Chips Not Acting Chipper:
We have a bevy of earnings reports from some huge tech names, and if they can manage to record positive reactions it may offer some opportunities to short. Below is the chart of NVDA and although this one is not REPORTING if any of the tech juggernauts surge higher after numbers this could be a prime candidate to short if it can trade back into the 210 area. Looking at names that might make that occur are MSFT GOOGL FB or AMZN which all report before the open between Tuesday and Thursday. There is a lot of technical damage to repair and perhaps MSFT which bounced off 270 again Monday can have an impact. Keep in mind I believe any strength should be sold into and investors have to be a bit more tactical in their trading presently. Is GOOGL due for a dead cat after losing more than 700 handles from the round 3000 number rejection this February? For NVDA 210 area was supportive FIVE times already in 2022, and the more times a line is touched the weaker that support or resistance becomes. That floor may now very likely be a ceiling going forward this year.