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Technical Review of Top 25 OEX Index Stocks

S&P 100 Index (OEX) – OEX is a U.S. large-cap benchmark index consisting of the 100 largest stocks in the U.S. by market capitalization. The criteria for this index are the stocks in the index must have options available for trading, and at least 50% of the stock must be available for trading by the investment public. As of 10/13/23, the top 10 constituents of OEX collectively account for 50.35% of the total OEX market-cap weighting, and the top 25 constituents account for 69.24%. AAPL (9.94% mkt-cap), MSFT (8.65), GOOG (6.22), GOOGL (6.16), AMZN (4.80), NVDA (4.08), META (2.93), TSLA (2.89), BRK/B (2.64%), LLY (2.04), UNH (1.71), V (1.55%), WMT (1.50), XOM (1.50), JPM (1.49), JNJ (1.43), MA (1.33), AVGO (1.31), PG (1.19), ORCL (1.05), HD (1.03), MRK (0.92), ABBV (0.92), ADBE (0.90), and COST (0.90).


OEX recovery stalled at 2,150.18 (7/27/23) or near the Feb/Mar 2022 highs and the top of the Oct 2022 uptrend channel, prompting the Jul-Oct 2023 consolidation. The ability to find support at 1,982.99 (10/3/23) or the late May 2023 breakout (1,976.62) triggered a recovery that stalled at 2,068.5 or near 50-day ma and 9/21/23 gap-down at 2,063-2,064. Breakout above 2,068.5 can extend the recovery to 2,081-2,082 (Jun and early Jul 2023 highs), 2,104-2,129 (Jul 2023 downtrend and Sept 2023 highs), and 2,136-2,150 (Mar 2022 and Jul 2023 highs). A breakout signals the next rally to 2,196 (Nov 2021 high) and above 2,228 (Jan 2022 all-time high). Initial support rises to 2,030.5-2,036 (Jul and late Aug 2023 lows) and below 2,017-2,022 (Jun and Aug 2023 lows) and 1,976.5-1,984 (Jun 2023 breakout and Sept/Oct 2023 lows), 1,942-1,949 (bottom of the Oct 2022 uptrend channel and 200-day ma), 1,879.19 (2/2/23 high), and 1,835 (Nov/Dec 2022 highs).


Source: Chart courtesy of StockCharts.com

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