The major market averages kicked off the first trading session of 2018 on a high note, as they advanced solidly higher in early morning trade.
[ibd-display-video id=3058793 width=50 float=left autostart=true] In early Tuesday trade, the tech-heavy Nasdaq led the way with a 1% surge, while the S&P 500 and the Dow Jones industrial average followed up with gains of 0.6% and 0.5%, respectively.
Among the Dow Jones industrial components, Walt Disney ( DIS ) rose 1.5% after the stock was upgraded from neutral to outperform at Macquarie Research. Shares remain below a 110.92 double-bottom entry.
Elsewhere in the Dow, Apple ( AAPL ) found much-needed support at its 50-day line early Tuesday. The stock rose 1%, but remains about 3% below a 176.34 flat-base entry.
On the downside, Travelers Companies ( TRV ) dipped 0.8%, but its decline stopped right at its 50-day line. The stock remains within buy range from a 130.47 cup-shaped base buy point.
FANG stocks were all higher in the stock market today with Netflix ( NFLX ) setting the pace. The video streamer advanced 3.5% after being upgraded from neutral to outperform at Macquarie Research with a 220 price target. Meanwhile, analyst firm Loop Capital called Netflix their best idea of 2018 with a 241 price target - a 25% premium to Friday's closing price. Netflix's newest cinematic release "Bright" received 11 million views in the first three days after its release, according to Nielsen data.
The stock jumped back above its 50-day line - which it has been trading under since Nov. 29 - and is approaching a 204.48 flat-base buy point.
Meanwhile, Facebook ( FB ) and Amazon.com (AMZN) moved up 1.1% and 1.2%, respectively. The social media giant has built a new flat base with a 184.35 buy point, while the e-commerce giant has etched its own flat base with a 1213.51 entry.
Alphabet (GOOGL) moved up 1%. The stock is extended from a 1006.29 buy point after a recent test of the 50-day moving average line.
Inside the IBD 50 , Alibaba (BABA) rose 3%, as the Chinese e-commerce giant attempted to regain its 50-day line. The stock is building the right side of a potential base.
Elsewhere in the IBD 50, Nvidia (NVDA) looked to get back on track following Friday's 2% decline. The graphics-chip firm moved up 1.6%, as it once again approached its 50-day line where it found resistance last week.
On the downside, gym operator Planet Fitness (PLNT) was downgraded from buy to hold at Jefferies, sparking a retreat of about 4%. The stock is still well-extended from a 27.32 flat-base buy point.
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