Distribution hit the board Thursday. Nine of ten megacaps closed red — AAPL was the lone green print.
This was broad selling, not a rotation. Every heavyweight tech name fell together, and the bank names came with them.
The Call
The megacap bid failed intraday and buyers stayed home. We treat rallies as suspect until a name reclaims its prior close on volume.
Priority Board
NVDA — $202.81 (−2.21%). Heaviest volume on the board at 144M shares. Gapped down, ran to $197.97, bought back $4.84 into the close. That puts the close in the upper third of the range. Bulls need $206.65 reclaimed. Below $197.97, the $200 psychological line breaks with it.
AMD — $495.76 (−1.03%). The widest swing of the session — $45.67 low to high. Opened at $476.88, flushed to $460.21, then reversed hard to $505.88. Closed in the upper third of that range. A messy chart. Above $505.88, the reversal confirms. Below $460.21, the bid is gone.
AMD's $45.67 intraday range ran more than four times AAPL's $5.99 — the calmest and wildest names sat on the same board.
META — $646.01 (−2.79%). The worst performer on the board. Gapped down $16.84 and never recovered. It flushed to $626.00 and clawed back $20.01 to close in the upper third. A weak tape with a strong tail. Bulls need $652.20 reclaimed. Below $626.00, sellers press.
AAPL — $333.74 (+0.14%). The only green close. Tagged a fresh 52-week high at $334.99 on 63.4M shares. Closed in the upper third of the range, $1.25 off that high. Above $334.99, there is no overhead supply. Below $329.00, the breakout stalls.
GOOGL — $346.77 (−2.17%). Gapped down $8.46 and stayed heavy. The slide coincided with the Street lining up Alphabet earnings as a key AI-trade read, per Khaleej Times. The 52-week high at $408.61 sits 17.8% above the close. Bulls need $348.52 reclaimed. Below $341.36, momentum weakens.
TSLA — $380.84 (−2.61%). Gapped down and bled through a tight .46 range. Closed in the lower third — the only major to finish weak on the day. Below $377.22, the selling extends.
MSFT — $393.82 (−1.82%). Gapped down $6.24 and lost the $400 psychological line. It closed in the lower third of its range. Bulls need $398.39 back. Below $389.39, the damage deepens.
AMZN — $247.23 (−1.06%). One of the shallower losers. Actually gapped up $2.34 at the open, then faded. Closed in the middle of the range. Below $243.59, the fade continues.
V — $358.56 (−1.80%). Gapped down $1.57 off its 52-week high prior close of $365.14. Steady bleed all session. Closed in the lower third. Below $357.00, buyers lose the level.
JPM — $341.10 (−0.60%). The shallowest loser. Ran to $346.13 — $5.11 under its 52-week high of $351.24 — then faded to close mid-range. Relative strength versus the tech complex. Below $335.05, the bank bid cracks.
Exposure Check
- Working: AAPL — the only name holding above its prior close, sitting on a fresh high.
- Working, relatively: JPM down just 0.60% versus META's 2.79% — the spread favored the bank by 2.19 points.
- Not working: The tech complex. NVDA, GOOGL, TSLA, META all lost more than 2%.
- Watching: The intraday recoveries. NVDA, META, and AMD all closed in the upper third after flushing to session lows. Green tails on red candles.
Pre-Open Watch
- AAPL — $334.99 — hold
- NVDA — $197.97 — fade
- AMD — $505.88 — press