Here is the summary of today's top crossovers. The broad based correction in the market is taking a heavy toll on the top tech stocks. Alphabet Inc (NASDAQ:GOOG) stock closed below the 100-day moving average line for the first time this year. Amazon.com Inc (NASDAQ;AMZN) stock is testing its 100-day moving average. Advanced Micro Devices, Inc (NASDAQ:AMD) stock will continue to trend lower. If you want to see the complete set of technical trading ideas for today check them out here.
Is Advanced Micro Devices, Inc (AMD) stock heading lower?
The market continued to sell off for the third consecutive day amidst rising geopolitical tension and uncertainty over Fed's balance sheet tapering plan. Escalating tensions between North Korea and the United States continued to weigh on the market as President Trump doubled down on his threat to use force. S&P registered its largest fall in months, closing down by 1.5%, while Dow Jones Composite (INDEX:COMP) was down 2.3%. VIX spiked 44 percent to close at the highest level since Nov. 8. Most of the tech stocks closed lower. Advanced Micro Devices, Inc (NASDAQ:AMD) stock tanked 5.5% in yesterday's trade. In our technical analysis post yesterday, we had warned about the coming correction in AMD stock as it had breached its 50-day moving average support line and MACD has crossed below the center line. The sell off pressure is likely to continue today. AMD stock has made a bearish crossover with 100-day moving average on rising volumes. The next support for AMD stock is from the 200-day moving average at around $11.78 levels. AMD stock has continued to trend lower since its recent earnings report.
Amazon.com Inc (NASDAQ:AMZN) stock is testing 100-day moving average.
Another company whose shares are trending lower since earnings is Amazon (NASDAQ:AMZN). Shares of the Seattle based eCommerce giant have continued to trend lower since their earnings. Amazon stock has fallen below the $1000 mark once again and is down over 8% since earnings. AMZN stock was down 2.5% during yesterday's trade. Amazon stock has breached its 20-day and 50-day moving average line and is testing the 100-day moving average line. Amazon stock closed below the moving average line for the first time since the first week of January this year. MACD has also turned bearish. If the support for Amazon stock fails then, the stock could go much lower.
Has Alphabet Inc (NASDAQ:GOOG) stock bottomed out yet?
Another tech giant which has seen its stock price slide since earnings is Mountain View, California based search giant Alphabet Inc-C (NASDAQ:GOOG). Google stock is down almost 8% since its earnings. The stock which is still surrounded by what media is calling the "memogate" controversy, has breached its 20-day and 50-day moving averages and is testing its 100-day. As can be seen in the technical chart, the 100-day moving average has provided strong support to Alphabet Inc stock since the beginning of the year. Google stock closed below the 100-day moving average for the first time this year in yesterday's trade, on rising volumes. MACD has also made a bearish crossover with the center line. If 100-day support fails, then the stock could head even lower.
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