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Investors Business Daily
Business
MATTHEW GALGANI

Nvidia Stock, Uber Lead Resilient Stocks In Pressure-Cooker Market

As the market indexes feel the heat around their key moving averages, Nvidia, Uber Technologies, Axon Enterprise, Adobe and other IBD Leaderboard stocks flash resilience. A test of its 50-day moving average for Nvidia stock and a bounce above that benchmark for Uber and Axon highlight the market's uncertain trend.

Meanwhile, fellow IBD Leaderboard names also showcase mixed technical action. For example, Celsius and Tidewater continue to pump higher, while Meta Platforms has moved back above its 50-day line and Axon stock works on a new buy point.

Alongside monitoring the action in individual stocks, investors should watch for current indicators of support or resistance in the major indexes. The Nasdaq and S&P 500 both moved back above their 50-day lines on Monday, but in light volume. The Dow remains below that benchmark and still shy of retaking the psychological 35,000 mark.

While Uber jumps with a rising relative strength line and Nvidia claws for support at its 50-day line, look for the major indexes to hold and build on support at their own moving averages.

How To Handle Changing Stock Market Trends

Uber, Axon Rev Up Bases As Nvidia Claws At Buy Point

The market outlook downshifted last week, slipping to "under pressure." Yet, the recommended market exposure level remains at 20% to 40% as a number of leading stocks continue to show strength and resilience.

In this environment, Uber, Axon and several others remain in or near buy zones.

Uber stock is rebounding nicely after pulling back to its 50-day line. The ride-share pioneer, which continues to expand into Uber Eats, Uber Freight and beyond, is now 3% shy of a fresh 49.49 buy point. After clearing early entries at 206 and 212, Axon stock is now taking aim at a 229.95 buy point. In a sign of improving technical strength, the Taser stun-gun maker saw its 21-day exponential moving climb back above its 50-day line last month.

Other IBD Leaderboard stocks fitting that bill include Adobe, Baker Hughes, Carrier Global and Quanta Services.

Meta stock has also formed a new base, offering a 326.20 entry as it moves back above its 50-day line.

Meanwhile, Nvidia stock continues to claw at a 480.88 buy point.

The artificial intelligence and semiconductor powerhouse has held the bulk of its gains from a massive run off its October 2022 lows. It could be poised to further bolster that run if it can hold its 10-week line and the market withstands the current heat and fortifies its underlying uptrend.

Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.

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