The major market averages posted tight, quiet gains early Wednesday. The tech-heavy Nasdaq rose 0.2%, while the S&P 500 followed up with a 0.1% gain. The Dow Jones industrial average was just above its break-even mark.
X On the economic data front, the December Consumer Confidence Index came in at 122.1, sharply below November’s reading as well as the consensus forecast for a tally of 128 from Econoday. Meanwhile, pending home sales edged 0.2% higher in November vs. the 0.5% estimate.
Elsewhere in the Dow, Apple (AAPL) continued lower, falling 0.3%, following reports of weak iPhone X demand over the weekend. The declines have stopped short of the crucial 50-day support level, but are about 3% below a flat base’s 176.34 entry.
Energy names were under pressure early Wednesday. Leaderboard member Diamondback Energy (FANG) fell 1%, but remains well-extended from a 115.03 flat-base buy point. Meanwhile, EOG Resources (EOG) moved down 1.1%. The stock broke out past a short cup-shaped base’s 108.05 buy point Tuesday.
Leading stocks were rebounding from Tuesday’s weakness. Applied Materials (AMAT) moved up 1.2%, as it shapes the right side of a potential base. Meanwhile, graphics-chip maker Nvidia (NVDA) moved up nearly 1% and is approaching its 50-day line, which it has been trading under since late November.
Tesla (TSLA) declined over 1% after Keybanc gave pessimistic guidance for Tesla’s Q4 Model 3 deliveries. The analysts lowered their target from 15,000 units to about 5,000 units. The stock has been showing a great deal of whipsaw action, as it tries to rebound from its recent lows and build the right side of a potential base. Two weeks ago, the stock reclaimed its 50- and 200-day lines in heavy volume. However, those key support levels have been given up once again.
On the downside, China-based leadership struggled early Wednesday, as many sketch out potential bases. China Lodging (HTHT) declined 1%, but remains within striking distance of a 142.90 cup-shaped base entry.
This Article Was Originally From *This Site*