Microsoft stock and Palo Alto Networks (PANW) gained ground on Wednesday, while Fortinet (FTNT) and New Relic (NEWR) reversed lower, but outperformed the general market.
All are below their 50-day lines, especially Microsoft (MSFT).
But Apple stock fell 2.1% on Wednesday to 166.23, finally closing below its 50-day line.
FTNT stock and Microsoft are IBD Long-Term Leaders.
AA stock rose modestly in extended trade.
UAL stock fell modestly in overnight action after closing down 2.65%, below its 50-day line.
American Airlines stock slumped 3% Wednesday after dropping below its 50-day line on Tuesday.Union Pacific stock rose a fraction on Wednesday, but is still below its 50-day line after Tuesday's 3.3% tumble.Baker Hughes stock retreated 1.9% to 26.29, just below a 27.76 buy point.The stock market opened higher Wednesday but reversed lower and closed near session lows.The Dow Jones Industrial Average lost nearly 1% in Wednesday's stock market trading.The 10-year Treasury yield fell about 4 basis points to 1.83%, retreating from two-year highs.The Energy Select SPDR ETF (XLE) retreated 0.7% and the Financial Select SPDR ETF (XLF) fell 1.7%.
MSFT stock is in a flat base with a 349.77 buy point, according to MarketSmith analysis, but shares are still 8% below their now-declining 50-day line.
The relative strength line for Microsoft stock has retreated from November highs, but that's after a solid advance for most of last year.FTNT stock has bounced a little from its Jan.
Fortinet stock fell back from intraday highs of 323.16, hitting resistance near its 21-day line.The RS line for FTNT stock is not far from highs.Palo Alto stock rose 3.4% to 519.61, closing in on its 50-day line.NEWR stock got above its 50-day line intraday, which might have signaled an early entry in a better market.But New Relic stock closed down 0.4% at 105.61.
The stock market entered a correction after Tuesday's fierce sell-off to break below key levels.The big-cap Nasdaq 100, led by Apple stock and Microsoft, is nearing its 200-day line.
The Russell 2000, which undercut its December lows on Tuesday, fell to its lowest level in more than a year, undercutting a long consolidation.Software rose slightly Wednesday, led by PANW stock and a few others, but closed well off highs.IBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today.Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20.