Nasdaq Composite gains 100 points amid mixed mega-cap performance

Key facts The Nasdaq Composite index reached a new daily high. The index gained approximately 100 points. Nvidia shares rose about 4.25%, trading above key moving averages. Amazon shares fell 2.67%, trading below key moving averages. Alphabet shares declined roughly 1.27%, trading below key moving averages. Microsoft shares increased about 2.3%, extending a rally. Numbers 100 points — Nasdaq index gain 4.25% — Nvidia share increase $436.54 — Nvidia all-time high 2.67% — Amazon share decrease $255 — Amazon downside target 1.27% — Alphabet share decrease $356.47 — Alphabet retracement target 2.3% — Microsoft share increase Who Nvidia — shares leading the group higher Amazon — shares moving in the opposite direction Alphabet — shares also under pressure Microsoft — continues to show impressive upside momentum Context The NASDAQ Composite, representing over 3,000 companies on the NASDAQ exchange and heavily weighted towards technology, serves as a key indicator for the tech sector and market sentiment. Today's trading session saw the index achieve a new daily high, gaining approximately 100 points. However, this overall upward movement was accompanied by divergent performances among its largest constituents. Nvidia and Microsoft experienced gains, with Nvidia reaching a new all-time high and Microsoft extending its rally. Conversely, Amazon and Alphabet faced declines, trading below key technical moving averages. What's next Monitor Nvidia's price relative to its all-time high near $436.54. Observe if Amazon can reclaim and hold above its 100- and 200-hour moving averages. Watch if Alphabet can move back above its 200-hour moving average. Track Microsoft's continued rally. Caveats The analysis is based on hourly charts, key moving averages, and Fibonacci retracement levels. The short-term bias for Nvidia remains tilted to the upside as long as the price remains above key moving averages. A move below Nvidia's 100-hour moving average would weaken the bullish outlook. If Amazon reclaims and holds above its moving-average cluster, buyers would regain control. As long as Amazon remains below its moving averages, sellers are likely to maintain the advantage. If Alphabet remains below its 100- and 200-hour moving averages, sellers will likely target the 38.2% retracement. A move above Alphabet's 200-hour moving average would neutralize the bearish bias. A break above Alphabet's 100-hour moving average would be needed to restore a more bullish outlook. FAQ Q: What is the NASDAQ index? A: The NASDAQ index is a stock market index representing over 3,000 companies listed on the NASDAQ stock exchange, heavily weighted towards technology and growth stocks. Q: What does it mean for the index to reach a new high for the day? A: It means the index has surpassed its previous highest point reached during the current trading session, indicating upward momentum. Q: Which mega-cap stocks are discussed in the analysis? A: The analysis breaks down the technical picture for Nvidia, Amazon, Alphabet, and Microsoft. Q: What is the key technical level for Nvidia? A: Nvidia's next major objective remains the all-time high reached last month near $436.54, with the bias tilted to the upside as long as it stays above its 100-hour and 200-hour moving averages.

Nasdaq Composite gains 100 points amid mixed mega-cap performance

PiQ Daily

Nasdaq Composite gains 100 points amid mixed mega-cap performance

PiQ Daily

Key facts

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