning trade. PayPal (PYPL) was one of the top performers with a near-2% rise. Shares have been in correction model since Feb. 1 and are stuck below their 50-day line.
On the downside, Floor & Decor (FND) declined almost 2%, but is still extended from a 51.58 cup-shaped base’s buy point.
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