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Showing posts from April, 2017

Nasdaq 6,000: Tech Leaders (GOOG, FB, NFLX, AMZN) at New All-Time Highs

The Nasdaq Composite (COMPQX, IXIC) topped 6,000 today, a record high for the tech-heavy index. 

Here is an updated monthly chart (click below) of the Nasdaq from 1999 - 2017. You'll note that the prior dot com bubble peak of 5,132 in March 2000 was not topped until mid-2015. With this latest surge, the Nasdaq jumped over the 6k mark for the first time ever.



Joining the Nasdaq at new all-time highs are many of the most actively traded US tech stocks. 

Leading tech names such as Amazon (AMZN), Apple (APPL), Facebook (FB), Netflix (NFLX), Microsoft (MSFT), and Google (GOOG, GOOGL) are trading at, or very near, their all-time highs. See the Finviz charts below.



Also joining the new highs parade are Tesla (TSLA), a tech company in the guise of a car manufacturer, payments processor Square (SQ), Pepsi (PEP), and omnipresent burger joint, McDonald's (MCD). 

So we are seeing a bullish resumption of the upward trend in US stocks. The new highs in leading tech stocks and even some big cap …

NVIDIA (NVDA) Topping? Stock Chart Review

NVIDIA (NVDA) shares have struggled to regain their former highs above $120. Has this new tech leader topped out or is the stock merely catching its breath and consolidating? 

NVDA is currently trading around $100 after falling back below its 50 day moving average. The stock is currently down -6% YTD.



As you'll note from the chart annotations (click chart to enlarge), this is the second time the stock has dipped below the 50 day MA since topping out in early February. 

The stock made a short-term top at the end of 2016, with a bearish engulfing bar (the long red bar/candle on December 28, 2016). This down day marked the start of a brief decline, after which NVDA climbed back to challenge its former high. The stock failed to hold above the $120 level and quickly dropped back below its key moving averages.

I should note that NVDA pulled back sharply below its 20 and 50 day MAs back in early 2016. The stock soon bounced back and went on to make multi-year highs as it ran from $33 to $120…