ZmjjkK wrote a post · Jun 17, 2024 21:05

Tech Trends in Focus with Nasdaq's Rise and Key Stocks at Resistance

The $Nasdaq (NDAQ.US)$ index has reached new highs for the fifth consecutive day. This week is light on significant economic data releases; however, central banks in countries like the UK and Australia are set to announce their interest rate decisions, with expectations leaning towards no change. If the economic data and policy decisions align with expectations, the direction of the major market indices could be influenced by the performance of a few key stocks such as $NVIDIA (NVDA.US)$, $Microsoft (MSFT.US)$, and $Apple (AAPL.US)$.

Today could be a decisive day for AAPL's trend, but I remain bearish. The hourly chart shows a gradual decrease in trading volume day by day, indicating that the market is on the lookout for any significant moves. As I mentioned a few days ago regarding Nvidia, it's difficult for a stock to remain flat at its ATH – it needs to break upwards within three to five trading days, or profit-taking is likely to dominate, leading to selling pressure. However, with Apple currently facing resistance on both the weekly and monthly charts, I believe the chances of a downward move are greater.

Nvidia and Microsoft are still in an upward trend, but Microsoft has also encountered resistance at the daily chart level.

Additionally, $Super Micro Computer (SMCI.US)$ needs to make a directional decision; it's important to monitor its trend development. Currently, it remains in a downtrend, and there are no clear signs of a trend reversal yet. Patience is still required while waiting for a change.