Stock futures were little changed Thursday night after a solid rally pushed the S&P 500 index and Nasdaq composite to all-time highs and the Dow Jones industrial average to within 0.5% of record levels. The FANG internet giants — Facebook (FB), Amazon (AMZN), Netflix (NFLX) and Google parent Alphabet (GOOGL) led the way. Amazon, Netflix and Alphabet hit record highs, with Amazon and Alphabet nearly hitting the 1000 price level.
S&P 500 and Dow industrials futures were essentially flat vs. fair value, while Nasdaq 100 futures rose fractionally. Crude oil futures were steady after plunging 4.8% during the regular session after the as-expected OPEC output cut extension through March.
Meanwhile, three chipmakers seen as big winners from the upcoming Apple iPhone 8 are consolidating in bullish patterns: Analog Devices (ADI), Texas Instruments (TXN) and Integrated Device Technology (IDTI). Even amid growing evidence that the Apple iPhone 8 will be delayed, these three chipmakers are moving toward buy points. Apple shares are near record highs, taking a breather after a huge run so far in 2017.
Analog Devices peaked at 84.24 on March 6 and fell to a low of 74.65 on May 1, but has rebound 8% so far this month. Analog shares rose 0.3% to 82.34 on the stock market Thursday, approaching a potential buy point of 84.34.
Analog Devices’ relative strength line is close to highs, trending gradually up over the past year. That means Analog Devices is modestly outperforming the S&P 500 index.
Texas Instruments is in a flat-base formation on top of a flat base on top of a flat base on top of yet another flat consolidation. Texas Instruments has a buy point of 82.54. The stock peaked out past that point intraday on April 26, but closed below that level. Shares fell to just below their 50-day line, then made another move toward the entry in mid-May, only to tumble May 17 when the major averages plunge. Shares moved back up to the 50-day since then, rising 0.9% to 80.79 on Thursday, above that key support area.
TI’s relative strength line has been moving sideways, near highs, for several months.
Integrated Device Technology
Integrated Device is in a consolidation starting in late January, but you could view that as part of a larger pattern that began in December 2015. Either way, the stock has a potential buy point of 26.76. Shares have risen for the last six sessions, rebounding off their 200-day line and retaking their 50-day. The stock rose 3.65% to 25.86 on Thursday.