Stock Market Today With IBD Investor's Business Daily

Indexes were mostly flat on Monday and after a strong showing last week, that’s constructive. We still have stocks setting up including Pure Storage forming a shallow double bottom, Costco potentially ready for a handle and PulteGroup with a shallow cup with handle.

As the market starts to trend above a key level, now is the time to take a more bullish stance. Mike Webster and Alissa Coram walk through this week’s technical action and stocks to watch in the Friday extended version of Stock Market Today. 

The Dow Jones extended its winning streak to seven sessions. The 10-year Treasury yield eased 3 basis points to around 4.45% after jobless claims came in stronger than expected. Celsius made a bullish move after a volatile reaction to earnings earlier in the week; Manulife cleared a base and is still in a buy zone; Williams-Sonoma is back near highs with earnings coming up.

Small caps were under pressure all day, but the Nasdaq composite and S&P 500 pared early losses. Decliners beat advancers by less than 2-to-1 on both exchanges as utility stocks outperformed. Taiwan Semiconductor isn’t far from a new entry as it forms a double-bottom base; Aerovironment could try to add a handle to its current pattern; Jefferies is near the top of a shallow cup base. 

The major indexes paused Tuesday after a trio of solid gains. A number of stocks still flashed buy signals, often on earnings, though there were big losers as well. Star Bulk Carriers broke out with Ares Management and Embraer near buy points.

 Remember that sharp break in the market indexes last month? Seems that the market is putting that worrisome week in the rearview mirror as it hurdles over another potential area of resistance. For stocks, Tradeweb.