Technical Review of the Top 25 NDX 100 Index Stocks

NASDAQ 100 Index (NDX) – NDX is a popular stock market index. The modified market capitalization-weighted index consists of 100 of the largest non-financial companies on the NASDAQ Composite Index (COMPQ). NDX is heavily skewed toward Technology, Consumer Services, and Health Care sectors. As of 8/5/22, the top 25 constituents of NDX are AAPL (13.25% market-cap weight), MSFT (10.48), AMZN (7.10), TSLA (4.44), GOOG (3.67), GOOGL (3.5), NVDA (3.31), META (2.84), PEP (1.98), and COST (1.97), AVGO (1.86), ADBE (1.68), CSCO (1.53), TMUS(1.49), CMCSA (1.41), TXN (1.40), QCOM (1.38), AMD (1.36), INTC (1.19), INTU (1.09), AMGN (1.08), HON (1.08), PYPL (0.91), ADP (0.85), and NFLX (0.83. The top 25 names combined for 71.65% of the overall NDX market capitalization.

NDX Index 100 has rebounded sharply from 11,037.21 (6/16/22 low). The ensuing rally has cleared above the 50-day ma (12,165), extending the oversold rally to intermediate-term resistance at 13,225-13,561 (38.2% retracement from Nov 2021-Jun 2022 decline and Dec 2021 downtrend). The ability to break out here can extend the summer rally to 13,901-14,111 (50% retracement and 200-day ma), and above this to 14,577-14,782.5 (61.8% retracement and 4/6/22 gap-down). On the other hand, failure to convincingly clear above 13,225-13,561 warns of a pullback to initial support at 12,897.5 (7/29/22 breakout), and below this 12,165-12,176 (7/19/22 breakout and the 50-day ma). Violation of the key moving average, coupled with a breakdown below the Jun 2022 uptrend (11,860), signals a retest of the 6/16/22 reaction low (11,037).

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