Dow Jones futures, along with S&P 500 futures and Nasdaq futures, are set to open on Sunday evening. The stock market had an impressive performance in the holiday-shortened week, with major indexes approaching their 2023 highs as November comes to a close. Despite many leading stocks being extended, there are still some enticing buying opportunities and setups to keep an eye on. However, it’s important to note that the market fear gauge is currently at its lowest levels since before the Covid crash, signaling a potential for a pullback.
Some stocks to watch include Nvidia (NVDA), which saw a drop from record highs last week but remains in a buy zone following earnings and some China concerns. Amazon.com (AMZN) is also holding in a buy zone as the holiday season officially kicks off. Novo Nordisk (NVO) broke out on Friday, while Affirm Holdings (AFRM) reclaimed a buy point. Taiwan Semiconductor (TSM) is just below a buy point and Warren Buffett-backed Nu Holdings (NU) is moving back toward a buy point.
The Dow Jones futures are set to open at 6 p.m. ET on Sunday, and experts predict a continuation of the stock market rally that saw the Dow Jones Industrial Average rise by 1.3% and the S&P 500 index by 1% last week.
The market has shown signs of strength, with all major indexes clearing several key levels with little resistance. However, the lack of market fear could potentially lead to a pullback, and it’s important to remain cautious. While some measures suggest the market is getting overbought, a pullback doesn’t have to happen right away, nor does it have to be sharp or last long.
In terms of ETFs, growth ETFs such as the iShares Expanded Tech-Software Sector ETF (IGV) and the ARK Innovation ETF (ARKK) saw notable gains last week. Meanwhile, several stocks, including Nvidia and Novo Nordisk, are currently in buy zones, presenting potential opportunities for investors.
As the market remains in a power trend, it’s essential for investors to keep an eye out for opportunities while also staying cautious of potential pullbacks. With various indicators suggesting that a pullback is on the horizon, it’s important to continue monitoring the market and making informed decisions. Additionally, earnings season is not over, with several notable names on tap for the coming week.
