US major indices have been up 5 the last 6 trading days and that has propelled some of the big cap bellwether stocks to more favorable technical pictures.
However, two of the major bellwether stocks are still having some issues from a technical perspective. One, is neutral.
Both Microsoft an Nvidia are trading below both their 100 hour moving averages and 200 hour MAs. Each tried to extend above the 100 hour MA today, and both failed.
Can the market in general, rally into the New Year without the help of those two stocks?
If the answer is “No”, watch the 100 hour MA and then 200 hour MA in each for trading and bias clues not only for them, but the overall market.
Below is the technical summary of both those stocks, and also the technicals for Apple and Alphabet which are both bullish. Meta is also analyzed. It is neutral technically (at least in the short term).
Microsoft. Bearish.
The price of MSFT is off the low at $464.89 reached the Tuesday, November 25, but is having some problem near a key swing area and the 100 hour moving average near $492. The high price today did extend to $493.50 just above that level, but has since rotated back below that moving average level (and swing level – see red numbered circles) and currently trades at $490.29. A sustained move above the $492 area – and then the 200 hour MA at $505 (green line) is needed to increase the bullish bias. Absent that and the sellers are still more in control.
Nvidia. Bearish.
Nvidia reached to a low of $169.55 last week (November 25), but has since extended up to the 100 hour moving average and briefly above that level during today’s trade. The 100 hour moving average comes in at $184.07. The high price reached $185.66. However, like MSFT, the momentum could not be sustained, and the current price is back below that level at $181.29.The price of Nvidia needs to get and stay above the 100 hour moving average – and then the 200 hour mA at $189.34 – to give the buyers more comfort/control. Absent that and they sellers are still more in control.
Now there are some bright spots technically too:
Apple: Bullish.
Apple is comfortably above both its 100 and 200 hour MAs and trading at new record levels today. The price is at $285.58 up 0.87%. The 100 hour MA is at $274.14 and the 200 hour moving averages at $270.80. The price would need to get below those levels to give the sellers more control.
Alphabet: Bullish
Alphabet is trading at $316.72 owe $2 or 0.64%. The price is also above its 100 hour MA at $299.70 (and moving higher) and the 200 hour MA at $286.75 (and moving higher). However, the price is also below the high from last week (all time high) at $329.30. There is a gap ahead of the 100 hour moving average between $3066.42 and $309.60. Moving below that area would give the sellers some hope.
Meta: Neutral
Meta is mixed. While the current price at $647.10 (up $6.25 or 0.90%) is above its 100 hour moving average at $614.33, it remains below its 200 hour moving average at $648.59. The high price today stalled just ahead of that area at $647.67. To increase the bullish bias, the price would need to get and stay above that 200 hour moving average. Conversely, if the price cannot get above that level the risk is for a rotation back down toward the 100 hour moving average at $614.33.
