Apple, Alphabet And Advanced Micro Devices: Lack Of Higher Highs

July’s consumer price index was lower than in previous months, but a few high-profile tech stocks failed to get excited about the news. Expectations for the metric may have already been priced in. Moreover, it is not exactly certain that the Fed will stop raising interest rates.

Apple
AAPL
ended the week up 0.01%, Alphabet
GOOG
closed up 4.98% and Advanced Micro Devices
AMD
finished it with a 2.45% raise. It’s good to have weeks of upside, of course, but with the news “inflation is cooling”, you might think that would be enough to break past the previous June/July highs – but no.

None of these NASDAQ
SO
-100 components have found enough purchases to eliminate their previous peaks. Many factors come into play but, in general, this contradicts the current “widening rally” narrative that is beginning to appear in the financial media. Let’s look at the pricing tables.

Apple, Google and Advanced Micro Devices Daily Price Charts

There’s no doubt that the uptrend is strong from the early 2023 lows through today – it’s just a little unusual that Apple failed to join the NASDAQ-100 in the NASDAQ-100 category. “new heights”. Investors took the opportunity to take some profits rather than continue the intense buying.

After peaking in early June, this huge component of the NASDAQ-100 fell below its 50-day moving average in July. The stock rallied strongly last week but, again, you have to wonder why it didn’t come back above the previous high, given the powerful strength of the rest of the index. If “rally widens” is accurate, then Alphabet should have a higher high here.

This is another nice uptrend from late 2022 to summer 2023, but this major component of the NASDAQ-100 fails to establish a higher high. You can see the red dotted downtrend line connecting the June high to the much lower this week high. It looks like a lot of buying at the 50-day moving average, but not enough to rise like the other stocks in the index.

For comparison, here’s what NVIDIA’s daily price chart looks like:

It continues to be one of the hottest stocks on the NASDAQ-100 as investors can’t seem to get enough of the stock. NVIDIA hit $480 on Friday before selling and bringing it back below the open price, but what a week.

Should the rally broaden out from NVIDIA and a handful of other tech names, the index’s “A” shares – Apple, Alphabet and Advanced Micro Devices – should participate looking “higher”.

This week they tried but failed.