Nvidia, Microsoft Reach All-Time Highs, Push Nasdaq 100 Near 2021 Peak - Caution Indicator Flashes
Portfolio Pulse from Piero Cingari
NVIDIA Corp. (NVDA) and Microsoft Corp. (MSFT) reached record highs, contributing to the NASDAQ 100 Index's approach to its November 2021 peak. The Invesco QQQ Trust (QQQ) mirrored this rise with a 1.2% gain. NVIDIA has surged 250% for the year, while Microsoft has returned 59%, marking its best year since 1999. Other top performers in the NASDAQ 100 included Enphase Energy Inc. (ENPH), Palo Alto Networks Inc. (PANW), and Align Technology Inc. (ALGN). Despite the gains, the Relative Strength Index (RSI) indicates the market may be overbought, suggesting a potential consolidation or pullback ahead.
November 20, 2023 | 10:09 pm
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NEUTRAL IMPACT
Align Technology Inc. was among the best performers in the NASDAQ 100, with a 4.2% increase.
ALGN's gain is a positive development, but the market's overbought status could lead to short-term price adjustments.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Enphase Energy Inc. was a top performer in the NASDAQ 100, up 6.1%.
ENPH's strong performance is notable, yet the overbought market conditions may affect its short-term price movement.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Microsoft closed at a record high with a 59% return YTD, its best performance since 1999.
Microsoft's strong performance is a positive sign, but the overbought condition of the market could lead to short-term consolidation.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
NVIDIA reached an all-time high with a 250% return YTD, significantly contributing to the NASDAQ 100's performance.
While NVIDIA's record high is a positive indicator, the overbought market conditions signaled by the RSI may lead to short-term volatility or a pullback.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEUTRAL IMPACT
Palo Alto Networks Inc. saw a significant rise, up 5.2%, among NASDAQ 100's best performers.
PANW's positive performance is encouraging, but the overbought condition suggests investors should be cautious of potential short-term changes.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The Invesco QQQ Trust climbed 1.2%, nearing its November 2021 peak, reflecting the NASDAQ 100 Index's performance.
QQQ's rise is in line with the NASDAQ 100's performance, but the overbought RSI indicates a potential short-term risk for investors.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80