What are the Nasdaq's Heavy Hitters Telling Us?

$AAPL $QQQ $MSFT $AMZN

The QQQ 0.00%↑ is about $5 away from an all-time high.

Its largest component is AAPL 0.00%↑, which is within a buck or so of an all-time high.

MSFT 0.00%↑ is in a similar position, having made an all-time high just a couple weeks ago.

AMZN 0.00%↑ has a ways to go back to all-time highs.

This one is important to me, as it would seem logical that if the Nasdaq is to break out to new levels, AMZN 0.00%↑ would be a candidate to be driving that move. At the same time, AMZN 0.00%↑ has quite a bit of overhead supply that it’s about to run into. Are the buyers going to show up?

The DIA 0.00%↑ has already made a new high. The QQQ 0.00%↑ is currently closer than SPY 0.00%↑

Time will tell how this plays out. I expect that QQQ 0.00%↑ isn’t too far along from similarly cracking the all-time high barrier. What remains to be seen is whether the blue sky stocks ( AAPL 0.00%↑ , MSFT 0.00%↑ , NVDA 0.00%↑ ) continue to drive that move, or if other components of the index begin their catch-up.