Apple, Cisco And These Tech Stocks Have Been Drags On The Dow This Year

Shares of Apple are in bear market territory while Cisco Systems, Intel and Microsoft are in correction territory. Meanwhile, the Dow Jones Industrial Average is just 3.3% below its all-time high of 18,351.36 set on May 19, 2015.

These stocks are also components of the Nasdaq Composite, NDAQ, which is down 5.4% year to date and is 9.5% below its all-time high of 5,231.94 set on July 20. Its 2016 high of 4,969.32 set on April 20 was below the price gap to its Dec. 31 low of 5,007.01.

The weekly chart for the Nasdaq will shift to negative this week if the close on Friday the 13th is below its five-week modified moving average of 4,794.66 as such will pull the 12x3x3 weekly slow stochastic reading below the overbought threshold of 80.00 from the current reading of 81.95.

My proprietary analytics shows that the Nasdaq (closed at 4,736 on May 6) will not likely see a new high anytime soon as long as weekly closes in May are below a key pivot of 4,864. The 2016 low of 4,209.76 set on Feb. 11 was a test of my annual value area of 4,248 to 3,962.