Market Digest: MNST

Summary

The S&P 500 (SPX) and NYSE both closed at an all-time high (ATH) on December 23, albeit minor highs that are not classified as important breakouts. While chartists love ATHs (as they mean everyone invested in an index is on the positive side of the ledger), many of the other mega-cap indices are still short of that mark, including the Nasdaq 100, S&P 100, Invesco S&P 500 Top 50, State Street Technology Select ETF, State Street Communication Services ETF, and iShares Semiconductor ETF (SOXX). The indices that have not recovered to ATHs yet are heavily weighted toward technology. Their price action is fairly similar and they all appear to be tracing out bullish symmetrical triangles as well as ABC bottoms. We are splitting hairs, for now, as all these tech heavy indices have done better than the SPX since the bottom on November 20. But because tech stocks fell more than the SPX during the recent pullback, they will need more time to recoup their losses. Digging a little deeper, the top 10 stocks in the QQQ make up 55% of the ETF. And in looking at the largest holdings, we note that NVDA has been flat for five months, AAPL is near an ATH, MSFT has been flat for the past