{"id":4009,"date":"2023-10-21T15:13:01","date_gmt":"2023-10-21T15:13:01","guid":{"rendered":"https:\/\/infundpros.com\/investment\/big-nasdaq-100-stocks-sell-off-to-support-levels-apple-nvidia-tesla\/"},"modified":"2023-10-21T15:13:02","modified_gmt":"2023-10-21T15:13:02","slug":"big-nasdaq-100-stocks-sell-off-to-support-levels-apple-nvidia-tesla","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=4009","title":{"rendered":"Big Nasdaq-100 Stocks Sell Off To Support Levels: Apple, NVIDIA, Tesla"},"content":{"rendered":"
\n

The major tech and social media components of the Nasdaq-100 got dumped this week as investors grappled with the meaning of even higher Treasury yields and the increasing price of oil. The sense that the stickiness of inflation may continue to stick is an unsettling factor for the actively traded equities that make up the index.<\/p>\n

With the 10-Year Treasury note now yielding 5% and with West Texas Intermediate Crude back up to $90 a barrel, it\u2019s tough to make a case that serious inflation is about to become less serious. The unpleasantness of what might ensue is leading to the selling of big stocks that were until recently pursued with a vengeance.<\/p>\n

Take, for example, the daily price chart for Apple
\n AAPL
\n <\/fbs-ticker>:<\/p>\n

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

You can see how it peaked in July up just past $197.50, sold off and now trades for $172. The 50-day moving average (the blue line) shows how price is unable lately to close above that down trending indicator. Will the late September support level of $167.50 hold?<\/p>\n

Comedian and social critic Jon Stewart just left Apple TV citing issues he says the company was having over his use of China and artificial intelligence as topics. He can\u2019t make fun of Chinese leaders and of AI?<\/p>\n

If that\u2019s the case, it\u2019s not a good sign for the Apple TV platform and for the company that they\u2019re so sensitive about controversy \u2014 it\u2019s Jon Stewart, why did you bring him on in the first place? Investors in Apple might be having questions.<\/p>\n

The daily price chart of NVIDIA
\n NVDA
\n <\/fbs-ticker>
\n DIA
\n <\/fbs-ticker> looks like this now:<\/p>\n

The support level is that red dotted line that connects the late June low with the August low and the September low. If penetrated, the stock may fill the late May gap (red circled) when a good earnings report led to a buying frenzy.<\/p>\n

Note that it looks as if the 50-day moving average is rolling over, slowly. A gap fill would also be a test of the up trending 200-day moving average \u2014 so, it\u2019s going to be interesting.<\/p>\n

Here\u2019s the daily price chart for Tesla
\n TSLA
\n <\/fbs-ticker>:<\/p>\n

The stock is down from the July peak of $300 to this week\u2019s low of $211, a 3-month drop of 30%. Friday\u2019s earnings report came in at less than expected \u2014 but the lack of buying in Tesla may be related to the sense that CEO Elon Musk\u2019s botching of his $44 billion Twitter purchase lacks the \u201cvisionary genius\u201d vibe previously created by the financial media. Investors re-assessing their opinion of his leadership qualities could be re-assessing the wisdom of holding onto the car stock.<\/p>\n

If the yields in Treasury bonds and notes continue upward, it\u2019s a sign that market participants do not believe the Fed\u2019s interest rate policies are on track. If the price of oil continues upward \u2014 with events in the Middle East causing concern \u2014 previous highs may be tested. These factors are key issues for the major Nasdaq-100 components listed above.<\/p>\n<\/div>\n

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

The major tech and social media components of the Nasdaq-100 got dumped this week as investors grappled with the meaning of even…<\/p>\n","protected":false},"author":1,"featured_media":4010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-4009","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nBig Nasdaq-100 Stocks Sell Off To Support Levels: Apple, NVIDIA, Tesla | inFundPros<\/title>\n<meta name=\"description\" content=\"The major tech and social media components of the Nasdaq-100 got dumped this week as investors grappled with the meaning of even higher Treasury yields\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=4009\" \/>\n<meta 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