Below is an updated look at our Dow 30 trading range screen. For each stock, the dot represents where it is currently trading within its range, while the tail end represents where it was trading one week ago. The black vertical “N” line represents each stock’s 50-day moving average, and moves into the red or green zones are considered overbought or oversold.
Due to some pretty significant sector rotation that we’ve seen over the last couple of weeks, the 30 members of the Dow are pretty scattered right now. In a “rising tide lifts all boats” type of market, you’ll see the entire Dow moving higher in unison. That’s not the case right now as some stocks in the index are overbought, some are neutral, and some are oversold.
Of the 13 overbought stocks, Boeing (BA), Johnson & Johnson (JNJ), 3M (MMM), and Travelers (TRV) are at the most extreme levels. Of the 4 oversold stocks, Nike (NKE) is the most beaten down. Disney (DIS), Intel (INTC), and Apple (AAPL) are the remaining oversold names.
A couple of weeks ago, Apple (AAPL) was the best performing stock in the Dow on a year-to-date basis, but declines have left it up just 22.84% YTD coming into today. Boeing (BA) is now the best Dow stock so far in 2017 with a gain of 26.18%.
On the downside, Verizon (VZ) is the deepest in the red with a YTD decline of 12.65%. General Electric (GE), Chevron (CVX), Exxon (XOM), and Goldman Sachs (GS) are also solidly in the red.