That these 5 mega caps trade underneath their 200-day moving averages is remarkable considering the amount of hype in the financial media about a handful of Nasdaq 100 favorites. Well-known brand names in down trends is not the kind of news investors care to hear and who can blame them?
Nonetheless, it’s worth examining these unhappy price charts as they present a clear, unobstructed view of the direction of key stocks when you’re not just looking at NVIDIA or Microsoft. These names have been trending downward so significantly that they are unable to rise above the average price of their last 200 days.
5 Mega Caps Below 200-Day Moving Averages.
Apple.
The iPhone and Vision Pro manufacturer is being unloaded by investors ever since the early December 2023 peak just under the $200 level. After an early February rally off the $179 area, the stock is now on its 4th day below the 200-day moving average. Note that the 50-day moving average has turned down. Apple has a market capitalization of $2.8 trillion.
AstraZeneca.
The pharmaceutical and biotechnology company with global operations has a market cap of $199 billion. Based in the United Kingdom and Nasdaq-traded, the stock has remained below its moving average — with brief rallies — since late August 2023. The February 2024 dip to new lows on this chart takes it below the 50-day as well.
Oracle.
Co-founded by billionaire Larry Ellison, headquartered in Austin, Texas (with Elon Musk’s Giga project just down the road), the software infrastructure company is market capitalized at $303 billion.
The peak of $126 in August 2023 seems distant now with the stock down to $110, after dipping to as low as $100 in late October 2023. Today’s price of $110 is the 3rd one below an up trending 200-day moving average.
PepsiCo.
The “for those who think young” soft drink maker has a market cap of $230 billion. The big brand name peaked at $190 on this chart in mid-July 2023 and has been trading below its 200-day moving average since early September 2023. The low of $155 came in early October 2023 and price now seems to be travelling along the 50-day moving average.
Tesla.
With a market capitalization of $623 billion, the EV manufacturer hit a peak of just below $300 in mid-July 2023 and has steadily tracked downward since then. Note how the 50-day moving average crossed to below the 200-day moving average in early February 2024.
The stock is not helped by reports of the CEO’s volatile personality and his highly derogatory comments directed at potential investors of his other project “X,” formerly called Twitter.