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Last Updated:
April 29, 2024 at 4:45 PM EDT
5 months ago
‘Big Six’ stocks in a ‘well-defined multi-year uptrend,’ says Sevens Report
Stocks of the so-called “Big Six” tech companies — a group that includes Apple Inc., Amazon.com Inc., Google parent Alphabet Inc., Meta Platforms Inc., Microsoft Corp. and Nvidia Corp. — are in a “well-defined multi-year uptrend” from a technical perspective, according to Tyler Richey, co-editor at financial-research firm Sevens Report Research.
The six stocks are off their yearly highs, but “the path of least resistance remains higher based on outright price, a stabilizing RSI indicator is still well above 50 and the uptrend in relative strength to the S&P 500 is still well-defined and intact,” according to Richey. The relative strength index, or RSI, is a momentum indicator that can be used to analyze overbought or oversold conditions.
However, “one warning sign in recent weeks was the collapse in the weekly RSI indicator which dropped to the lowest level since September earlier in April,” Richey said.
The six companies account for nearly 28% of the S&P 500’s total market capitalization.
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