Nvidia Sneak Peak?
After the CLOSE Wednesday, we will have a good indication of where the semiconductor space may be headed in the near term. Stocks in the space that have already reported have done well (think ADI, which is now filling in its gap from Valentine’s day session too) include the chart below of AMD. Could this be a precursor of what we may see with NVDA? This name may be PRICED to perfection with its nearly 100 handle run since breaking ABOVE a bear flag on 1/9, as we know from FALSE moves from fast ones in the opposite direction. It is still comfortably above the 188 cup base pivot it broke above on 1/23 rising almost 8% on one of its best daily volumes of 2023 thus far. The WEEKLY chart does not have as rosy a narrative as the daily, even though it is on a 7-week win streak. The last 2 CLOSED well off intraweek highs, both resembling bearish shooting star candles. Keep in mind charts do not care about anyone’s opinion, including my own, but the direction of technology will be affected by the gravity of this report.