While resistance at the 18,000 mark on the tech-heavy Nasdaq reminds investors to stay vigilant, IBD's recommended market exposure level currently stands at a bullish 80% to 100%. Artificial intelligence bellwether Nvidia continues to test support at its 21-day exponential moving average as fellow Magnificent Seven stocks Meta Platforms and Amazon.com join a select group of IBD Leaderboard names challenging new breakouts and buy zones.
Nvidia, Meta, Amazon Stocks In Focus
Boosted by a new breakout into buy range, Amazon stock just joined the $2 trillion market-capitalization club. Nvidia stock has floated above and below the $3 trillion mark, but managed to close Monday's session above it. Nvidia ranks No. 3 among the world's largest companies by market cap, trailing fellow AI stocks Microsoft and Apple. Nvidia clung to support at its 21-day line Monday as it looks to recover from a string of sell-offs in June.
Featured as the IBD Stock Of The Day on June 27, Amazon broke out of a second-stage flat base the day before. Shares of Amazon remain in buy range as the relative strength line closes in on a 52-week high, as well as a record high. Amazon currently stands 3% above the buy point it cleared last week.
Meta stock fell early Monday as the European Union said the social media giant's "pay or consent" ad model violates new digital competition rules. But Meta reversed higher to close the day with a small gain, bouncing back above its 21-day line. On Monday, the stock closed 2% shy of a 514.01 buy point in a third-stage cup with handle.
Semiconductor sector firms joining Nvidia on IBD Leaderboard include ASML and Taiwan Semiconductor — both featured in this column on June 24. Advanced Micro Devices earns a spot on the Leaderboard watchlist.
Cosmetics and skin-care company ELF Beauty and social media firm Pinterest have also earned their time in the Leaderboard spotlight. Pinterest stock and ELF stock remain in buy zones, but both stocks flashed negative reversals Monday.
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Lilly, Novo On List, And A 'Grand Slam' Approval
Eli Lilly and Novo Nordisk stand as full-fledged members of IBD Leaderboard.
Since clearing a double-bottom entry in May, Lilly stock has continued to climb and is now extended. In a sign of market leadership, the relative strength line has been moving steadily higher.
Novo Nordisk, the maker of weight-loss drug Ozempic, cleared a 137.22 buy point in a cup with handle on June 4. Continuing to rise, the stock is extended and now trades right around its all-time high. Investors should note this latest breakout is from a late-stage base, which poses a risk.
Sarepta Therapeutics continues to hold the bulk of its gains after blasting 30% higher on June 21 on a "grand slam" approval in muscular dystrophy. The stock gapped out of a six-week consolidation. Now on the IBD Leaderboard watchlist, look for Sarepta to show some tight, sideways trading near highs for an alternate entry.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
