With the S&P 500, Dow industrials and Nasdaq composite all hitting record highs, Apple ( AAPL ) has cleared a buy point Monday after finishing up a flat base on Friday.
[ibd-display-video id=3030876 width=50 float=left autostart=true] Meanwhile, fellow Dow industrials componentsMicrosoft ( MSFT ) and Pfizer ( PFE ) broke out on Friday. Walt Disney ( DIS ) closed above its buy point for the first time on Friday but was back below it Monday morning. Defense giant Lockheed Martin ( LMT ), which is not on the Dow but is an S&P 500 stalwart, also broke out of a consolidation on Friday but was under pressure early Monday.
Apple
Apple rose 1.5% to 176.52 in morning trade in Friday's stock market trading , clearing 176.34 buy point and hitting a record high. On Friday, Apple carved out a flat base with the minimum five weeks.
Apple now has a 96 Composite Rating , which is important. All-time winners often have Composite Ratings of at least 95 near the start of big runs.
Microsoft
Microsoft cleared its own short flat base on Friday, rallying 2.55% to 86.85, just above its 86.30 entry. Volume was more than double average, which is impressive even with triple-witching expirations inflating trading activity.
Microsoft was one of the big Dow leaders on Friday, second only to Intel (INTC).
The stock rose 0.2% early Monday to 87.04.
Microsoft does not have a particularly impressive growth rate, but the stock has been a winner in 2017 because investors see a bright future for Microsoft in cloud computing.
Microsoft has a strong 92 Composite Rating.
Pfizer
You can view Pfizer's chart as a flat base going back about eight weeks or as a big cup-with-handle pattern going back to August 2016. Either way, Pfizer's buy point is the same: 36.88. Pfizer rose 2% to 37.20, the Dow's third-best stock on Friday. The drug giant is just below a 13-year high.
Pfizer edged up 2 cents to 37.22 on Monday.
Walt Disney
Disney rose 0.6% to 111.27 on Friday, closing above a 110.93 double-bottom entry after peaking above that level a few times this month. Disney jumped 6.75% for the week as it agreed to buy the bulk of 21st Century Fox (FOXA) for $66 billion, including assumed debt.
Over the weekend, Disney's "Star Wars: The Last Jedi" delivered some $220 million in opening weekend box office in the U.S.
Disney lost 0.6% to 110.57 Monday morning, back below its buy point.
Lockheed Martin
Lockheed Martin rose 1.8% to 322.82 on Friday, just peeking above a 322.19 entry and hitting a record high. Lockheed moved past a flat base, really a base-on-base formation .
Lockheed sank 1% to 319.71, dropping back below its entry point.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
