The stock market was quietly lower, as corporate earnings continued to set the pace. The Dow Jones industrials lost less than 50 points in today’s stock market, weighed down by Dow Jones stock Goldman Sachs (GS). Chinese stock leader Alibaba (BABA) fell below its recent buy point, while top growth stock Atlassian (TEAM) hit a new all-time high.


Among exchange traded funds, the Innovator IBD 50 Fund (FFTY) gained 0.2%, indicating that top growth stocks were outperforming the major stock indexes Monday. The ETF is once again trying to surpass resistance around its long-term 200-day moving average line.

Current Stock Market Action

The tech-heavy Nasdaq composite moved down 0.21%. The S&P 500 fell 0.15%, while the Dow Jones industrials dropped 0.17%. Year to date, the Nasdaq is up about 20%, while the S&P 500 gained about 16%. The Dow has risen about 13%.

The Nasdaq is nicely above a key support level in today’s stock market — the 200-day moving average — after solid gains in recent trading sessions. The S&P 500 and Dow Jones industrials, meanwhile, also traded above that line, with the S&P 500 above long-term resistance near 2800. (For updates on this story and other market coverage, visit the Stock Market Today page.)

Dow Jones Stocks: Goldman Sachs Drops

Among the Dow Jones stocks, Goldman Sachs was the loser of the day with a near-3% decline after its quarterly earnings results. Goldman beat bottom-line views, but missed top-line estimates. The Wall Street bank is finding resistance at its long-term 200-day line.

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Investment bank Citigroup (C) also reported its quarterly results early Monday. The financial name beat the Street’s earnings targets, but missed revenue estimates. Citigroup stock reversed from early gains to fall almost 1%. Citigroup shares are right at a 66.93 buy point in a cup with handle after Friday’s soft-volume breakout.

Bank of America (BAC), meanwhile, will report its quarterly results before the stock market open Tuesday.

Apple (AAPL) is holding just above a 197.79 buy point amid a two-day losing streak, according to MarketSmith chart analysis. The buy point was a result of Apple’s cup with handle pattern.

Stock Market Earnings: Netflix On Tap

After the stock market close Tuesday, Netflix (NFLX) will announce its Q1 earnings results. Netflix shares broke down through their 50-day line in heavy volume Friday after the Disney+ announcement. The FANG stock is tracing a cup with handle with a 379.10 buy point.

Bearishly, the stock’s relative strength line is significantly lagging and is at a multimonth low. Look for it to improve considerably if it makes an upward move on earnings. The RS line is used by investors to measure a stock’s price performance compared to the general market.

Alibaba Stock In Buy Range

Alibaba stock broke out above a 188.18 buy point in a cup with handle Friday and is just below the proper buy point Monday. Shares lost over 2% in morning trade. The 5% buy zone tops out at 197.59. The Chinese e-commerce giant is one of the top Chinese stocks to watch this week, along with Leaderboard stock Autohome (ATHM).

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Alibaba boasts a 98 IBD Composite Rating and is the No. 1-ranked stock in the Retail-Internet industry. Meanwhile, Alibaba’s RS line is nearing a new multimonth high, but remains well off its 52-week high set back in June.

Top Stocks To Watch: Atlassian Notches New High

Among the IBD 50 top growth stocks, Atlassian was the top performer with an over-3% rise early Monday. The software stock reached a new all-time high. But the stock trimmed to gains to about 2% through morning trade.

According to IBD Stock Checkup, Atlassian stock has a highest-possible 99 IBD Composite Rating. The Composite Rating is a blend of key fundamental and technical metrics to help investors gauge the strengths of a company’s stock.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks, sell signals and the stock market.


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