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Stocks Take A Breather; Nvidia Breaks Out And Is In Buy Range

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The major market averages were slightly lower in early trade Monday, though leading chip stockNvidia ( NVDA ) was breaking out in the stock market today . T he tech-heavy Nasdaq inched just below its break-even mark, while the S&P 500 and Dow Jones industrial average declined 0.1% apiece.

[ibd-display-video id=3070286 width=50 float=left autostart=true] Meanwhile, the price of Bitcoin faltered 13% to about $14,000 on Coindesk . South Korean regulators said they were launching probes to crack down on speculation.

Among the Dow Jones industrials , Wal-Mart Stores ( WMT ) moved further above a 100.23 flat-base buy point after Friday's breakout, rising 0.7%.

On the downside, Walt Disney ( DIS ) declined 1.7% to fall back under a 110.93 double-bottom buy point.

Graphics-chip maker Nvidia surged over 3% to a breakout above a 218.77 cup-shaped base entry. The company announced it had landed Uber as a self-driving partner just ahead of the Consumer Electronics Show Tuesday. Turnover was tracking substantially higher in early trade.

Fellow chip stock Applied Materials ( AMAT ) rose nearly 2% after being upgraded from buy to strong buy at Needham & Co with a 72 price target - a 32% premium to Friday's closing price. Shares are jumping back above their 50-day line, as they shape the right side of a potential cup-shaped base formation.

Meanwhile, Leaderboard member Splunk ( SPLK ) was upgraded from equal weight to overweight at Barclays with a 105 price target, as shares rose 1%. Shares broke out last week above an 84.98 flat-base buy point and are trading toward the top end of the 5% buy range.

FANG stock Amazon.com (AMZN) padded its cushion above a 1,213.51 flat-base buy point, advancing 1.2% and was still in buy range. The stock broke out Thursday.

Early Monday, Lululemon (LULU) raised its fiscal-Q4 profit and revenue outlook, citing strong sales during the holiday season. Shares jumped nearly 3% early before turning negative and falling 1%. The stock is still well-extended from a 64.91 buy point.

Inside the IBD 50 , Alibaba' s (BABA) five-day win streak brought the stock within striking distance of a potential breakout . Shares traded 0.2% higher Monday and are nearing a 191.85 cup-shaped base buy point.

On the downside, Five Below (FIVE) declined over 9% after announcing its Q4 profits would fall short of analyst forecasts. Shares are still well-above a 54.23 entry.

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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.

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