Nasdaq Hits New Record; Apple And This Leading Defense Stock Break Out

The major market averages marched to new highs again Monday ahead of this week's tax-cut vote, while Apple (AAPL) was breaking out today. All three of the major indexes — the Dow Jones industrial average, S&P 500 and the tech-heavy Nasdaq — moved up about 0.7%.

XMeanwhile, Bitcoin futures on the Cboe rose over 4% to 18,930, briefly surpassing the 20,500 level before trimming gains.

Among the Dow Jones industrial components, Apple moved up 1.4%, as it broke out above a new buy point. After a strong cup-with-handle breakout on Oct. 27, the iPhone maker has quietly traded sideways, putting in a flat base that shows a 176.34 entry.

Elsewhere in the Dow, big banks were on the move higher. JPMorgan (JPM) and Goldman Sachs (GS) rose 1.2% and 1.4%, respectively. JPMorgan remains extended from a 95.32 flat-base entry, while Goldman is now extended from a 247.17 saucer-with-handle buy point.

IBD Stock Spotlight member Mercury Systems (MRCY) was breaking out past a 54.59 flat-base buy point in the stock market today and was just under that entry through morning trade. Shares rose 1.5%, as volume tracked substantially above average.

Amazon (AMZN) was nearing its 1,200 price level for the first time since late November, rising 0.9%. JPMorgan upped its price target from 1,220 to 1,375 — a near-13% bump and an almost-17% premium to Friday's closing price. Shares are extended from a 1083.41 buy point.

Among other analysts actions, Twitter (TWTR) was upgraded from neutral to overweight at JPMorgan. The price target was hiked from 20 to 27 — a 21% premium to Friday's close. Shares jumped over 7% to new 52-week highs after strong support at the 10-week line two weeks ago. Shares briefly broke out past a 20.98 cup-shaped base in late October, but quickly ran into trouble.

Tesla (TSLA) looked to add to last week's 9% advance, rising 1% in early morning trade before reversing back to unchanged. Shares are back above their 50-day line and are building the right side of a potential base. Still, the stock has a lot of work to do to make it back to its old high at 389.61.

Railroad operator CSX (CSX) trimmed early losses to 0.7% Monday, following the unexpected passing of CEO E. Hunter Harrison. Shares are back near the 7%-8% loss-cutting level from a 55.09 flat-base entry. The stock is also battling for support at its 50-day line.

Data storage firm Micron Technology (MU) advanced 2.6% ahead of Tuesday's earnings release. The stock is trying to get back above its 50-day, where it found resistance two weeks ago.

Inside the IBD 50, Control4 (CTRL) surged nearly 6%, as its rebound from the 50-day line continued Monday. The stock is well-extended from its last base breakout back in February.

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