Apple (AAPL) - Get Report , Amazon (AMZN) - Get Report , Facebook (FB) - Get Report , Alphabet (GOOGL) - Get Report , Netflix (NFLX) - Get Report and Tesla (TSLA) - Get Report need to maintain their momentum, or the second half of 2017 will begin with a correction. Here are some warning signs!
Apple set its all-time intraday high on May 15, and then fell below my annual pivot of $151.69 on June 9 and now has a negative weekly chart.
Amazon has been trading around $1,000 per share since May 30, and after dipping to $927.00 on June 9, set its all-time intraday high of $1,017.00 on June 19. My target by the end of June remains $1,025.99.
Facebook set its all-time high of $155.59 on June 9, and the near-term upside is to $157.54. Without additional strength, the stock could have declining momentum as June ends.
Alphabet set its all-time high of $1,008.61 on June 6, and then held my quarterly pivot of $937.51. The stock can return to the $1,000 threshold, but without additional strength could have declining momentum as June ends.
Netflix set its all-time high of $166.87 on June 8, and has near-term upside to $167.84, but that's an unlikely outcome. Without additional strength, the stock could end this week with a negative weekly chart.
Tesla continues the lead the momentum race of 2017 by a wide margin. The stock is up 111.2% since trading to a post-election low of $178.19 on Nov. 14. The stock set its all-time high of $384.25 on June 14, which was a test of my semiannual risky level of $381.28, where investors reduced holdings. Tesla still has a positive but overbought weekly chart.
Meanwhile, Jim Cramer isn't buying Apple here, and says Facebook and Alphabet look better on a dip.
Apple's shares fell 0.2% to $145.63 by Thursday's close.
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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.