Why has the Nasdaq taken a bullish turn in November 2023?
It’s all about the largest names in the Technology sector demonstrating the positive influence of mega cap growth stocks on our equity benchmarks!
How much of an impact do the largest names wield? Check out these statistics:
- MSFT and AAPL comprise about 50% of the Technology Sector SPDR (XLK).
- MSFT and AAPL represent just over 20% of the Nasdaq 100 (QQQ), which means that those two stocks have about the same weight as the smallest 66 names in the index.
- MSFT and AAPL make up about 14.5% of the S&P 500 (SPY), which means that those two stocks have about the same weight as the smallest 300 names in the index.
So that’s why we remain laser-focused on the biggest names in technology. As goes mega cap tech, so goes the market!
In our latest technical analysis video, we’ll analyze the charts of MSFT, AAPL, and NVDA, share a key trendline to watch for each name, and highlight the levels that could signal a more bullish 4th quarter for the QQQ and SPY.
- What does Microsoft’s push to new all-time highs suggest about risk appetite during a period of rising interest rates?
- Now that Apple has broken above key trendline resistance, which line-in-the-sand should investors monitor in November 2023?
- Why is $400 such an important level for Nvidia, and what would it mean if this leading semiconductor would fail to hold price support?
[Video] A Closer Look At The Top 3 Technology Stocks
$MSFT $AAPL $NVDA Stock Price Charts
Twitter: @DKellerCMT
The author may have positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
