How to Trade Tech Momentum With Apple (AAPL), Google (GOOGL), Facebook (FB) -- Plus Jim Cramer's View - TheStreet

Editors' pick: Originally published Sept. 22.

There are 72 tech stocks in the market-leading tech sector exchange-traded fund. The largest five components are Apple (AAPL) - Get Report , with a weighting of 13.85%; Microsoft (MSFT) - Get Report at 10.02%; Facebook (FB) - Get Report at 6.76%; AT&T (T) - Get Report at 5.56%; and Alphabet (GOOGL) - Get Report at 5.34%.

Jim Cramer and Jack Mohr of the Action Alerts PLUS portfolio wrote on Friday that Alphabet, Apple and Facebook remain strong buys. Those names are holdings for Action Alerts PLUS -- and Cramer and Mohr discussed how these stocks are outperforming now and have plenty of room to run. Alphabet's long-term price target is $900, Apple's is $130, and Facebook's is $160, they wrote.

Alphabet, Apple and Facebook are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL, AAPL or FB? Learn more now.

Here is the scorecard for these five components, followed by their weekly charts and key trading levels.

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The weekly charts show a red line through the price bars, marking the key weekly moving average (a five-week modified moving average). The green line is the 200-week simple moving average, the "reversion to the mean." The study in red along the bottom of the chart is weekly momentum (a 12x3x3 weekly slow stochastic), which scales between 00.00 and 100.00, where readings above 80.00 indicate overbought and readings below 20.00 indicate oversold. A negative weekly chart shows the stock below its key weekly moving average, with weekly momentum declining below 80.00 in a trend toward 20.00.

Here's the weekly chart for Apple.

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Courtesy of MetaStock Xenith

The weekly chart for Apple is positive but overbought, with the stock above its key weekly moving average of $108.01 and above its 200-week simple moving average of $94.33. Weekly momentum is projected to be 82.32 this week, vs. 82.63 on Sept. 16.

Investors looking to buy shares of Apple should do so on weakness to $102.80, which is a key level on technical charts until the end of 2016. This level was tested on Sept. 12. My annual pivot of $110.22 remains a magnet.

Investors looking to reduce holdings should consider selling strength to $118.22, which is a key level until the end of this week.

Here's the weekly chart for Facebook.

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Courtesy of MetaStock Xenith

The weekly chart for Facebook is positive but overbought, with the stock above its key weekly moving average of $125.81 and well above the 200-week simple moving average of $73.13. The weekly momentum reading is projected to rise to 84.11 this week, up from 83.41 on Sept. 16, becoming more overbought vs. the 80.00 threshold.

Investors looking to buy Facebook should consider buying weakness to $124.32, which is a key level on technical charts until the end of 2016. A monthly pivot remains at $130.91 in September.

Investors looking to reduce holdings should consider selling strength to $131.05, which is a key level on technical charts until the end of next week.

Here's the weekly chart for Alphabet.

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Courtesy of MetaStock Xenith

The weekly chart for Alphabet is positive but overbought, with the stock above its key weekly moving average of $789.19 and well above the 200-week simple moving average of $578.30. The weekly momentum reading is projected to end the week at 86.74, well above the overbought threshold of 80.00.

Investors looking to buy Alphabet should consider doing so on weakness to $727.05, which is a key level on technical charts until the end of September.

Investors looking to reduce holdings should consider selling strength to $864.35, which is a key level on technical charts until the end of 2016.

Here's the weekly chart for Microsoft.

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Courtesy of MetaStock Xenith

The weekly chart for Microsoft is positive but overbought, with the stock above its key weekly moving average of $56.80 and well above its 200-week simple moving average of $42.74. The weekly momentum reading is projected to end the week at 86.23, well above the overbought threshold of 80.00.

Investors looking to buy Microsoft should consider doing so on weakness to $55.81 and $54.95, which are key levels on technical charts until the end of September and the end of 2016, respectively.

Investors looking to reduce holdings should consider selling strength to $58.23, which is a key level on technical charts until the end of this week.

Here's the weekly chart for AT&T.

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Courtesy of MetaStock Xenith

The weekly chart for AT&T is negative, with the stock below its key weekly moving average of $40.97, but well above its 200-week simple moving average of $35.49. The weekly momentum reading is projected to decline to 28.32 this week, down from 35.95 on Sept. 16.

Investors looking to buy AT&T should consider doing so on weakness to $37.88 and $37.58, which are key levels on technical charts until the end of September and the end of 2016, respectively.

Investors looking to reduce holdings should consider selling strength to $45.24, which is a key level on technical charts until the end of September.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.