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Dow Jones futures rose solidly early Monday morning along with S&P 500 futures and Nasdaq futures. Apple (AAPL) skyrocketed last week, pushing the Nasdaq composite above its 50-day moving average, with the Dow Jones industrial average and S&P 500 index closing in on that key level. BP (BP), Abiomed (ABMD) are also top stocks breaking out along with Apple, while Nvidia (NVDA), Microsoft (MSFT), Red Hat (RHT) and Charles Schwab (SCHW) are near buy points.
Stock Market At Key Juncture
The 50-day moving average is traditionally an important support level for the S&P 500 and other major averages — as well as individual stocks — but in recent months it’s been a resistance area. Friday was only the fourth day since March 21 that the Nasdaq composite has closed above the 50-day line. The Dow Jones has only been above its 50-day in nine sessions since Feb. 2.
So the stock market rally is at a key juncture. Is this another short-lived Nasdaq foray above its 50-day line, or will the Dow Jones and S&P 500 join it in a sustained advance? Apple and BP are among many top stocks clearing buy zones in recent days. Many more top stocks are on the cusp, such as Nvidia, Microsoft and Red Hat. But if they are going to be real winners, the broader stock market move higher.
Dow Jones Futures Today
Dow Jones futures today climbed nearly 0.5% vs. fair value. S&P 500 index futures advanced 0.4%. Nasdaq 100 futures rose almost 0.8%. U.S. crude futures topped $70 a barrel for the first time since November 2014.
Remember that Dow Jones futures and other overnight action often doesn’t translate into actual trading in the next regular stock market session.
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