By Almira Ortega
Prepare for an exhilarating ride as the stock market rally shows its unwavering strength. Despite the tumultuous landscape of soaring Treasury yields, the market proves resilient, bouncing back from modest losses. However, the excitement fizzles out as the Nasdaq hits a roadblock. But fear not, as the intrepid Nvidia takes the lead, spearheading a group of 10 stocks on the brink of explosive breakout moments.
A Thrilling Market Outlook
Hold onto your hats as the clock ticks towards the opening of Dow Jones futures, S&P 500 futures, and Nasdaq 100 futures on Sunday evening. Brace yourselves for a rollercoaster ride, keeping in mind that the overnight futures frenzy doesn’t always guarantee a wild trading session.
Last week’s stock market rally delivered its fair share of nail-biting moments. The Dow Jones Industrial Average experienced a heart-stopping 2% decline, dipping below its 21-day line, inching perilously close to the 50-day line. Meanwhile, the S&P 500 index teetered on the edge, falling 1.2%, tantalizingly close to the 10-day line. The Nasdaq composite showcased its daredevil spirit, slipping 0.9% but clinging valiantly to the 10-day line. The small-cap Russell 2000 seemed determined not to be left behind, enduring a hair-raising 1.4% drop, only to stage a breathtaking 1.1% bounce, surging back above the 21-day line.
In the midst of this heart-pounding drama, the Invesco S&P 500 Equal Weight ETF (RSP) proved its mettle, emerging with a mere 0.75% loss for the week. However, the First Trust Nasdaq 100 Equal Weighted Index ETF (QQEW) succumbed to the rollercoaster’s twists and turns, experiencing a 1.3% decline.
But wait, there’s more! Treasury yields soared to new heights, leaving investors gripping their armrests. The 10-year yield shot up a jaw-dropping 23 basis points to reach 4.05%, momentarily matching its intraday high for 2023 at a staggering 4.09%. Meanwhile, the two-year Treasury yield, closely tied to Federal Reserve policy, leaped 5 basis points to settle at 4.93%, only slightly lower than its heart-stopping 16-year peak of 5.12%.
Amidst the chaos, crude oil futures decided to join the thrilling spectacle, rocketing up by a heart-pumping 4.6% to $73.86 per barrel. Not to be outdone, copper futures added their own electrifying twist, climbing 0.7% after a heart-racing 1.3% surge on Friday.
As if that weren’t enough, the U.S. dollar made a dramatic entrance, initially rallying alongside Treasury yields, sending shivers down the spines of stocks and commodities. But hold on tight, because the greenback changed its tune and embarked on a thrilling downward spiral, leaving investors breathless.
Amped-Up ETF Action
Now, let’s dive into the adrenaline-pumping world of Exchange-Traded Funds (ETFs). Brace yourself for wild twists and turns! The Innovator IBD 50 ETF (FFTY) took a thrilling plunge, experiencing a hair-raising 2.7% decline. The Innovator IBD Breakout Opportunities ETF (BOUT) put on a show, dropping 1.75% in a daring move. Meanwhile, the iShares Expanded Tech-Software Sector ETF (IGV) took investors on a wild ride, descending by a breathtaking 1.8%, with CRM stock holding its breath as a major component. The VanEck Vectors Semiconductor ETF (SMH) aimed for the stars, but the ride got bumpy with a 2.1% decline, despite the valiant efforts of NVDA stock, the leading force in the sector.
But hold on tight! The thrills don’t end there. Brace yourself for the heart-stopping performance of the ARK Innovation ETF (ARKK), known for its love of speculative story stocks, as it faced a nerve-wracking 0.9% decline. The ARK Genomics ETF (ARKG) brought the suspense, experiencing a heart-stopping 2.8% retreat.
Prepare for even more electrifying twists and turns! The SPDR S&P Metals & Mining ETF (XME) showcased its tenacity, enduring a nerve-wracking 0.6% decrease, only to claw its way back from the edge. The Global X U.S. Infrastructure Development ETF (PAVE) thrilled investors with a 1.6% drop, while the U.S. Global Jets ETF (JETS) soared sky-high, defying gravity with a breathtaking 1.2% increase, following a sensational 6% surge in the previous week.
Hold onto your seats as we unveil more ETF thrills! The SPDR S&P Homebuilders ETF (XHB) plunged dramatically, experiencing a heart-stopping 2.9% decline. The Energy Select SPDR ETF (XLE) provided its own heart-pumping moments, dipping by a nerve-racking 0.5%, with SLB stock taking center stage. The Health Care Select Sector SPDR Fund (XLV) added its own twist to the plot, slumping dramatically by 2.8%. Not to be outdone, the Industrial Select Sector SPDR Fund (XLI) decided to take a daring step back, experiencing a breathtaking 1% decline.
