S&P 500 stocks Tesla (TSLA) and DexCom (DXCM), along with Fluence Energy (FLNC), Wingstop (WING) and Extreme Networks (EXTR) are in focus this week.
The market rally picked up steam late in the week. Breadth improved as well, though market leadership has remained concentrated in the artificial intelligence space. Still, there are a lot of other stocks that are starting to flash buy signals or on the cusp of doing so.
Congress approving the debt-ceiling legislation this past week and Fed officials signaling a June rate pause likely helped buoy the market.
Meanwhile, the U.S. economy added 339,000 jobs in May, sharply above Wall Street’s estimates that had employer payrolls growing by 190,000. The unemployment rate rose to 3.7%, above the 3.5% estimate. Average hourly earnings rose 4.3% vs. a year earlier, just below views.
However, while action seems to be picking up, it is a small sample size with the market in a confirmed uptrend. Investors should exercise patience and allow many stocks to set up before diving in. The five stocks, including two S&P 500 giants, in focus this week offer options until a broad market rally takes hold.
S&P 500 stock TSLA and Wingstop stock are featured on IBD Leaderboard. Meanwhile, Fluence stock along with Wingstop are on the IBD 50. Fluence Energy, Wingstop and EXTR stock were all IBD Stock Of The Day selections last week.
S&P 500: Tesla Stock
Tesla stock popped 3.1% to 213.97 in Friday’s market trade, capping a 10.8% weekly gain. Tesla stock advanced more than 24% in May and has now soared more than 100% from a January low.
The S&P 500 stock has formed a cup base with a 207.89 buy point. The pattern could also be read as a double-bottom base, but the buy point remains the same. The base, until this week, formed below the 200-day, which is not ideal. But the 200-day line has fallen below the 200 level and below the buy point.
Notably, TSLA stock has advanced on above-average volume for five straight sessions, after few such days in the prior three months.
Meanwhile, the global EV giant once again whittled away its…