Leader Flexes Its Muscles:
Like in war as in markets, participants will often take their cues from the generals. Thursday the semiconductor boss made a stand. Will peers get the bullish notice? Some things occurred that gave us some heads up that a correction was due for the chief, as in it did not make a higher high with the SMH on 7/11 and it did just come off a 10:1 split on 6/10. Often splits will begin a period of softness, as the discretionary dignitary CMG did after a 50:1 split on 6/26 (although it did record a spinning top at the upward-sloping 200-day SMA which suggests selling pressure may be abating. The WEEKLY chart shows NVDA off 7.5% heading into Friday and if that holds would be the worst return in 2024 besides the week ending which slumped 13.5%, but notice how the strong rebound began right away the very next week. There have been some dubious WEEKLY candles with a doji candle and shooting star during the weeks ending 6/28 and 7/12 and this one is carving out an engulfing candle but that could change Friday. The overall group will be influenced by this name. Friday feels like a very important session.