Keep your eyes peeled for the dramatic grand finale! The Financial Select SPDR ETF (XLF) faced its own set of thrilling challenges, falling 0.4% and encountering a formidable resistance at the 200-day line. However, the SPDR S&P Regional Banking ETF (KRE) had a surprise up its sleeve, soaring dramatically by 1.6% against all odds.
Edge-of-Your-Seat Stocks to Watch
It’s time to shift our attention to the stocks that will leave you on the edge of your seat. Hold onto your excitement as Nvidia stock emerges as the trailblazer, edging up by a mere 0.5% to reach $425.03 during the week. This daring leader of the pack presents a tantalizing four-weeks-tight pattern, with a buy point set at a thrilling $439.90. But buckle up, because the real adrenaline rush might come from using Friday’s high of $432.14 as an early entry. Will this fearless stock offer the heart-stopping pullback or sideways action you crave? Only time will tell.
But the excitement doesn’t stop there! Visa stock takes center stage, valiantly holding above its electrifying $235.57 flat-base buy point, tantalizingly close to its 50-day line. With the wind at its back, Visa, along with fellow payments giant Mastercard (MA), might just ignite the market with a daring breakout. Stay tuned for the wild ride ahead!
Hold onto your taste buds as Chipotle Mexican Grill (CMG) stock tantalizes with its attempt to surpass the thrilling $2,139.88 flat-base buy point. The suspense builds as shares fall by a nerve-wracking 2.9% to $2,077.46, onlyto be pulled back to the 21-day and 10-week lines. Will this stock satisfy your appetite for a bullish move from these levels or a traditional breakout? The drama unfolds before our eyes!
Prepare for the showdown as CRM stock trades tightly at its 21-day and 10-week lines, locked within a captivating flat base with a tantalizing $225 buy point. Keep your eyes peeled for a thrilling move above Wednesday’s high of $214.62, offering an early entry that will leave you breathless.
But the excitement doesn’t end there! TPX stock sets the stage with a 0.9% rise to $40.43, including a near-3% gain on Friday that pushes the boundaries of above-average volume. This mattress giant daringly works its way up the right side of a five-month consolidation, eyeing a breathtaking $44.28 buy point. Brace yourself as it teeters on the edge of resistance around the $41.50-$41.62 range. Will it break free and offer an adrenaline-pumping early entry opportunity into Tempur Sealy stock?
Hold onto your seats as LTHM stock ignites a 1.7% surge to $27.40 on Friday, leaving us tantalizingly close to a thrilling $27.75 entry point. Is this the moment we’ve been waiting for? Dare we say it’s the high handle to a bottoming base, promising a wild ride for this lithium play and its compatriots in the wake of Tesla’s strong Q2 deliveries?
ANET stock tightens its grip, finding support at the 21-day line, hinting at an impending trendline break that will leave you on the edge of your seat. Keep an eye on the thrilling $164.20 entry point, as this networking giant crafts a captivating new base with a daring $178.36 buy point. But beware the high-volume selling that has added an extra dash of excitement to this consolidation.
Hold onto your hats as SLB stock defies gravity, vaulting a jaw-dropping 8.6% to $53.35 on Friday, setting the stage for the heaviest trading volume of the year. Breaking free from its 200-day line and shattering a trendline dating back to January, this oil-field services giant (formerly known as Schlumberger) leaves investors wondering: Can it go any higher? While the stock might be somewhat extended from the 200-day line, it still offers an enticing opportunity to join the ride before SLB earnings take center stage on July 21.
Get ready for an exhilarating finish as Flowserve stock surges 1.9% to $36.96 on Friday, bouncing back from the edge of the 21-day line. Hold your breath as FLS stock unveils a captivating $37.56 cup-with-handle buy point. After facing its fair share of challenges since 2014, this industrial player shows signs of a thrilling comeback. With earnings rebounding and strong growth projected through 2024, Flowserve’s end markets are ready to dazzle.
Conclusion: The Thrill of the Market
Buckle up, investors! The stock market rally continues its thrilling ascent, showcasing its undying strength. Amidst the heart-pounding twists and turns, Nvidia leads the charge with a group of 10 stocks on the precipice of exhilarating breakout moments. Prepare for an adrenaline-fueled ride as Visa, Chipotle Mexican Grill, Salesforce, Tempur Sealy, Livent, Arista Networks, Schlumberger, Flowserve, and Marriott International vie for the spotlight.
But remember, this exhilarating journey comes with risks. Keep a close eye on market developments and fasten your seatbelts. The market’s unpredictable twists and turns demand caution and a steady nerve. So, hold onto your excitement, relish the controversy, and stay engaged in this thrilling market spectacle. Happy trading!
Featured: $NVDA $V $CMG $CRM $TPX $LTHM $ANET $SLB $FLS $MAR $ARKK $ARKG $JETS $PAVE
