Over 50% of the Nasdaq-100 names trade below their 200-day moving average
Aug. 08, 2024 11:47 AM ET
By: Jason Capul, SA News Editor
 marchmeena29
A potential shift in market sentiment and a weakening trend in the broader Nasdaq-100 ( NDX) is starting to surface, as more than 50% of the index’s stocks currently trade below their 200-day moving average.
In total, 48 names within the Nasdaq-100 trade above the technical level while the remaining 52 stocks trade below the marker.
Additionally, of the 48 names that are above the 200-day moving average, only 18 are higher by 10% or more, which places the remaining 30 names above their 200-day moving averages but not by much.
For reference, many traders and investors use the 200-day moving average as a barometer in determining the overall strength or weakness when looking at longer-term market trends. Traditionally, when an instrument trades above its 200-day moving average, it is considered more bullish, while below the average it is considered more bearish.
Over the past month, the Nasdaq-100 ( NDX) index has been under pressure as investors have ramped up selling activity. Also, in the past month, only 34 of the index's constituents trade higher, while the remaining 66 names trade in the red. Highlighted below are the 10 worst performing names within the Nasdaq-100 over the past month:
No. 10: Applied Materials ( AMAT) -26.5%.
No. 9: Advanced Micro Devices ( AMD) -27.4%.
No. 8: Moderna ( MRNA) -28.3%.
No. 7: Lam Research Corp. ( LRCX) -30.7%.
No. 6: Micron Technology ( MU) -33.2%.
No. 5: Dexcom ( DXCM) -35.7%.
No. 4: Crowdstrike Holdings ( CRWD) -36.5%.
No. 3: Arm Holdings ( ARM) -39%.
No. 2: Intel Corp. ( INTC) -44.3%.
No. 1: Super Micro Computer ( SMCI) -45.2%.
Moreover, to further track the performance of the Nasdaq-100 and the broader Nasdaq Composite ( COMP:IND), investors can look to monitor the following exchange-traded funds: (NASDAQ: QQQ), ( QQQM), ( QLD), ( TQQQ), ( QID), and ( SQQQ). |
