The Nasdaq 30 is an equally-weighted index that I created which consists of the 30 largest stocks in the Nasdaq. Collectively these 30 companies represent over half of the entire market capitalization of the Nasdaq Composite. So just like the Dow Jones Industrial Average is a good gauge of stock market strength, I feel that my Nasdaq30 Index offers similar insight but for different types of companies.
Today we’re going to do a deep dive into these 30 Nasdaq stocks. As always I walk through them on both weekly and daily timefames. We want a longer-term structural perspective and then break things down to more tactical time horizon for execution purposes. Then we look at them collectively to weigh whether there is more good or more bad so we can make better, evidence-based decisions.
Here are a few things that stood out to me: