Those Big 3 in Tech, hot starts for the Hot List and more
We just had our monthly check-up for the Blue Chip Hot List, but already several of those are off to hot starts. In addition, the big 3 tech stocks remain key not just to their sector, but the major indexes.
This week, I’ll provide technical updates on those as well as:
4 stocks that just missed the cut for the Hot List
Transportation stocks that are breaking down
Stocks to add and avoid in communications
Those Big Tech 3
AAPL may have a date with the mid-$160s
Apple has filled, and failed, at another gap this week and continues to stairstep lower. While the long-term “trend” is still positive in absolute terms, the stock is on the verge of 6-month relative lows, even as some of the other mega-caps (see MSFT & AMZN further down in today’s report) are reasserting their strength. Key support can be found near $165.
Nvidia never got through $502
Nvidia is flirting with its 50-DMA over the past few days, but a date with $401 is seeming more inevitable. I do not love this stock tactically, but the longer it takes to break down the more this looks to be part of a healthy consolidation or correction vs. a major top.
MSFT reclaims 50-DMA
Microsoft has reclaimed its 50-DMA and hit its highest level since August 1. The stock still may encounter resistance near $350-$366, but the successful retest of $312 and reemergence of relative strength are positive signs that it can attempt another breakout. A failure near $350 would be a concern.
Hot starts for recent Hot List additions
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