Since the second half of May, the tech-heavy Nasdaq has reclaimed leadership over the Dow Jones Industrial Average. Now Alphabet (GOOGL), PayPal (PYPL), Tesla (TSLA), Microsoft (MSFT), ServiceNow (NOW), Applied Materials (AMAT), Shopify (SHOP) and CrowdStrike (CRWD) are trying to ride that tech train to new heights.
Each of these leading growth stocks has earned a spot on IBD Leaderboard. As demand for cybersecurity stocks intensifies, CrowdStrike has risen to a new all-time high, securing a spot on the IBD 50 and IPO Leaders.
While CrowdStrike has rebounded strongly from a pullback that began in February, the Innovator IBD 50 ETF (FFTY) continues to test support and resistance at its 10-week moving average. The IBD 50 ETF reflects the selling pressure and volatility that the Nasdaq, in particular, experienced from February to May.
With technology stocks back in favor, look for the IBD 50 ETF to move decisively above its 10-week line and break out of its current consolidation.
GOOGL Stock, Shopify, CrowdStrike Among Top Technology Stocks To Watch
“Leaders Near A Buy Point” on IBD Leaderboard provides a timely look at some of the best stocks to buy and watch right now.
Some of these leading growth stocks — such as Alphabet, Microsoft, PayPal and CrowdStrike — have already broken out but remain in or near new buy zones.
Tesla stock cleared an aggressive early entry at 675, but has since fallen back below it. Tesla is now working on a volatile base as it tests support at it 10-week line, which has been trending lower.
Innovator IBD 50 ETF
The Innovator IBD 50 ETF from Innovator Capital Management tracks stocks on the IBD 50 list of leading growth stocks. As with other index ETFs, this allows you to essentially invest in the entire index in addition to or rather than buying individual stocks. Learn more about the Innovator IBD 50 ETF and Innovator funds.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
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