TMT Stock Report #1
The Nasdaq 100s most eye-catching charts right to your screen.
I will be trying out a new format over the next few weeks. Looking to make a weekly Stock Report, which will be free for now, but this report will eventually be a paid service. I will also give weekly updates(Markets, Stocks) that will be included in the new subscription plan. I will go through all Nasdaq 100 and S&P 500 charts weekly, on top of my scans and filters, and bring you the most important charts and stories. It will take me a few weeks to get a format down, as fitting in the email limit can be challenging with charts.
Now The TMT Market Report, I’m glad to say, will always be FREE as long as I’m writing them—just a heads up, I generally use total return charts but compare them to their counterparts on my trading platform. The difference is that the total return leaves the Dividend in the chart, and a standard stock chart has the dividend taken out regularly. Without further ado, let’s get into this week’s Stock Report.
Nasdaq 100 Rundown - Leaders
AAPL -I am looking at the most dominant player in technology in the chart below, as Apple has the most significant influence on the major averages. It also has been consolidating and has a shot at breaking out in the week ahead.
AMAT - Applied Materials is trading at nearly a one-year high, with a noticeable reaction around its 50 SMA. Also, the trend since the October low, while backtested about a week ago, is still chugging along. This is a crucial week, and oh yeah, the FED.
AMD - Advanced Micro Devices had a monster move over the $88-$89 pivot last week after testing the low end of the trading range and moving averages near $80
MSFT - Microsoft hit new highs with the outperforming technology-driven Nasdaq and the QQQ trust. I’m using 174.25-176.00 as a pivot. Above that, I’m using 290-291.75
GOOG - Google has been strong riding the ChatGPT wave but using its proprietary AI Bard. A test of the 200-day SMA will be in play to start the week
Nvidia has been on a tear and has been leading the market in 2023, up over 80 percent on the heels of the ongoing AI stock market boom
Intel has come to life, which the stock desperately needs. I’m using $30.25-$31.00 as the pivot; also notable is the 200-ma at $30.45
MNST - consolidation taking place in a relatively tight range since last November
WDAY - Workday, Inc. is within striking distance of highs not seen since early May 2022. Using 192.75-193.65 as the pivot
Nasdaq 100 Rundown - Laggards
EXC - Over the last eight months, a triangle has formed in trading Exelon Corp, a utility. We are nearing the upper end of the formation to start this week and currently yielding 3.26%
PYPL - PayPal has a weak technical picture, as the selling doesn’t look over yet. The stock has not bounced back with the market over the last week
DLTR - Dollar Tree Inc is right on support/pivot. I’m watching this one for a potential breakdown this week
DDOG - Datadog essentially collapsed back on all of its gains in 2023 and again is under $70
TMUS - is grappling with the 200-day SMA and 137.5-138.0 pivot area
ZS - Another weak outperformer to the downside as the stock is now again in striking distance of its 2023 low
Further considerations:
AVGO - Near all-time highs between 3 and 6 percent, depending on the chart. It is consolidating after a gap up on Earnings on March 2nd
CDNS - hit new all-time highs this week
CHKP - reactive bounce-off support and 200-day SMA
MCHP - Noticeable relative strength, above 50-day SMA, but right at the average. About 10% off new highs
SNPS - Another relative outperformer at 5% from all-time highs. Above 50-day SMA
ZM - Another stock under both moving averages and hasn’t gone anywhere during 2023; it acts as more selling will be in the cards for the next few months
Since I’m short on email length, have a good one, and check back next week for the next TMT Stock Report. This will be a thoroughly refined format within a few short weeks.