Tech Leads Market Advance To New Highs; These Top Growth Stocks Break Out – Investor's Business Daily

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The major market averages ended the first trading session of 2018 near their highs, logging strong gains — a great start following impressive 2017 performances.

X The tech-heavy Nasdaq led the way with a 1.5% advance Tuesday, hitting a fresh record high. The S&P 500 also reached a new high, rising 0.8%, while the Dow Jones industrial average followed up with a 0.4% gain.

Meanwhile, Bitcoin reversed from early losses, rising 11% to just-under $15,000 — according to Coindesk — amid reports that Peter Thiel’s venture capital fund has a big Bitcoin holding.

Among the Dow Jones industrial components, Walt Disney (DIS) posted big gains, rising 4% after being upgraded at Macquarie Research. Shares have reclaimed a 110.93 double-bottom entry after a short-lived breakout on Dec. 4.

Elsewhere in the Dow, Apple (AAPL) rallied 1.8% to reclaim its 50-day line. Shares remain about 2% below a 176.34 flat-base buy point.

FANG stocks were all higher in the stock market today, as three of them set up new flat bases.

Netflix (NFLX) is building a flat base with a 204.48 buy point. The video streamer got a boost Tuesday after positive analyst commentary at Loop Capital and an upgrade at Macquarie Research. The stock ended the day about 2% away from the entry after a near-5% advance.

After a breakout above a previous flat-base entry on Oct. 17 failed to produce a meaningful gain, Facebook (FB) has sketched a flat base with a new buy point at 184.35. Shares rose 2.8% Tuesday.

Finally, Amazon.com (AMZN) is nearing a 1213.51 entry, moving up 1.7% in Tuesday’s session. Last week, the company reported strong holidays sales and its Alexa-enabled devices were some of the season’s top-selling products. Midday Tuesday, the company said it shipped more than five billion items with its Prime delivery service in 2017.

Leaderboard member Splunk (SPLK) broke out past an 84.98 flat-base buy point, trading over 4% higher. Volume came in above average. The 5% buy range tops out at 89.23. Bullishly, the stock’s relative strength line — the blue line painted on every IBD daily and weekly chart — is approaching a new high as well.

Inside the IBD 50, Alibaba (BABA) jumped over 6%, as Chinese stocks took the lead among growth stocks. The e-commerce behemoth moved back above its 50-day line for the first time since Nov. 29.

Other top-performing Chinese leaders include China Lodging (HTHT) — which broke out on Friday and moved out of the 5% buy range today — and Autohome (ATHM). Shares of Autohome surged almost 11% to break out above a 65.67 buy point. Shares were extended.

On the downside, Floor & Decor (FND) declined over 5% to end up just below its 46.34 cup-with-handle entry. Shares broke out on Dec. 27 with volume that was over 200% above average — well-above the 40%-50% standard increase in turnover.

Elsewhere in the IBD 50, Arista Networks (ANET) fell 2%, but remains above its 50-day line. The cloud networking software maker is nearing the completion of a potential base, but is one week shy of a cup-shaped formation.

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