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Stock Market Rally Charges Ahead; This Top Growth Stock Breaks Out

DATE POSTED:February 12, 2019

The major stock indexes were sharply higher early Tuesday amid news that U.S. lawmakers reached a tentative deal to avoid a government shutdown. The Dow Jones industrials rose by nearly 250 points in today's stock market. Notably, top growth stock Lululemon (LULU) is breaking out above a buy point in the current stock market.

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The tech-heavy Nasdaq composite gained 1.1%. The S&P 500 index moved up 0.9%, while the Dow Jones industrials advanced 1%. All three major stock indexes are near potential resistance areas, corresponding to their respective 200-day moving average lines. The Dow is rebounding from that level, while the other two are below it. (For updates on this story and other market coverage, visit the Stock Market Today page.)

Dow Jones Stocks: Goldman, Intel Lead

Among the Dow Jones stocks, Goldman Sachs (GS) and JPMorgan (JPM) were two of the top performers in early morning trade with gains of about 1.5% apiece. Goldman stock is on pace to snap a four-day losing streak, but remains about 30% off its 52-week high. JPMorgan stock is looking for support near its 50-day line.

Meanwhile, chip stock Intel (INTC) is also set to snap a four-day losing streak, as it looks to regain its long-term 200-day line. The stock is also nearing the 50 price level, a level that has been a resistance area since August. Shares gained 2%.

Stock Market Earnings: Under Armour, Shopify

Apparel retail stock Under Armour (UAA) reversed from sharp opening losses to gain nearly 4% after reporting better-than-expected Q4 earnings and sales early Tuesday. The company offered weak revenue guidance. Under Armour stock is trading less than 1% below a cup with handle's 21.62 entry. Shares are trying to find support near their 50-day line. On the downside, the stock's relative strength line is trading well off its highs.

Shopify (SHOP) declined as much as 7% early Tuesday after its revenue guidance disappointed before trimming losses to about 2.5%. Shopify stock cleared a 176.70 buy point Monday, but reversed lower to close below the buy point. The stock triggered the 7%-8% loss-cutting sell signal in early trade Tuesday

Marijuana stock Aurora Cannabis (ACB) fell 1% after its fiscal Q2 resultsCanopy Growth (CGC) and Cronos Group (CRON) will report their quarterly earnings this week.

Top Growth Stocks To Watch: Lululemon Stock Breaks Out

Among the IBD 50 stocks, Lululemon is breaking out above a cup with handle's 152.91 buy point in the current stock market with a more-than-3% gain. Keep a close eye on the stock's RS line. It is nearing a new high. The RS line should hit a new high on the breakout day or shortly thereafter.

According to the IBD Stock Checkup, Lululemon stock has a 97 out of a highest-possible 99 IBD Composite Rating. The Composite Rating is a blend of key fundamental and technical metrics.

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Top Stocks To Watch: Lululemon Stock Nears Breakout

The post Stock Market Rally Charges Ahead; This Top Growth Stock Breaks Out appeared first on Investor's Business Daily.