The Dow Jones Industrial Average rallied 150 points at the stock market open Monday to set a record high, as Bitcoin fell from this week’s all-time high above $61,000. Tesla stock slid 1% in morning trade.
X
Among the Dow Jones leaders, Apple (AAPL) fell 0.5% Monday, while Microsoft (MSFT) moved down nearly 1% in today’s stock market. Nike (NKE) is again approaching a new buy point after bullishly regaining its 10-week line last week.
Tesla (TSLA) moved down 1% Monday, adding to Friday’s 0.8% loss.
Among the top stocks to watch, Arcelor Mittal (MT), Hain Celestial (HAIN) and Regal Beloit (RBC) are in buy range in the new stock market rally.
Arcelor Mittal, Microsoft and Tesla are IBD Leaderboard stocks. Hain Celestial and Regal Beloit were recent IBD Stocks Of The Day.
Dow Jones Today
At the stock market open Monday, the Dow Jones Industrial Average rallied 0.4%, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq composite lost 0.1% in morning trade.
The 10-year Treasury yield fell to 1.616%, following Friday’s spike.
Among exchange-traded funds, the Innovator IBD 50 (FFTY) lost 0.1% Monday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) fell 0.2%. Meanwhile, the SPDR S&P 500 ETF (SPY) moved up 0.1%.
Stock Market Rally
Amid a new stock market rally, the Dow Jones Industrial Average and S&P 500 made record highs last week. Meanwhile, the tech-heavy Nasdaq remains below its 50-day moving average line and about 6% off its all-time highs.
IBD’s market outlook was upgraded to “confirmed uptrend” on March 10, as the Dow Jones Industrial Average set new highs.
Friday’s Big Picture commented, “Avoid the pitfall of staying married to the big leaders of 2020. While growth stocks will have their day in the sun again, many former leaders won’t necessarily be leaders when growth stocks start rallying again. New leadership has emerged across of a variety of subgroups and sectors, including financial, oil and gas, construction, mining, steel, chemical, fertilizer and travel stocks.”
Stock Market ETF Strategy And How To Invest
Bitcoin Price
Bitcoin briefly topped $61,000 over the weekend to hit an all-time high before falling sharply. Bitcoin touched its high-water mark on Saturday, topping out at $61,556.
The price of Bitcoin traded around $55,300 early Monday, according to CoinDesk.
The Grayscale Bitcoin Trust (GBTC) ETF advanced over 14% the last week, continuing to climb from its 10-week line. GBTC gained 2% early Monday.
Dow Jones Stocks: Nike
Inside the Dow Jones Industrial Average, Nike stock is approaching a 148.05 buy point in a flat base, according to IBD MarketSmith chart analysis.
Shares are about 5% away from their buy point amid last week’s 5.3% advance. The stock rallied 1% Monday.
Stocks To Watch: Arcelor, Hain, Regal
IBD Leaderboard stock Arcelor Mittal ended Friday in the 5% buy zone past a 25.86 buy point in a cup base. Shares broke out on Thursday.
According to Leaderboard commentary, “The stock also moved past a handle entry, but that 25.19 entry point is visible only on a weekly chart. The RS line is striking new highs since the cup began to form, a good sign.”
Hain Celestial is within striking distance of a 45.52 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares ended Friday about 3% away from the entry.
According to IBD Stock Checkup, HAIN stock shows a mild 73 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.
Thursday’s IBD Stock Of The Day, Regal Beloit, closed Friday in buy range past a 147.07 buy point in a cup base.
The relative strength line, which tracks performance vs. the S&P 500 index, is at a 52-week high. The RS line hitting a new high before or as a stock breaks out is especially bullish. IBD MarketSmith marks such stocks with a blue dot at the end of the RS line on either a daily or weekly chart.
IBD Live: A New Tool For Daily Stock Market Analysis
Tesla Stock
Tesla stock looked to add to Friday’s nearly 1% loss, falling about 1% Monday. Shares could be forming a new base, but it’s too early to identify a new entry.
On Feb. 22, the electric-auto leader broke down through its key 10-week moving average line, a critical support level.
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. Shares are about 23% off that all-time high and still below their 10-week line.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple fell 0.5% Monday following Friday’s 0.8% fall. Apple stock remains below its 10-week line, but a strong rebound back above that level would be bullish for the stock’s prospects. For now, the stock is finding support around its long-term 40-week line.
On Feb. 18, Apple stock triggered the 7%-8% loss-cutting sell rule when it fell more than 7% below its 138.89 buy point in a cup with handle.
Meanwhile, Microsoft slid nearly 1% Monday, on pace to add to Friday’s 0.6% drop. The stock is above its 232.96 buy point and in buy range.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE:
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD’s ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
MarketSmith: Research, Charts, Data And Coaching All In One Place
How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks