Tech Sector Weakens: Apple, Meta, NVIDIA, Tesla. Price Chart Analysis.

, Meta, NVIDIA

and Tesla
are major components of the NASDAQ
-100 index and in September, so far, their summertime upward and onward trends are faltering. These tech names and the other well-known stocks in the group may just be taking a break from 2023’s hot streak — or maybe it’s over, who knows?

Whatever the case, a price chart analysis of the index and its closely followed components shows definite weaknesses now forming. The NASDAQ-100 opened higher on Friday but then gave back the gain by the close. Basically, it’s given back all of the previous week’s gains. Here’s how it looks:

Straight up from the beginning of late last year until mid-July this year and then it loses its footing. The drop from there takes it underneath the 50-day moving average (the blue line), back over it by mid-August, underneath it after Labor Day and now sitting right on top of the line.

Apple did worse. Take a look:

The concern, recently expressed by analysts, that the iPhone market may be peaking shows up in the daily price chart. Also, investors who rely on Berkshire Hathaway
to keep adding to the fund’s largest position may be questioning that. September’s weak attempt to close above the 50-day moving average is not working.

What about Mark Zuckerberg’s former Facebook?

The gap up to a late July peak has been filled as the stock dropped to below the 50-day moving average — which it has been unable to close above. Note the hugeness of the 2 previous gap ups: at the end of April and at the beginning of February. These are targets if any serious selling picks up steam.

NVIDIA looks like this:

The favorite equity of all those so excited about artificial intelligence managed to stay above the 50-day moving average — but gave back entirely the week’s previous gains. The selling that comes in when it approaches the $500 level appears to be substantial. Nvidia’s late May gap up is worth contemplating.

Elon Musk is looking at this chart when he’s not too busy with Starlink and X:

After peaking and then gapping down in early July, the stock traded steadily downward into mid-August. The rally from there took it up to the 50-day moving average and that’s where things seemed to find strong resistance. Of all the big-name tech stocks in the index, this one looks the weakest — at least, for now.

Source link

About The Author

Scroll to Top