Remember when Apple (AAPL) was the most important company in the world, asked JC Parets of AllStarCharts.com.
Wasn't that like just a few months ago? How convenient that it is no longer relevant now that the stock goes down in price every day. Apple closed yesterday at the lowest levels since early November...
Can the Nasdaq100 go on to make new highs without the stocks that got it here? What happened to, "Dance with the date who brought ya"? Here's the equally weighted Nasdaq100, to get a broader look at the average. It reminds me a lot of the behavior of Google. So, when wondering whether the equally weighted Nasdaq is going to be able to break out to new all-time highs, I like to look around and see how the individual components are reacting to their equivalent levels:
Google (GOOG) just closed yesterday at the lowest levels since the first week in January. Again, this is not the kind of market that we were in towards the end of last year. This is just a different environment. I think it's also important to recognize the fact that Bitcoin continues to grind higher, despite any weakness in Tech. Look at these new 52-week highs for Bitcoin as it exceeds $1.1 Trillion in market cap:
A lot is happening in Crypto markets, especially while Technology stocks have been underperforming. Bitcoin and other Crypto assets are simply not trading like most Tech stocks. This is a different animal altogether.
To learn more about JC Parets, please visit AllStarCharts.com.
