The Nasdaq 100 Index is still fraught with technical concerns as the index is trying to break back above critical technical resistance/support afforded by its 50-day moving average. Trading volume on the PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) has dropped significantly over the last few trading sessions suggesting that traders have some doubt.
Today’s three big stock charts look at Apple Inc. (NASDAQ:AAPL), Applied Materials, Inc. (NASDAQ:AMAT) and Nvidia Corporation (NASDAQ:NVDA), three of the more widely watched stocks in the Nasdaq 100.
Apple Inc. (AAPL)
![Apple Inc. (AAPL)](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
Apple stock continues to fight with $145 as the stock has been unable to break above this consolidation level and there are signs that momentum on the heaviest weighted Nasdaq 100 are turning negative.
- Since early June, AAPL shares have been unable to escape a five point trading range between $142 and $147. We’ve seen the tightening of this range result in some lower lows and lower highs, which is signaling that the break may be to the downside.
- Overhead, Apple stock’s 50-day moving average is now transitioning into an intermediate-term bearish mode as it rolls over into a declining pattern.
- AAPL shares have been trying to hold on to support at the 100-day moving average. Failure for this trendline to hold Apple shares will likely target $130.
Applied Materials, Inc. (AMAT)
![Applied Materials, Inc. (AMAT)](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
The semiconductor sector has become one of the more fractured sectors as focus within the sector turns to companies like Applied Materials and NVDA.
This has caused a seismic shift from the larger companies like Intel Corporation (NASDAQ:INTC) into the nimbler innovators.
- Coming off an oversold reading last week, shares of AMAT are now trading above their 50-day moving average. This trendline is ascending, which suggests that Applied Materials will remain in an intermediate-term bullish trend.
- Support for AMAT stock has successfully held at the 100-day moving average. This suggests that the stock’s technical traders are taking advantage of “buy the dip” opportunities.
- We expect to see a consolidation at $45 for Applied Materials shares, followed by a break higher to $50.
Nvidia Corporation (NVDA)
![Nvidia Corporation (NVDA)](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
Nvidia’s 45% year-to-date returns and almost 200% 12 month return makes it the stand-out in the semiconductor sector. The company’s innovation into self-driving autos has now given an additional fundamental facet. Traders are still trying to get into the stock on pullbacks, helping to drive incredible performance.
- NVDA shares recently bounced from support at their 50-day moving average, which is in a bullish trend. This is suggesting that the stock is still supported by the “buy the dip” crowd.
- Nvidia hares are heading towards a break above $160, which would notch a new high and attract the attention of even more investors that have been chasing the name higher.
- Despite the incredible returns, NVDA shares are still only recommended as a buy by 54% of the analysts tracing the stock. Expect to see more upgrades that will help drive prices even higher.
As of this writing, Johnson Research Group did not hold a position in any of the aforementioned securities.