{"id":36090,"date":"2023-07-15T13:09:22","date_gmt":"2023-07-15T17:09:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/apple-alphabet-and-advanced-micro-devices-lack-of-higher-highs\/"},"modified":"2023-07-15T13:09:25","modified_gmt":"2023-07-15T17:09:25","slug":"apple-alphabet-and-advanced-micro-devices-lack-of-higher-highs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36090","title":{"rendered":"Apple, Alphabet And Advanced Micro Devices: Lack of Higher Highs"},"content":{"rendered":"
\n

The July consumer price index came in lower than previous months, but a few big-name tech stocks failed to get all that excited about the news. It might be that expectations about the metric had already been baked into prices. Also, it\u2019s not exactly a certainty that the Fed will stop with the interest rate hikes.<\/p>\n

Apple
\n AAPL
\n <\/fbs-ticker> ended the week up by .01%, Alphabet
\n GOOG
\n <\/fbs-ticker> closed up by 4.98% and Advanced Micro Devices
\n AMD
\n <\/fbs-ticker> ended it with a 2.45% increase. It\u2019s good to have up weeks, of course, but with the \u201cinflation is cooling\u201d news, you might think that it would be enough to break above the earlier June\/July highs \u2014 but no.<\/p>\n

None of those NASDAQ
\n NDAQ
\n <\/fbs-ticker>-100 components found enough buying to take out their previous peaks. Many factors enter into the picture but, generally, this contradicts the current \u201crally is broadening out\u201d narrative that\u2019s begun to appear in the financial media. Let\u2019s look at the price charts.<\/p>\n

Apple, Google And Advanced Micro Devices Daily Price Charts<\/h2>\n

<\/fbs-ad><\/p>\n

There is no argument that the uptrend is powerful from the early 2023 lows until the present \u2014 it\u2019s just a little unusual that Apple failed to join the NASDAQ-100 in the \u201cnew highs\u201d category. Investors took the opportunity to take some profits rather than continue with the intense buying.<\/p>\n

After peaking in early June, this huge component of the NASDAQ-100 dropped to below its 50-day moving average in July. The stock rallied mightily last week but, again, you have to wonder why it\u2019s not back above the previous high, given the powerful strength in the rest of the index. If \u201cthe rally is broadening out\u201d is accurate, then Alphabet should have a higher high here.<\/p>\n

It\u2019s another nice uptrend from late 2022 to summertime, 2023, but this major NASDAQ-100 component is failing to establish a higher high. You can see the red-dotted downtrend line connecting the June high with this week\u2019s much lower high. It looks like plenty of buying at the 50-day moving average but not enough to power upward like the other stocks in the index.<\/p>\n

As a comparison, here\u2019s what the NVIDIA daily price chart looks like:<\/p>\n

It continues to be one of the hottest stocks in the NASDAQ-100 as investors can\u2019t seem to get enough of the shares. NVIDIA hit $480 on Friday before selling kicked in and took it back down below the opening price, but what a week.<\/p>\n

If the rally were broadening out from just NVIDIA and a handful of other tech names, the \u201cA\u201d stocks in the index \u2014 Apple, Alphabet and Advanced Micro Devices \u2014 should be participating with a \u201chigher highs\u201d look.<\/p>\n

This week, they tried but failed to get there.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The July consumer price index came in lower than previous months, but a few big-name tech stocks failed to get all that excited about the news. It might be that expectations about the metric had already been baked into prices. Also, it\u2019s not exactly a certainty that the Fed will stop with the interest rate […]<\/p>\n","protected":false},"author":1,"featured_media":36091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-36090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nApple, Alphabet And Advanced Micro Devices: Lack of Higher Highs | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The July consumer price index came in lower than previous months, but a few big-name tech stocks failed to get all that excited about the news. 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