Dow Jones Futures: 5 Stocks Near Buy Points From Top Stock Market Sector

Dow Jones futures were little changed late Wednesday, along with S&P 500 futures and Nasdaq futures. The software sector re-established its stock market leadership Wednesday, with top names surging and a pair of breakouts. Workday stock, Palo Alto stock, Match stock, Paylocity stock and HubSpot stock are all software names that are just below buy points in new short bases just above or next to prior consolidations.

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Palo Alto Networks (PANW) and Paylocity (PCTY) boast best-possible 99 IBD Composite Ratings. Workday (WDAY) has a 98 Composite Rating. HubSpot (HUBS) is at 97 and Match Group (MTCH) at 95. All-time stock winners often have a Composite Rating of at least 95 near the start of big runs.

Palo Alto stock is on the IBD 50 list. So are Paylocity stock and HubSpot stock.

Dow Jones Futures Today

Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were all about break-even. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

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Current Stock Market Rally

The Dow Jones eked out a gain Wednesday, while the S&P 500 climbed 0.35% and the Nasdaq composite rose 0.7%. Top stocks clearly outperformed, always a positive sign for a stock market rally.

Among the best ETFs, Innovator IBD 50 rose 0.9%. The iShares Expanded Tech-Software Sector ETF (IGV) climbed 1.2%. VanEck Vectors Semiconductor (SMH) advanced 0.8%.

Looking for the very best stocks breaking out into buy zones? Check out Leaderboard, IBD’s premium service with annotated charts and timely buy and sell alerts.

Workday Stock

Shares of the human capital management and financial management software maker rose 2.25% to 195.10 in Wednesday’s stock market, a day after they reclaimed the 50-day moving average. Workday stock is closing in on a 200.10 flat base, part of a base-on-base formation.

Palo Alto Stock

Palo Alto stock rose 0.7% to 242.52, continuing to find support at the 10-week line. Shares are working on a 260.73 entry from a short flat base. That pattern is next to a larger cup base.

Palo Alto stock broke out of that cup base on Feb. 27, gapping higher, but then pulled back over the next few sessions to below the 239.60 entry. While shares of the cybersecurity firm never fell far enough to invalidate that buy point, investors should focus on the flat-base buying opportunity.

Paylocity Stock

Paylocity stock tried to break out of a deep cup base on Feb. 22, but reversed lower in the next session. Shares of the payroll and human capital software name now have a 91.71 buy point from a short, shallow, cup-with-handle base. Paylocity stock rose 1.5% to 86.32 on Wednesday, rebounding from its 50-day line.

Match Stock

The parent of online dating services Match.com and Tinder edged up 0.6% to 56.99 on Wednesday. Match stock is working on a cup-with-handle base with a 60.02 entry. That’s next to a 45% deep consolidation.

HubSpot Stock

HubSpot stock rose 1.2% Wednesday to 165.12, just below its rising 50-day line. The business marketing software maker is in a flat base with a 180.10 buy point. That’s just above a prior consolidation for HubSpot.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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